The Economic Development Bank unveiled Thursday an online banking tool that allows its commercial clients to apply for loans and follow through on their applications, becoming the first financial institution in Puerto Rico to offer this type of service.
During an elaborate presentation at a San Juan-area hotel, EDB President Joey Cancel-Planas said the goal behind the website is to give bank customers complete access to their transactions, while improving communication with bank officials.
“With this [tool] we’re developing a new entrepreneurial era for all. This is the result of requests from clients, the need they expressed having,” Cancel-Planas said. “I come from private banking and I know that customers in Puerto Rico have been asking for a service like this for years.”
“We at the EDB dared to work on it and make it a reality,” he said, of the website that offers an array of tools that allow customers to have greater access to the EDB’s product portfolio without having to leave their home or business.
Once the business customer accesses the site, they will be able to register and explore the different alternatives available, including an online profile that will allow the bank to offer suggestions on ideal financing products according to their needs.
The user can also figure out monthly payments according to the amount of money they are looking to borrow. Once the customers has done that exercise, they will be able to fill out their loan request online, and accompany it with the required documents. The system allows the customer to monitor the status of their application once it has been submitted electronically. These electronic services ensure agility and economy in the process, Cancel-Planas said during a presentation before some 200 people.
The new website was developed by EDB staff, saving the agency some $300,000, he added.