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April 12, 2024

Security Bank to use technology to drive car, home loan growth

Security Bank Corp. (Security Bank) anticipates accelerated growth in its car and home loan segments this year, leveraging technology and the country’s economic recovery.

Rahul S. Rasal, executive vice president and head of retail banking segment at Security Bank, disclosed to reporters on Monday the bank’s strategy to harness technology for growth. Rasal highlighted the adoption of new applications and system enhancements as key initiatives.

The bank aims to double its auto loans and expand its housing loan portfolio by up to 20%. Rasal noted that Security Bank’s auto loans grew by 30% and home loans by 40% last year, with total loans reaching P502.21 billion as of September, according to its financial statement.

Rasal emphasized the pivotal role of technology in enhancing loan processing efficiency. He mentioned plans to enhance the mobile app to elevate customer service and attract more clients.

“Investments will be part of that,” Rasal said, referring to potential additions to the app’s features, which might include an investment function. He highlighted the app’s potential to become a comprehensive platform for all financial needs.

Security Bank is confident in the resilience of its lending growth despite macroeconomic factors such as inflation or interest rates. Rasal attributed this to the bank’s focus on the mass affluent market segment, which he believes is less susceptible to market fluctuations.

Security Bank’s net income increased 14.7% year-on-year to P2.65 billion in the third quarter of 2023, with shares remaining steady at P73 each.

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