Singapore, 5 June 2020 — Thanachart Bank received Best Automobile Loan Product at The Asian Banker International Excellence in Retail Financial Awards 2020.
Thanachart Bank pioneered Worry-Free Used Car to expand its target market and drive its automobile loan business
In March 2019, the bank introduced the Worry-Free Used Car financing to broaden its target market for used cars and tap into the consumer segment who doesn’t necessarily have the technical expertise in this field and assist them in their purchasing journey.
To address customers’ concern on quality and build confidence, the bank offers extended auto warranty with used car financing to include protection for mechanical malfunctions and repairs. With this new value proposition, Worry-Free Used Car generated new bookings with a volume record of 4,000 units in just eight months.
The Worry Free Used Car product helps the bank uphold its market leading position in Thailand’s automobile loan industry
In less than a year, the product made significant contributions to the bank’s overall book balance for used cars. The product enabled the bank to capture more than 20% of market share in used cars financing and over 70% market hold of dealerships. Overall, the bank strengthened its auto loan business, penetrating more than a third of its retail customer base. It also sustained its key position in the industry with a healthy growth in new loans without compromising its asset quality.
During the COVID-19 outbreak, the bank rolled out its Tung Luck relief programme to support customers affected by the situation
In response to the pandemic, Thanachart Bank’s Tung Luck programme provides relief to over 24 million Thais by allowing skip payments of up to six months without harming their credit history. By harnessing digital platforms in extending the programme to customers, the bank eased the burden of over 450,000 customers with their car loan debt by the end of April 2020.
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
Mr. Mobasher Zein Kazmi