PrimeCredit helps its clients in good times and bad

CEO Susanna Liew, who joined PrimeCredit only three months ago, seems fully up to speed on the company’s operations and plans for the future. Her enthusiasm is infectious and it is easy to see that she loves her work. “Our focus is customer service,” Liew said. “We truly believe that as a company philosophy because we operate in a customer segment that is underserved by the large banks. We cater to a different segment of consumers, the basic salary earners who have family expenses, education fees, own small businesses or even domestic helpers who need a little help with their cash flow. We undertake lending on some mortgages, personal loans and credit cards, even one of our own brand, PC Visa.

“We are a Deposit Taking Company, regulated under  he Hong Kong Monetary Authority, which can take  deposits of HK$100,000 of three months tenor and above, so we are an important part of the greater financial services picture in Hong Kong. In 2004, we were acquired by Standard Chartered Bank who saw us as filling a service gap in its consumer finance; segment, so we are regulated just like the big banks are.” She said the company’s vision is to stand high in the rankings compared to its competitors and be an industry leader by providing professional, reliable and helpful service by raising brand recognition.

“We enjoy a large recognition factor already, according to the recent study by Market Probe on brand awareness, PrimeCredit was ranked top among the Consumer Finance companies in the survey of Hong Kong consumers.”

According to Liew, consumers are keen to look for a service provider with a good reputation and a willingness to help the client, in good times and bad. They look for a company that will make a commitment to its clients and to the community. They are also aware of companies that are socially responsible. PrimeCredit has been in consumer finance business in HK for almost 35 years. The long history shows our commitment to their clients and community.

Liew said, “We have a process for making loans that includes credit counseling first so that our clients are not only aware of the amount of the loan but also its cost so they can plan their repayments in a realistic way. PrimeCredit believes that service does not start with the loan application but prides itself on good customer service throughout the process.”

Credit counseling allows the company to understand the client’s entire situation and can tailor the right solutions for each one individually, as such our clients will be able to enjoy the best rate offer. When people get into credit card debt, PrimeCredit works out a plan how the customer can pay off the cards balances in a timely manner without too much sacrifice. The same goes for other kinds of loans.“PrimeCredit can be flexible with trusted clients  and base repayment terms on the level of income or even suspend payments for a while so that stress is relieved,” she said.

The company also actively gives back to our community by either sponsoring charity events or supporting the underprivileged directly, such as visiting the elderly in Wong Tai Sin during the Mid-Autumn

Festival, and the recent Angels’ Walk walkathon which raised funds for the poor families and children. These charitable organizations are typically those receiving little support from the government.

The company also serves domestic helpers who need some financial assistance. Liew said, “PrimeCredit has ways of thanking them for their business. We have organised concerts in Central on Sundays for helpers, as well as BBQ parties and even provide some space in our office premises for their gatherings. These are some of the ways we can show support for our customers, offering them not only financial assistance but also social support.”

PrimeCredit’s customer service attitude even extends to its call centre, which won the “Best Inbound Call Centre - Gold Award” for excellent service from the Hong Kong Call Centre Association. For mystery shopper assessment, the company had also won Gold Award two years in a row.

According to the KPMG survey of Hong Kong banks in 2010, PrimeCredit was found to be the largest DTC in terms of assets and net profit after tax. “These awards and recognitions give us more confidence  and credibility,” Liew said. The company also was a Service Quality Management certification which again signifies our dedication to service excellence. She points with pride to the impressive 52 percent profit growth between 2009 to 2010. “We stand on three pillars,” she said. “Strong branding, friendly service and professionalism. We believe in the influential power of an individual where we have the philosophy of the 7th to the 7th power; that is, if one customer service representative is outstanding, he or she can be influential over the behaviour of others. We also have a balanced scorecard system that all staff adheres to, and incentive pay is based on this assessment, which is 50 percent based on business performance and 50 percent on customer service. It is not just frontline staff but also management behaviour is assessed too.”

All complaints are taken very seriously and each of them will be tabled and discussed by the senior management team to determine what steps should be taken to rectify the situation or whether compensation is needed. PrimeCredit is a leading lender for some very good reasons.

FAST FACTS
• Founded in 1977

• Wholly owned by Standard Chartered Bank

• Recent Awards & Recognitions:
   • Hong Kong Finance Company of the Year by Asian Banking & Finance, 2011
   • Service Quality Management Certification by HKQAA, 2010 & 2011
   • Best Inbound Call Centre of the Year 2011– Gold Award by Hong Kong Call Centre Association