Krungsri Consumer bags awards for streamlined services at the Technology Excellence Awards

Its UCHOOSE mobile app and automated collection process earned recognition.

Thailand’s Krungsri Consumer has already been realising the value of integrating different types of customer data to improve customer experiences and journeys.

To reinforce customer-centricity, it created the UCHOOSE mobile application to make life easier for users and solve problems with high satisfaction rates.

Similarly, it launched the project called Automated Collection - Debt Restructure, which has been assisting customers and its collection team in streamlining the process of debt restructuring.

For these efforts, Krungsri Consumer received the “Thailand Technology Excellence Awards for Digital - Banking and Mobile - Financial Services” in the recently concluded Thailand Technology Excellence Awards 2021.

The awards programme, dedicated to technological projects and innovations, aims to recognise exceptional companies that are riding the digital disruption wave and leading the technological revolution and digital transformation journeys in their respective industries.

UCHOOSE has been the most engaged channel at Krungsri Consumer, covering 80% of its active customers based on its credit card self-service and for being a credit card marketing platform.

In 2021, Krungsri Consumer aimed to build more engagement and increase card spending volume via UCHOOSE channel and improve operational productivity. To be a part of customers’ everyday life, Krungsri Consumer emphasised on customer-centricity and data intelligence.

It expanded to lifestyle features like partnering with online merchants such as Central, Sephora, and Uniqlo to improve the in-app shopping experience and offered financial products to support customers’ financial goals.

Currently, the app mainly uses Deeplink technology from an international vendor and internally developed a real-time decision-making system to trigger relevant messages to customers.

Included in its key achievements is that the number of cards registered has increased from 4 million in 2019 to 6 million in August 2020, which covers 82% of the bank’s active customers.

In 2020, UCHOOSE Mobile app has contributed to almost US$2m of cost savings and incremental revenue to the company.

In terms of business implications, migrating customers to mobile channels mainly reduced operational work like handling physical documents, reduced calls to its customer service, and lowered costs from high-cost channels like Telesales.

On the other hand, the Automated Collection - Debt Restructure project enabled a switch from manually operating by manpower and paperwork to a digitalisation of workflow.

Customers can easily receive the URLs via SMS where they can review the debt restructuring offer personally made for them. Moreover, customers can decide to adjust the offer proposed to better fit their needs and digitally accept and complete the contract without any paperwork.

Through this program, the turnaround time for the internal process was reduced from five to two days.

From the company’s survey, the score of customer satisfaction is 9/10, with 87% of customers saying this solution is easy to use. Within its first four months,700 out of nearly 4,000 customer-respondents successfully enrolled in the debt restructuring program.