Money Moves

All-in-one loans

By Nicole Wong

This is a fortnightly series of articles focusing on the banking and financial industries

Wealth management is a sector seeing considerable growth as well as intense competition for new business. To stay ahead, financial institutions are having to listen ever more closely to customer feedback and provide comprehensive new products which precisely meet current needs.

As a specialist in structuring personal loans, PrimeCredit Limited is now offering a product which combines the features of the company's Balance Transfer Plan and a tax loan. It comes in the form of a single loan account and consolidates all outstanding balances of personal loans, credit cards, overdrafts and tax liabilities. What makes it different from competing products is its all-in-one aspect and the exceptionally low rate of interest imposed.

"Clients can save a significant amount in interest payments by managing one loan account instead of several," explains Lincoln Chang, head of marketing and distribution at PrimeCredit Limited. "They also have more flexibility in managing their cash flow and can shorten the period for repayment."

Considering the tax loan component of the product, the interest rate can be regarded as particularly competitive. Mr Chang points out that it has been a common misconception that financial institutions offer low interest rates for tax loans. "In fact, it is a privilege usually reserved for people applying for a tax loan of over HK$300,000," he says. "At PrimeCredit, though, we are working to help taxpayers at all income levels."

Anticipated customer demand was a major reason for setting up the new product. This was identified in the comments and enquiries received by the company's customer service representatives in telephone conversations with clients. All calls are closely monitored as a way of improving service quality and developing initiatives which can be turned into new business opportunities. Data about customer behaviour is also carefully analysed in order to track market trends.

With the financial sector in generally upbeat mood, PrimeCredit is looking to step up its own promotional campaigns and further extend its services. "With our own branches plus e-banking and phone banking services, the aim is to deliver first-rate products with maximum efficiency and to make sure we are meeting the needs of all our customers," Mr Chang says.

Taken from Career Times 26 November 2004, p. 2
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