Krungsri to sharpen competitive edges, leveraging key competencies and synergizing its Retail and Consumer Banking business, to offer innovative financial solutions to tap retail customers
Krungsri (Bank of Ayudhya Public Company Limited and its business units) moves forward to sharpen the competitive edges of its retail banking and consumer finance business by leveraging key competencies and synergizing the resources of all business units under 'Krungsri One Retail' strategy. The strategy aims to improve its understanding of customer behavior through enhanced data analytics, build its position as trusted partner in finance and investment, integrate and align service channels and uplift the customer experience to respond to all their financial needs in a seamless customer centric approach. 'Krungsri One Retail' aims to increase the group's retail customer numbers to 15 million and digital users to 12 million by 2024, as well as expand its consumer finance business in ASEAN, in order to become the preferred financial institution for retail customers.
Mr. Phonganant Thanattrai, Krungsri Head of Retail and Consumer Banking said, "Krungsri is one of the leaders in the retail and consumer finance business, offering comprehensive financial products including deposits, personal loans and credit cards, auto loans, home loans, insurance, and investment products to over 12 million customers. Due to recent changing business conditions and consumer lifestyles, people tend to be more interested in building financial stability. Also, they are now accustomed to using services via digital channels that are fast and convenient. As a result, Krungsri has initiated "Krungsri One Retail" strategy, as part of our medium-term business plan. The strategy focuses on synergizing the strengths of all our business units under Retail and Consumer Banking to deliver a more customer centric service and superior customer experience. To do this, we focus on four key areas, aiming at providing more convenient and seamless access to products and services, and creating long-term relationships with customers."
Krungsri One Retail strategy focuses on four areas as follows:
1) Enhance customer data analytics capabilities for a deeper customer insight. With a large, good-quality customer database, skillful expert team and state-of-the-art IT capabilities, Krungsri is building One Retail Integrated Data Platform to gain deeper customer insights in order to be able to offer the right financial products and services that meet the needs of customers, through the right channels, at the right time.
2) Build Krungsri' s position as a trusted partner in Financial Literacy and Advisory. The Covid-19 situation and rising household debts lead to increasing interest in financial planning and saving discipline among Thais. To contribute to better financial literacy and become a trusted partner in financial and investment, Krungsri has launched Krungsri THE COACH, the online platform on comprehensive financial knowledge, focusing on 2 target groups:
1. Mass Retail Segment: Engage the target customers with up-to-date, comprehensive content on financial and investment tips published on Krungsri Group's online channels.
2. High Net-Worth Segment: Through One Krungsri Investment View which integrates investment outlook from the Bank, Krungsri Asset Management Company Limited, and Krungsri Securities Public Company Limited and the strategic partner, BlackRock to jointly provide a comprehensive investment advice.
3) Create innovative financial solutions that meet customer needs. With unmatched capabilities in Customer Data Analytics, IT and Digital platform, staff's expertise, and funding, Krungsri is well-equipped to create a variety of innovative financial solutions to meet a wide range of customer needs. To name a few, Krungsri Finnoventure Private Equity Fund is an innovative mutual fund that focuses on investing in startups in Thailand; Kept Together is a new saving feature; Krungsri Now and XU Digital credit cards offer attractive features to meet digital lifestyle; Super Saving Home Loans allow customers to use deposits to reduce loan interest; and GO by Krungsri Auto is the first lifestyle mobile application for those who want to apply for auto loan and inclusive service; Loan for Grab riders is a new service, as part of Krungsri' s partnership with Grab .
4) Integrate and align service channels to offer better, more convenient, seamless customer experience. Krungsri focuses on optimizing customer experience for all touchpoints. For mobile channels, Krungsri plans to link existing mobile applications, including KMA, UCHOOSE, GO and Kept, to deliver seamless user experience for some services, such as opening a bank account via UCHOOSE or GO Application.
For branches, Krungsri has launched One Retail Branch, a new outlet concept synergizing the bank and its subsidiaries like Krungsri Consumer and Krungsri Auto to provide customers with the utmost convenience, allowing them to be easily accessible to the group's various products and services at a One Stop Service location to generate a superior customer experience. In addition, customers can also access services through more than 200,000 points of partners' platform and Banking Agents.
"These efforts will help expand Krungsri' s retail customers' base and increase our operational efficiency to be able to provide our customers with a more convenient, superior service experience that meets their financial needs. We expect to see a 3-4% growth in loans for retail segment by the end of this year, and by 2024, we plan to expand our retail customer base to reach 15 million customers, as well as increase our digital users to 12 million. Krungsri will also leverage our expertise in consumer finance and auto finance business to strengthen our consumer business in ASEAN. These will contribute to sustainable growth, and position Krungsri as the preferred financial institution for retail customers," Mr. Phonganant concluded.