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Automatic Bank Loans in 15 Minutes

Date Posted: 2000-10-06

Anyone who has ever applied for a loan in a Japanese bank knows that the process is a long and arduous one with a lot of time and paperwork required before the bank gives the nod. Now a new system employed by Okinawa Bank is promising to change all that.

According to bank officials, customersí personal loans can be handled in as short a time as 15 minutes by using their automatic loan screening system. The system uses the bankís customer data base to review the applicantís credit records and then the computer processes all necessary paperwork. If the loan is approved the system transfers the money to the customerís bank account.

The new system is part of the bankís efforts to drum up more personal loans. Tomonobu Nakayoshi, the president of the Okinawa Bank says that as the demand for business loans remains sluggish, the bank is refocusing its target on personal loans despite the higher risks involved. The new system went into action Monday.

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