LB Finance offers digital instant loans through the LB CIM app Financial news

LB Finance PLC, the country’s leading non-banking financial institution, recently introduced a revolutionary digital solution to boost its core gold lending business.

With the latest solution, the company’s gold lending customers have the option of an instant digital gold loan through the LB CIM (Cash-In-Mobile) smartphone app. This is a historic development given the blazing speed and efficiency of issuing a top-up loan in just 30 seconds, crediting the loan proceeds directly to the client’s LB CIM wallet. This decision further illustrates the company’s efforts to provide cutting-edge financial solutions in a highly competitive and rapidly changing industry, rapidly adopting digital financial services.

LB Finance PLC is the undisputed market leader in gold lending among NBFIs. Gold Loans currently accounts for almost a third of the company’s loans and advances and serves a large and diverse group of clients spread across the island, representing all sections of Sri Lankan society. LB CIM, LB Finance’s mobile app-based digital wallet, plays a pivotal role in the digital journey of LB customers by taking advantage of a range of financial services provided by the company.

Speaking about this pioneering solution, Suraj Karunanayaka, Chief Gold Lending Director of LB Finance PLC, said, “We are excited to enhance our unparalleled client experience using the company’s popular digital platform, LB CIM. Following the needs of our customers and redefining our business to meet changing consumer behaviors and industry dynamics has been the secret to our success over the years. We pride ourselves on our prompt and efficient service delivery which sets our company apart from the competition. The nature and application patterns of gold loans require an organization to have distribution channels available in every nook and corner of the country, designed to operate during extended business hours to meet rapid funding needs. of our customers.

Integrating our core business with the LB CIM app gives us that much-needed flexibility and drive to operate 24/7, undeterred by the limitations of conventional bank branches during travel restrictions imposed by the government. This is of greater importance at a time when the physical operation of branches has been somewhat strained due to health and safety concerns related to the pandemic.

“Commenting on this groundbreaking innovation, LB Finance Head of Strategy and Digital Finance, Bimal Perera, said, “CIM is more than just a mobile payment platform, as it features a very high level of integration with our central banking system. This uniqueness allows our valued customers to enjoy unfettered access to their portfolio of leasing, loans and deposit accounts through a single digital platform. In Sri Lanka, gold loans are generally perceived as a classic and fast financing solution. This innovation brought a new dimension to the product by allowing customers to obtain an additional loan from the safety and comfort of their own home, whatever the time or day. There are many use cases of customers needing quick and convenient additional funding for planned and unplanned expenses. CIM’s instant digital recharge gold loans meet this need. Customers are empowered to leverage their valuable gold items while enjoying the appreciated value of their collateral held with LB. Our company has made significant investments in key digital assets and technology infrastructure capable of producing such robust solutions,” he added.

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