Tuesday, 26 October 2021

Kasikornbank wins Best Home Loan Product in Thailand Award for leveraging big data to simplify credit verification of mortgage customers 2020

5 min read

By The Asian Banker

  • Kasikornbank’s new income verification tool utilises big data to shorten credit approval processes for home loans
  • The bank pursued an aggressive marketing strategy by introducing additional sales tools
  • The bank improved the performance and efficiency of the loan process 

23 December 2020, Singapore – Kasikornbank (KBank) received the award for Best Home Loan Product in Thailand at The Asian Banker’s South East Asia Awards Virtual Ceremony 2020.  

Kasikornbank’s new income verification tool utilises big data to shorten credit approval processes for home loans 

The bank utilised big data from its internal database and partners’ data bank to shorten the credit approval process and increase customer satisfaction especially for refinance customers, business owners and freelancers. It developed a new income verification tool based on the customer’s historical and behavioural data on housing loan payments. The bank reduced the number of required documents because of the new income verification standard. The different documents required for home mortgage was a major pain point for these customer segments.

The bank pursued an aggressive marketing strategy by introducing additional sales tools 

KBank improved the sales process to reach more customers. It developed basic sales tools to help the staff in approaching potential refinance customers and propose benefits that customers can gain from refinancing their home loan. The bank introduced a questionnaire-based mechanism in risk management and income verification for business owners and freelancers. The bank also provided customers with its advertising and loan calculation programme at point of home-buying decisions and built a home trading website. 

The bank improved the performance and efficiency of the loan process 

The bank gains efficiency in terms of working hours for both the sales team and underwriters with an acceptable rate of return from interest and fee.  The bank gains an improvement in customer satisfaction by way of a fast and convenient credit offering process. The bank helps customers avail of housing loans especially those who lack income documents which in the past prevented them from qualifying for a housing loan.  

For video of award presentation and <name>’s acceptance speech, click here.

For video of the Country Awards 2020 Virtual Ceremony, please click here.

About The Asian Banker 

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 page at http://awards.asianbankerforums.com/retailfinancial/

For further information, you may get in touch with:

Mr. Mobasher Zein Kazmi

Head of Research

Tel: (+61) 452 514 145

mkazmi@theasianbanker.com

 

 

 



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