Thanachart Bank awarded Automobile Lending Product of the Year at The Asian Banker International Excellence in Retail Financial Services Awards 2019
- Thanachart Bank outperformed its peers to occupy the top position in auto loan market
- The product’s growth initiatives included new partnerships, campaigns and segmentation
- The product employs lean processes via its mobile application and a new Credit Bureau Scoring system
Dubai,March 21st, 2019 - Thanachart Bank was awarded Automobile Lending Product of the Year at The Asian Banker International Excellence in Retail Financial Awards 2019. The awards ceremony was held in conjunction with The Excellence in Retail Financial Services Convention 2019at Conrad Dubai, U.A.E on March 21st, 2019.
In the picture: John Holder, Chief Technologist, Realities Centre;Richard Hartung , Member of the International Advisory Council of Excellence in Retail Financial Services Awards Programme; ChatcharitTungtakeangkiat, SVP, Product and marketing management – Automotive Lending, and PompetRasanon, Executive Vice President -Automotive Lending, Thanachart Bank
Thanachart Bank outperformed its peers to occupy the top position in auto loan market
The bank holds over 20% of Thailand’s auto loan market, placing it ahead of its peers in market share. New loans grew nearly 20% year-on-year, in line with industry growth, while non-performing loan levels remained below 1%. The bank started its new Auto Loan Digital Experience project in 2018, with two key drivers: customer acquisition and engagement, as well as customer service management.
The product’s growth initiatives included new partnerships, campaigns and segmentation
By engaging in new car loan business partnerships, the bank was able to capitalise on automobile manufacturers’ wholesale and retail captive financial services. The bank also used loan-to-value campaigns for used car dealers, and enhanced products and marketing communication to focus on untapped segments and leverage their existing portfolio base. These initiatives allowed the bank to significantly outperform the average growth in the market for domestic car sales.
The product employs lean processes via its mobile application and a new Credit Bureau Scoring system
The bank employs a lean process for income verification and special credit requirements, speeding up approval and disbursement of auto loans for existing customers. As the first and only bank to implement a new Credit Bureau Scoring system, the bank can conduct portfolio validation of over a million accounts, and through a cut-off strategy, is able to enhance preciseness in viewing individual customer credit quality to offer competitive terms and conditions. The bank’s ‘AL APP’ loan origination mobile application also facilitates application and document submission for faster approval.
tituted in 2001 to recognise the pursuit of excellence amongst retail financial institutions. The programme evaluates more than 300 banks and non-bank retail financial services players in more than 42 countries, via a rigorous audit-based approach. Detailed evaluation criteria for each category may be found at http://awards.asianbankerforums.com/retailfinancial/criteria-country
About The Asian Banker International
The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The Singapore-based company has offices in Singapore, Malaysia, Manila, Hong Kong, Beijing, and Dubai, as well as representatives in London, New York, and San Francisco. It has a business model that revolves around three core business lines: publications, research services and forums. The company’s website is www.theasianbanker.com
You may visit the Excellence in Retail Financial Services Awards gallery at https://www.facebook.com/pg/TheAsianBanker/photos/?tab=album&album_id=10157080239284804
For further information on the collaterals for winning banks, please contact:
Mr. Alfred Labicassi
The Asian Banker