Bangkok--31 Jan--PRpedia
CFG Services Co Ltd, the owner brand of ‘Srisawad Ngern Tid Lor’ (Money on Wheels), showed the robust loan growth of more than 50% to 6.5 billion baht in 2012. To ensure the leadership in auto refinancing segment, CFG Services unveils three strategies “aggressive sales — sales channel expansion - structure improvement for business flexibility”, which the strategies enables drive the outstanding loan of 9.3 billion baht in 2013.
Tanyapong Thamavaranukupt, Managing Director of CFG Services Co Ltd, reveals the operation results for 2012, which the growth exceed all targeted, in term of the growth of 50 % in new loans and the growth of 50% in outstanding loans, as a result, the portfolio was more than 6.5 billion baht. While, the non-performing loan is lower than 1% in 2012 thanks to thanks to the efficiency management through the lending analysis and the debt following process. The success also comes from the good response from the rising customers who used the auto cash products particularly the truck refinancing, which that grew by 130% in 2012. The cooperation with business partners to provide loans for tractor leasing to farmers and the business collaboration with Bank of Ayudhya enabled CFG Services to access retail customers as well, as a result, the lending from the bank channel soared by 300% in 2012.
Moreover, the company has developed the lending approval with a fast and easy process, to respond to competition in the market. Customers who wish to refinance their passenger or pickup vehicles can get cash within 2 hours.
The company has totaled 240 branches nationwide after opening new 40 branches in 2012, which the number of branches ensures it can serve all customers requirement and cover the customer base expansion.
Given importance to build brand awareness of Srisawad Ngern Tid Lor for many years, making the brand has become top of mind for customers when they consider auto refinancing. The Srisawad Ngern Tid Lor brand awareness has increased to 96% from 86%, which will bolster the consumer confidence in using the auto refinancing.
By end of last year, CFG Services accepted The Banker Awards 2012 awards for Financial Inclusion from UK’s leading financial magazine. This success demonstrates CFG Services’s excellence financial services capable of providing financial to access target customers. In addition, the company has been nominated as “Brand Conqueror 2012” from BrandAge magazine. The award recognized the achievement in its outstanding marketing strategy and marketing communication.
The year 2013 is remaining an important step of CFG Services to drive the steady growth and the competition in the market through three key strategies.
The strategies comprise of 1. Aggressive sales by focusing on driving the growth of all ranges of refinancing products, hence it is giving importance to the improvement in sales skill and the expertise in financial products to sales staff including the increase sales skills in new financial product — tractor leasing to assist farmers to access funding sources and become the tractor ownership easier.
2. Sales channel expansion in servicing auto refinancing by planning to open new 50 branches this year to enlarge customer base and provide more convenient access financial services. 3. Improvement in working structure at branch and human resources quality in order to meet more efficiency and flexibility. Some duplicated process will be cut in order to ensure quick services and simple process and make a maximizing customer satisfaction.
For the business goal in 2013, the company targets the outstanding loan of 9.3 billion baht or increases no less than 40% from the previous year. The company is confidence its market share ranking will be remained at the top place in the auto refinancing market.
“The success story of CFG Services last year from the feedback and the reliability from target customers helped bolster our financial performance every year. While, the brand awareness of Srisawad Ngern Tid Lor has been increased as well, which that are a pride and a challenge for the company to create innovative financial products and services. However, we believe in the strength and the experience in our professional operation, Srisawad Ngern Tid Lor is definitely able to be the top of brand of auto refinancing provider,” Tanyapong said.
For more information please contact Srisawad Ngern Tid Lor Call center at 088-088-0880