Bangkok--24 Sep--FleishmanHillard Thailand
Krungsri Auto, a leader in automotive finance leader under Bank of Ayudhya PCL, bolsters its digital strategy by debuting the first online consent authorization system for information disclosure (E-Consent) for auto finance applications. Accurate, secure and fast, the new service provides the foundation for full-scale digital auto lending services in the future.
Mr. Pairote Cheunkrut, Head of Krungsri Auto Group, Bank of Ayudhya PCL, says "As the Digital Market Shaper, Krungsri Auto has delivered a series of digital innovations to meet the lifestyles and demands of customers along with digitalizing our lending processes to provide seamless experiences. Today, we are Thailand's first auto finance service provider to offer the E-Consent service through the connection with of the loan-related database of other organizations."
Krungsri Auto's E-Consent system will replace the conventional information disclosure process that requires customers to fill in physical consent forms, which are later sent to branches for verification. With the new automatic process, customers can conveniently present their identity cards to Krungsri Auto officer who will insert the cards into the card reader that is connected with Krungsri Auto application on digital platform. Then, the officer will take photos of the applicants and their loan applications to verify their identities. Finally, a one-time password (OTP) will be sent to customers via SMS for them to enter and confirm the request by themselves. The E-Consent service has been available since early September and has increased efficiency in the credit disclosure process by as much as 80%.
Mr. Pairote added that the E-Consent service brings considerable benefits to customers. It is accurate, secure and fast. "The system automatically reads information on the front of customers' identity cards and fill in the online consent form for information disclosure. Therefore, we have reduced the risks of human errors, which could otherwise cause delays. Besides, the E-Consent service helps prevent document theft or forgery for illicit transactions because the system cross-checks with the Department of Provincial Administration's database to verify the validity of identity cards used to apply for loans. In addition, customers are required to input the OTPs and confirm the information disclosure by themselves. Moreover, with its real-time operational capacity, the E-Consent service enables instant examination of customers' information."
"The launch of the E-Consent service for auto finance not only provides customers with better experiences but also lays the foundation for Krungsri Auto's full-scale digital auto lending services in the future. It is another step towards providing seamless loan application experiences. We are confident that this launch will make a difference in the auto finance business," Mr. Pairote concludes.