25 June 2024
Bangkok (25 June 2024) –
Krungsri (Bank of Ayudhya PCL and its subsidiaries) aims to strengthen its leading position in Retail and Consumer Banking. Krungsri’s Retail and Consumer Banking Group recently announced
Medium-Term Business Plan (MTBP) 2024 – 2026. The plan aims to promote sustainable growth of businesses, by emphasizing customer centricity in every element of its business operations and continuing the success of Krungsri ONE Retail strategy, through three main strategic directions;
1. expanding quality customer base, 2. strengthening revenue streams, and 3. enhancing seamless customer experiences on branches and mobile applications. This is to ensure Krungsri can address customers’ needs in all dimensions and will become the customers’ preferred choice.
Mr. Phonganant Thanattrai, Krungsri Head of Retail and Consumer Banking, explained “Krungsri is one of the leaders in Retail and Consumer Banking business, offering comprehensive financial solutions including but not limited to deposit, investment products such as mutual funds and equities, mortgage, personal loan, credit cards, automotive finance, and insurance. With the execution of
Krungsri ONE Retail strategy that creates a synergy among our group of businesses by emphasizing customer centric approach, Krungsri has successfully achieved impressive growth during the last 3 years. To illustrate, our customer base grew up more than 16%, the number of mobile users increased to over 90% of the customer base, and new deposit accounts tremendously increased over 27% in 2023. Meanwhile, we have still continuously grown our lending business with good control of the portfolio quality. Moreover, we continuously develop financial innovations that address customers’ needs and are simply accessible. These are a testament to the success of Krungsri ONE Retail strategy during this period.”
Continue the success of business and create superior value for customers
“Among rapid changes in business environment and customers’ behaviors, Krungsri’s Retail and Consumer Banking Group formulated the
Medium-Term Business Plan (MTBP) 2024 – 2026 to promote sustainable growth of businesses, by emphasizing customer centricity in every element of our business operations, through three main strategic directions;
1. expand quality customer base, 2. strengthen revenue streams, and 3. enhance seamless customer experiences on branches and mobile applications, to deliver the best valued products which are easy-to-access, yet offer high security standard; together with quality financial advice, in order to become the customers’ preferred choice.”
- Expanding the quality customer base
Krungsri aims to expand quality customer base through delivering a unique value proposition of products and services that truly address needs of different groups of customers and easing onboarding processes yet maintaining high security standard. Moreover, we keep developing new features on Krungsri mobile applications to engage customers with various lifestyles for both financial and daily activities, as well as collaborating with partners in developing lifestyle solutions to fulfill the needs of customers in all aspects.
- Strengthening revenue streams
Krungsri will strengthen its business capabilities in three dimensions; 1. Creating sustainable growth in lending business, in which we will expand new loan to good credit profile customers on existing base as well as explore potential segments by leveraging internal data and alternative data from partners in credit underwriting, together with improving our internal processes to align with different groups of customers. Most importantly, Krungsri strictly abides by the Responsible Lending principle in that we will not encourage unnecessary debt burdens for customers. 2. Enlarging non-interest income proportion, especially from Wealth Management business, in which we will continue to enhance our investment research capability to broaden investment outlook, provide comprehensive investment solutions to fulfill customers’ different investment objectives and risk appetite, and develop integrated investment platform to enhance superior experience and become the leading wealth advisor that builds sustainable investment for customers. 3. Increasing operational efficiency, in which we will focus on reducing redundancies among business units and leveraging generative AI technology in customer service and internal operational processes to create superb customer experience.
- Enhancing seamless customer experience on branches and mobile applications
Krungsri aims to provide seamless customer experience on branches, mobile applications, as well as partners’ channels to allow accessibility of products and services for our customers on their preferred channels in a convenient, seamless manner. To achieve this, we plan to transform our mobile applications, e.g. KMA krungsri app, UCHOOSE, GO, into a Super App to deliver comprehensive products and services, and address different lifestyles of customers with more convenient experience. Besides, Krungsri will also enhance the effectiveness of our CRM and Loyalty Programme to better create engagement with the customers. For physical channel, branch network is still an important service channel. Krungsri continues to expand ONE Retail branch concept which offers integrated services from Bank of Ayudhya, Krungsri Consumer, and Krungsri Auto at one place. On top of that, we also have our staff and experts ready to provide financial advice that is appropriate and personalized for each customer such as good financial discipline, sustainable savings and investment planning, as well as digital financial literacy.
“We truly believe that this MTBP 2024 – 2026 will drive our businesses to deliver a better products and services with simpler and more convenient experience and address the needs of customers at every stage of their lives, as well as create sustainable growth for our businesses. This will pave the way for Krungsri to become the customers’ preferred retail financial institution and drive the overall Krungsri Group to achieve the committed targets,” concluded Mr. Phonganant.