MyTukar and CTOS collaborate for efficient loan approvals

by SHAFIQUL ALIFF / photo credit:

MYTUKAR Sdn Bhd announced the integration of CTOS Data Systems Sdn Bhd’s application and decision solution CTOS into myTukar’s digital platform for increased efficiency in client loan approvals.

myTukar in a statement said, CTOS Application and Decisioning helps businesses make credit decisions efficiently and accurately through automated analytics and information.

This is a step in the right direction for myTukar, given that it is currently building a financially inclusive used car finance system that relies on artificial intelligence-based lending metrics.

This enables businesses to expedite point-of-sale credit application approvals to deliver an exceptional customer experience, freeing businesses to focus on what matters: the personal touch of human interactions.

Ultimately, this improves the company’s turnaround time while maintaining a personal touch for customers who appreciate it.

MyTukar CEO Jeffrey Ong said he is happy to roll out CTOS app and decision-making integration into the myTukar interface, which supports our mission to make buying and selling of used cars simple, practical, efficient and transparent.

Ong said the collaboration with CTOS is very timely as it takes place at the height of its business expansion in Malaysia.

“We saw immediate business process and performance improvements using the new testing system. The system provides access to higher quality data that can help us make better decisions instantly.

“This will shorten our processes which traditionally take from two to three days to just 24 hours, which has become an expectation of customers in today’s rapidly changing digital world,” said Ong.

myTukar rolled out the first phase of the digital application and decision-making solution CTOS integration in May 2021, with plans to accelerate its implementation in the coming months.

Meanwhile, CTOS Data Systems Eric Chin said CTOS application and decision making will help myTukar speed up the application process and make accurate decisions faster to acquire new customers.

He said it would also help improve the overall customer experience by enabling immediate credit decisions at the point of sale.

“CTOS Data Systems will continue to help our partners deploy cutting edge, bespoke digital solutions to help them instantly make better credit decisions to meet customer needs,” Chin added.

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