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Alliance One Account puts More Cash in the Pocket

Alliance One Account gives Malaysians greater control, convenience, and flexibility over their monthly loan repayments.
 

Kuala Lumpur, 27 April 2017 – Alliance Bank Malaysia Berhad (“Alliance Bank”) and Alliance Islamic Bank Berhad (“Alliance Islamic Bank”) today launched the Alliance One Account, the first loan consolidation service of its kind in Malaysia that uses a mortgage product.

The Alliance One Account gives Malaysians greater control and flexibility over their monthly loan repayments as it is structured according to their preference and financial needs. It offers a choice of lower monthly repayments, savings on total interest/financing costs, and/or more cash in hand for personal consumption.

“With the higher cost of living putting pressure on everyone’s budget, we know that it will be increasingly challenging for Malaysians to pursue their desired standard of living,” said Mr. Suparman Kusuma, executive vice president, Head of Group Consumer Banking.

With the Alliance One Account, Malaysians will now have a choice to reduce their monthly loans repayment and interest paid on their loans so that they have more cash in hand for their daily expenditure. It is customised based on customer’s income and property value. Customers can choose to consolidate their hire purchase loans, personal loans, credit card balances, and/or overdraft credit limit balances into the Alliance One Account. This is structured as a mortgage account that is part term loan and/or overdraft.

“When we carried out our market research last year on how we can deliver fast, simple and responsive solutions to our customers, 88% of the respondents were interested to consolidate their loans, giving them convenience, control and flexibility over their monthly financial obligations,” said Mr. Kusuma.

One of the attractive features of this service innovation is the overdraft facility that comes with it. Subject to the Bank’s annual review, the overdraft facility is valid until the age of 60. This eliminates the need to refinance in the future, and enables customers to save on legal or documentation fees. With the Alliance One Account, customers only need to pay minimally interest on the utilised overdraft amount every month, or opt for the flexibility of making advanced payments and future withdrawals up to the Overdraft limit.

“Malaysia has one of the highest household debts in the region. The bulk of these debts centres around four types of loans: housing, car, credit cards and personal loans,” said Mr. Kusuma. “There are indicators that household debt will continue to be high due to internal and external headwinds. We believe that by having more cash and lowering interest costs will help them meet their needs more easily.”

“Among other things, we also found that customers were taking up too many types of loans at varying interest rates, which may not be in their (customers’) best interest in the long run as these interest costs add up. At the same time, it can also be time-consuming to monitor these loans on a monthly basis, and missing a payment may hurt one’s credit history. By adopting a singular overview of their loans portfolio, customers can have greater control over their debt management,” explained Mr. Kusuma.

Mr. Joel Kornreich, Group Chief Executive Officer of Alliance Bank said, “Alliance Bank is embarking on a transformation to bring to market innovations that are fast, simple and responsive, and in our customers’ best interest. The Alliance One Account is part of that commitment and we believe that it will be well-received by customers as it is relevant and meaningful to them.”

Application to the Alliance One Account is available on Alliance Bank’s website (http://www.alliancebank.com.my/alliance-one-account) and nationwide branches. Alliance One Account Islamic financing consumers will receive additional benefits including exemption of stamp duty, termination fee, commitment fee, and lock-in period.

Customers may now experience the loan simulator first-hand at oneaccountsimulator.alliancebank.com.my, or go to www.ctoscredit.com.my to check their credit report and credit scores in tandem with the Alliance One Account simulator. The latter allows for customization of their loan consolidation outcomes leveraging on the credit facility information contained in each credit report.

For more information on the Alliance One Account, please visit www.alliancebank.com.my.
 
 

 

Mr Suparman Kusuma, Head of Group Consumer Banking (second from left) and Mr Kenneth Ho, Head of Consumer Assets, Group Consumer Banking (second from right) of Alliance Bank celebrating the official launch of Alliance One Account. With them are Mr Giuseppe Taibi, Group Chief Marketing Officer of Alliance Bank (extreme right) and Mr Dennis Martin, Group CEO of CTOS Data Systems Sdn Bhd.

 

(Left to right) Mr Suparman Kusuma, Head of Group Consumer Banking and Mr Kenneth Ho, Head of Consumer Assets, Group Consumer Banking of Alliance Bank answering questions from the media during the press conference of Alliance One Account launch.

 

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About Alliance Bank Malaysia Berhad
Alliance Bank Malaysia Berhad and its subsidiaries, Alliance Investment Bank Berhad and Alliance Islamic Bank Berhad, is a dynamic, integrated financial services group offering banking and financial solutions through its consumer banking, SME banking, corporate and commercial banking, Islamic banking, investment banking and stockbroking businesses. The Group provides easy access to its broad base of customers throughout the country via multi-pronged delivery channels which include retail branches, Privilege Banking Centres, Islamic Banking Centres, Business Centres, and Investment Bank branches located nationwide, as well as mobile and Internet banking.

About Alliance Islamic Bank Berhad
Alliance Islamic Bank Berhad (AIS) is Alliance Bank’s end-to-end Islamic products and banking specialist. It provides Islamic banking solutions and product expertise to support the Bank's key client segments in the consumer, SME, commercial and corporate businesses. All AIS’ banking products and solutions complies strictly to the fundamental tenets of Shariah banking and financing in Malaysia.

AIS aims to promote Islamic banking as a sustainable, ethical and socially responsible business, and is proud to contribute towards the country’s efforts in making Malaysia an International Islamic Financial Centre.

For more information on this press release, please contact Agnes Ong, Tel: (03) 2604 3378/012-672 4245 or e-mail at agnesong@alliancefg.com.

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