Krungsri clinches five major wins at ABF Retail Banking Awards

Its products and services demonstrate its dedication to supporting customers in achieving their financial goals.

Krungsri (Bank of Ayudhya PCL and its business units) shone at the recently held ABF Retail Banking Awards for the outstanding success of its products and services. It took home a total of five category wins in the awards programme.

Krungsri took home the Millennial product Initiative of the Year - Thailand, Mobile Banking & Payment Initiative of the Year - Thailand, AI & Machine Learning Initiative of the Year - Thailand, Financial Inclusion Initiative of the Year - Thailand, and the Automobile Lending Initiative of the Year - Thailand.

Customer Engagement Platform

Amongst Krungsri’s winning initiatives is the Customer Engagement Platform that was implemented in 2022. It encompasses the whole cycle of customer onboard journey from starting their interaction, AI-engine to prioritise support and service, seamless transition to other touchpoints and information connection between channels.

The platform uses an all-available data point from very data sources and feed them into over 40 of the bank’s advance artificial intelligence models ranging from propensity model to channel engagement to customer segmentation to extract in-depth analysis and insights to fully understand the needs of our customer in every aspect of their banking journey with Krungsri.

Recognising the crucial role of delivering consistent customer experience across all channels both digital and physical, the bank utilised artificial intelligence capabilities along with a comprehensive data comprising of financial, behavioural, social, psychographic, lifestyle and customer engagement to create insightful data, solve customer pain points, prioritise support and service based on customer need, urgency, and customer value.

The Customer Engagement Platform improved the customer journey for over 89,000 customers, recorded faster contact and reduced turnaround time from one month to one day, and complete omnichannel integration for 6/7 online products.

QR Cross-border Outbound Service

Krungsri also developed its QR Cross-border Outbound Service – which consists of international payment services via PromptPay QR payment where customers can use KMA krungsri app to show QR Code for merchants to scan, allowing the mobile app’s users from anywhere in the world to pay for products and services outside Thailand.

Customers can also enjoy a seamless shopping experience at their fingertips all on mobile. They can use QR scan just like making payments in-country, and they can see currency conversion where rate is applied at the time of the transaction. Plus, entering the amount of payment is no longer needed. Customers and stores can immediately check the results of their payments.

In 2023, Krungsri expanded its merchant network to total 1,047 retailers including 1,377 merchants in various businesses such as Solamchi, Yokohama red brick, Sanrio, 346 restaurants, 16hotels and 6 logistics outlets across 28 prefectures in Japan (as of 8 August 2023).

Currently, Krungsri has successfully launched QR Cross border Payment services on KMA krungsri app in Japan, Singapore, Cambodia, Vietnam, Malaysia, Indonesia and will expand the services to Laos, India, and Hong Kong soon. 

Kept by krungsri

Meanwhile, the bank also launched Kept by krungsri, an innovative pure digital bank that targets digital savvy millennials. The application provides various smart, automated saving features that are easy to use and perfectly fit with millennial lifestyles. It helps them manage their money more effectively and effortlessly, with the concept of one wallet and multiple savings jars system available in one application.

This digital bank enabled Krungsri to tap into new sub-segments such as family/siblings, and LGBTQ couples with Together savings in Kept application that was created to help them managing saving and expense better, easier and more engaging together. The digitisation in various processes also allowed Kept to lower the cost of opening and servicing.

Krungsri The COACH

Krungsri’s commitment to promote financial well-being and support sustainable economic growth was also reflected through its Krungsri The COACH platform. It is a comprehensive financial wellness platform designed to empower customers in navigating their personal financial journeys. It combines knowledge, tools, and personalised guidance to simplify financial matters and help customers achieve their life goals, strengthening their financial position and resilience.

By providing informative articles and engaging videos on a regular basis, Krungsri promotes financial literacy and equips customers with practical advice on saving, investments, retirement planning, and debt management. It also offers user-friendly financial calculators on the website. These calculators enable customers to make informed decisions based on their specific financial goals.

The platform effectively converts audiences into customers, resulting in 44% higher rates of booking performance, increased primary bank accounts and product holdings. Krungsri's customer satisfaction survey also shows positive results, with an overall rating of 4.04 out of 5 and 84% of respondents benefiting from increased financial knowledge.

GO by Krungsri Auto

Meanwhile, Krungsri also established its Digital Lending service on GO by Krungsri Auto Application. It is the most convenient digital auto loan service that unlocks customers' financial potential. With the innovative 'Customer-Based Loans,' customers can access various auto loans that best suit their needs and financial potential.

The one-stop digital loan service is designed to meet the needs of users in the digital age. It provides a streamlined, efficient pathway for users to apply for an auto loan swiftly, ensuring a secure and convenient experience

Notably, this is the first and only digital auto loan service in Thailand offering the fastest credit approval within 15 minutes.

Since the launch of the service, there has been a substantial increase in both the growth volume and the number of new accounts on Digital Lending of GO by Krungsri Auto application.

The ABF Retail Banking Awards is presented by Asian Banking & Finance Magazine. To view the full list of winners, click here. If you want to join the 2024 awards programme and be recognised for your company's cutting-edge products, services, and solutions that made a positive impact on your customers, please contact Julie Anne Nuñez at [email protected].