Sumitomo unit eyes loan machines

JIJI

Sumitomo Mitsui Financial Group Inc.’s consumer finance and core banking units will jointly develop a machine that will allow customers to apply for consumer loans without having to meet counter staff.

SMBC Consumer Finance Co. President Ken Kubo disclosed that his company will develop the unmanned loan machine with Sumitomo Mitsui Banking Corp. as part of a program to strengthen ties between group companies.

The loan machine will be installed at SMBC Consumer Finance outlets as early as next spring, Kubo said, adding the new machine will give the company a competitive edge because it will enable application for card loans offered by the major Japanese bank as well.

Kubo also said it is necessary for the two Sumitomo Mitsui Financial units to cooperate in expanding into new overseas markets for them, namely South Korea and Indonesia, through investment in local financial institutions.