Improving user experience and personalisation through Krungsri’s apps

Krungsri’s apps enable a more seamless and personalised financial journey for both merchants and customers.

As businesses embrace the digital transformation fast-tracked by the woes of the pandemic, merchants that have yet to keep up with the pace of adoption face the difficulty of generating sales and securing customers. They need to be assisted with the latest technologies and innovations so that they do not fall out of business.

Financial services company Krungsri Consumer aims to address this issue by supporting merchants and their businesses amidst the challenges brought by the global health crisis. 

Previously, the company has been focusing on credit card and personal loan financing businesses, and one aspect that is relevant to this business model is the network of merchants. Krungsri has over 20,000 merchants across the country, which emphasises the need to provide them with solutions to support their businesses and operations.

Krungsri has recently introduced its new merchant mobile application, which aims to assist merchants with online selling transactions by generating payment links/QR codes, checking and receiving the status of the transactions, as well as improving the visibility and productivity of their business through the in-app comprehensive report. The solution will also link with the company’s consumer application, which would help the payment journey be more seamless.

The application also aims to improve the users' experience with the merchants themselves. Krungsri empathised with dozens of merchants to design the most fit user journey that would be easier for the merchant that might not have a lot of staff, roles, and knowledge to be able to use the app effectively.

The company has acquired around 30 merchants that are able to generate ฿2m through hundreds of online transactions during the first launch of the app. It has been strategically positioned to be the foundation of plenty of initiatives for the company in the future, including self-onboarding & loyalty programs for merchants, advertisements, communication tools, and lending platforms.

“We expect this will help grow the merchant ecosystem for Krungsri, hence increasing the volume of spending and engagement with a credit card and loan users at the end of the day. Not to mention, the opportunity to cross and upsell for other products of Krungsri Group, as well as to promote digital and online commerce throughout the industry eventually,” Krungsri said.

Meanwhile, the company has also launched the UCHOOSE mobile application, which is positioned as a lifestyle credit card application offering the most coverage of credit card self-service in the market. It also provides engagement to customers through promotions, coupons, gamification, and e-commerce partnerships, amongst others.

Krungsri also focused on acquisition, engagement, and revenue streams to further increase app usage. 

Under this goal, UCHOOSE has developed “U CARD,” a fully digital credit card application. Going forward, the company is improving the customer experience with better technology for E-KYC, OCR, and credit modelling with alternative data. 

The company is also developing this year its customer data platform, which will apply marketing automation tools to bring personalisation to the next level, as well as reduce operational work for its marketing team. With 3.4 million users, Krungsri has also started to generate new revenue streams like affiliate marketing with leading e-commerce platforms.

Krungsri’s initiatives mainly highlight the need to assist customers and merchants as they recover from the impact of the pandemic. Its remarkable innovations and initiatives have been recognised by the Asian Technology Excellence Awards 2022. The company brought home the Thailand Technology Excellence Award for Digital - Banking and the Thailand Technology Excellence Award for Mobile - Financial Services awards.

The prestigious awards programme 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.

The Asian Technology Excellence Awards is presented by Asian Business Review. To view the full list of winners, click here. If you want to join the 2023 awards programme and be acclaimed for your company's outstanding retail initiatives, please contact Jane Patiag at [email protected].