TIDLOR’s digital initiatives honoured for driving customer growth and reducing business costs
Ngern Tid Lor (TIDLOR) leveraged its digital transformation with investments in IT worth $20 million in four years until 2020 to provide customer-centric services. TIDLOR revamped its digital acquisition strategy to reduce cost.
- TIDLOR invested over $20 million in IT resources
- TIDLOR generated 200,000 leads per year that decreased the cost per lead by 91% for loans and 86% for insurance
- NTL mobile app recorded 144,000 downloads in less than two months
Singapore, 19 October 2021 – Ngern Tid Lor was recognised for Best Digital Business Model Initiative/Application in Thailand at The Asian Banker Thailand Awards 2021.
Ngern Tid Lor leveraged digital transformation journey to improve customer-centricity and financial inclusion initiatives
TIDLOR and TMBThanachart Bank were the finalists for Best Digital Business Model Initiative/Application in Thailand award. TIDLOR won the award for introducing a comprehensive financial initiative that drives customer growth and financial inclusion.
Organisation: TIDLOR invested over $20 million in IT resources
TIDLOR leveraged digital transformation to provide up-to-date customer scalable solutions as well as seamless and efficient customer experience during turbulent times. It invested over $20 million in IT resources and to over 300 people in the past four years until 2020. It provided leading-edge capabilities such as mobile technologies, data analytics, cybersecurity, automated processing and integration with third-party systems.
TMBThanachart Bank launched a digital platform that enabled car dealers to advertise on social media across advertising formats in a single platform.
Market: TIDLOR generated 200,000 leads per year and decreased cost per lead
TIDLOR implemented an enterprise-class web content management, Kentico, on Amazon Web Service and revamped its digital acquisition strategy to reduce the acquisition costs.
In 2020, TIDLOR implemented one of the first in Thailand’s compulsory motor insurance purchases through the NTL mobile app that has straight-through processing. As a result, TIDLOR was the top one searched brand on Google, generating 3.5 times the web traffic of the next competitor. It generated 200,000 leads per year, driving cost per lead down by 91% for loans and 86% for insurance.
TIDLOR’s online acquisition platform contributes 25% of new insurance non-loan customers and it has shown an increasing rate. It implemented natural language processing-enabled chatbot on Facebook, resulting in over 160% increase in leads generated from inquiries.
Customer Experience: NTL mobile app recorded 144,000 downloads in less than two months
TIDLOR launched NTL mobile app that links the backend systems to enable self-service in managing customer accounts. It provided various contents, functionality and loyalty programmes to engage with non-customers. TIDLOR targets to serve the underbanked sector and provide them with the benefits of mobile banking. It introduced a built-in loyalty programme that encourages usage and drives desired customer behaviours. TIDLOR achieved 144,000 app downloads in less than two months and generated over $3 million in loan volume in six months.
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