​​myTukar announces integration of CTOS

• Claim to be the first from the automotive industry to roll out this digital solution
• Integration with CTOS’s solutions will shorten business processes from 2-3 days to 24 hours

 MyTukar Sdn Bhd, Malaysia’s digital used car platform, announced the integration of CTOS’s application and decisioning solution into its digital platform. 

In a statement, the company said the integration will increase efficiency in customers’ loan approvals and it is the first company from the automotive industry to roll out this digital solution.

It said the CTOS application and decisioning will help corporates make credit decisions efficiently and accurately via automated analytics and insights. 

It added that this is a step in the right direction, given that the company is currently building a financially inclusive used car financing system that rides on AI-driven lending metrics.

It will also enable businesses to speed up credit application approvals at point of sales to drive exceptional customer experience, whilst simultaneously improving business turnaround time, myTukar said.

“The collaboration with CTOS is timely as it is happening at the height of our business expansion in Malaysia.

“The scalable and customisable nature of CTOS application and decisioning allows us to make strategic decisions on automating the process versus personalised one-to-one customer service,” said Jeffrey Ong, chief executive officer of myTukar.

“We have seen immediate improvements to both business processes and performance using the new system in testing. The system provides access to data which can help us make better decisions instantly and will shorten our processes which traditionally takes two to three days to only 24 hours,” he added.

Ong said the company is  pleased to roll out the integration of CTOS application and decisioning into myTukar’s interface, which ultimately supports its mission of making used car buying and selling simple, convenient, efficient and transparent.

“CTOS application and decisioning will help myTukar speed up the application process and make accurate decisions faster to acquire new customers. It will also help improve the overall customer experience by allowing immediate credit decisions at point of sales,” said Eric Chin, CEO of CTOS Data Systems Sdn Bhd.

“The partnership with myTukar is our first venture into the automotive industry, after successful deployments in other business verticals including telco and financial services,” added Eric.

myTukar said it has rolled out the first phase of the CTOS application and decisioning digital solution integration in May 2021, with plans to accelerate its implementation in the coming months. 

For more information on the CTOS application and decisioning integration, visit here.