ATM Online offers automatic convenient consumer loans on Android

According to a survey by Statista in 2021, there were about 61.3 million smartphones in use in Vietnam, which was listed in the top 10 countries with the highest number of smartphones. However, with the explosion of loan apps of unknown origin on both Android and iOS operating systems in recent years, ATM Online has been cautious in brand positioning, by reaching customers through the official channel of its website for five years, since it was launched in 2017.

From February 2023, the ATM Online app has appeared on mobile phones with the aim of providing loan services to customers quickly and conveniently. It was initially tested on the Android operating system, which accounts for more than 60 per cent of the mobile operating system market share in Vietnam.

It is expected that at the end of Q1 of 2023, ATM Online and its partners will continue to deploy the ATM Online app on the iOS platform.

With app, customers can easily apply for a loan by taking an identity card photo directly with their phone. Along with simplified information compared to the web platform, the time for customers to complete information on the app will be faster than the web.

Time for the process of filling out information and sending is estimated to be no more than two minutes. The total time from filling in information to receiving money into the account is usually 15 minutes for new customers and 5–7 minutes for old customers.

In addition, the app's automatic backup capability helps customers continue to complete an unfinished app. If the customer has not completed it in time, the app will not require access to customers' personal information such as contacts, call history, and Facebook. This is a key difference in privacy security of the ATM Online app compared to other apps.

With the ATM Online app, customers can manage the list of contracts that have been performed, monitor payment schedules and payment history, and search for the nearest payment location.

Payment becomes easier when customers can access their personally identifiable account information or save the QR code to their device to pay through the bank’s apps without having to call the switchboard to check the information as before.

In addition, the app also helps customers to sign e-contracts and track the status of their profiles, and promptly receive notifications and information about promotions on the app.

New customers who have never used the service can experience the company's app by downloading and choosing a loan package from VND2-6 million ($87-260.8), with a term of three months. The app and its partners have a 14-day grace period, applicable to all first-time customers who register.

Within 14 days after receiving the disbursement amount, customers have the right to consider their loan. In the event of a change of mind, the customer can completely refund the disbursed amount. The lending rate, consulting fee, and service fee will be 100 per cent free.

“With this programme, ATM Online and its partners want to make sure customers feel comfortable when using the service. The 14-day period is considered as the time for experiencing the product,” said Do Minh Hai, director of ATM Online.

The company claims that after more than five years of operation in Vietnam, over 76 per cent of customers after applying for the first loan have returned to use the service.