Bank Sinarmas Wins Two Awards at the 2024 Indonesia Technology Excellence Awards

Bank Sinarmas won two awards at the 2024 Indonesia Technology Excellence Awards, which were held on Thursday, September 6, 2024, at the Conrad Hotel, Bangkok. The two award categories that were won were the Indonesia Technology Excellence Awards 2024 for Mobile Banking for SimobiPlus Revamp and the Indonesia Technology Excellence Award for Automation Banking for MSME Loan Origination System. These two awards were obtained for the successful development of the SimobiPlus mobile banking application as well as the launch of the Micro, Small, and Medium Enterprises (MSME) Loan Origination System, which is an end-to-end business process automation for loan origination, credit assessment, guarantee, and loan approval.

Frenky Tirtowijoyo, President and Director of Bank Sinarmas, said, "The innovations carried out on the SimobiPlus mobile banking application are a form of maintaining customer trust and an effort to continue to improve the quality of the application." Previous developments in the SimobiPlus application have included several other developments, such as online account opening, QRIS transactions, bill payments, and asset management."

With this development initiative, Bank Sinarmas has succeeded in increasing total volume. transactions and total transaction value will be 15% and 51%, respectively, in April 2024."Along with the progress in updating SimobiPlus, our achievements to date show that we continue to strive to provide the best products and services for customers," added Sendy, Director of IT & Digital Experience at Bank Sinarmas.

Meanwhile, development of the MSME Loan Origination System is designed to enable Bank Sinarmas to automate the credit acquisition process, starting from inputting prospect data via mobile application, the loan assessment process, automatic risk assessment, and automating the approval workflow for approving or rejecting MSME loan applications.

Launched in January 2024, this development is a combination of a mobile application and a web-based application that utilizes a workflow approach specifically designed to support the processing of credit applications required by banks. This system is used to enter prospect data and automate the screening process, which includes integration with third-party systems and data providers. Apart from that, it is also equipped with an automatic credit and risk assessment engine, which provides the ability to carry out the credit analysis process automatically.

By implementing this automation system, Bank Sinarmas has succeeded in reducing costs and manual processes by 90%. Additionally, the bank has increased the accuracy of loan decisions through automated credit scoring and reduced SLAs for loan processing speed by 75%.