Krungsri Auto doubles loan availability for EVs as it unveils strategies to woo new generation
Krungsri Auto is targeting revenue of 192 billion baht in new lending volume this year, a 5% growth year on year.
Congsin Congcar, head of Krungsri Auto Group, Thailand's automotive finance leader under Bank of Ayudhya, unveiled three business strategies to deliver future-ready solutions in response to each preference of automobile users.
In a group interview on Wednesday, he said the strategies were developed after anticipating two interesting consumer trends: the experience economy, and the emergence of a new generation of digital consumers on online platforms.
He explained that consumers are prioritising experiences over traditional sales, whereas the new generation of digital consumers are highly personalised and have high expectations of products and services.
In order to maintain its market leadership in automotive finance for automobile users, he said Krungsri Auto has improved its products and services through advanced technologies, innovative artificial intelligence, and an accurate data analytics system, allowing the company to offer the best loan deal at the right time.
The three core strategies are as follows:
1. Engage all customers from all platforms by building a “Fansumer” base through two features on the “GO Auto by Krungsri” application, GO Auto Station and Auto Club. The two features will offer the best deals and useful information to users,
2. Collaborate with online platform partners to seamlessly connect PromptStart Ready, allowing consumers to have the right offers at the right time when they are interested in buying a car, and
3. Explore new business opportunities with strong AI technology that will manage customer data and accurately analyse customers' behaviour to help customise their specific demand and solutions.
Meanwhile, in light of the digitally savvy behaviour of the new generation, Krungsri Auto is committed to providing a one-stop DIY experience through innovative features and real-time services.
Currently, automobile users can access products and services easily, conveniently, and quickly at any time and from any location by using the two main platforms: the GO by Krungsri Auto application and the LINE Official Account, he said.
Congsin is confident that Krungsri Auto will be able to maintain its competitive edge as a leading automotive finance provider, with 426 billion baht in net earnings asset, and respond to future trends more effectively.
"We are ready to drive and create new business opportunities, as well as expand every aspect of the auto ecosystem more comprehensively, to achieve our long-term growth," he said.
He also expressed optimism about the overall automotive finance market, which is improving in a positive direction as a result of the economic recovery.
He predicted that the market's total new lending volume would reach 527 billion baht in 2023, a 1% increase over the previous year.
He was confident that Krungsri Auto would outperform its results in 2022, when new loans increased by 17% to 183 billion baht, exceeding the target of 173 billion baht.
In addition to the 192-billion-baht target for new lending this year, Congsin said he hopes to increase platform users to 200,000 by the end of this year.
Meanwhile, in response to the growing popularity of electric vehicles, Krungsri Auto has doubled loans for EVs to 4.624 billion baht by 2023.