'Krungsri Auto', a leader in automotive finance business under Bank of Ayudhya PCL., reported 2023 business performance with a new lending volume at 223,435 million baht, an increase of 22% from the previous year, and a total loan outstanding of 444,644 million baht, a growth of 4% from the previous year, maintaining its market leader position. Through the Responsible Lending practice, Krungsri Auto has effectively managed and balanced its loan portfolio to achieve a sustainable growth.
Mr. Congsin Congcar, Head of Krungsri Auto Group, Bank of Ayudhya PCL., "To respond to the economic challenges in the past year, Krungsri Auto has put in place a strategy to move beyond an automotive finance service provider. We are committed to supporting all automobile users in every step of life, for the best of their benefits, and shaping the market to sustainably grow alongside the Thai society through our Responsible Lending practice. We have been collaborating closely with our partners both in and outside the industry to exchange shared values and expertise in creating the most connected and comprehensive ecosystem for automobile users. This resulted in a new EV lending volume at 21,048 million baht, 13 times growth from the previous year, while 17% of the new lending volume for all products was generated via digital channels, reflecting the current consumer trends and market outlook."
Krungsri Auto's key success drivers in 2023 stemmed from its strategy in providing Future-ready Solutions through identifying and utilizing automobile users' insights to develop product and service innovations that meet the needs of customers in every segment which consist of:
- Establishing an automobile users' lifestyle community via digital platforms that are the most comprehensive in Thailand: GO by Krungsri Auto Application featuring Auto Club - a content hub for automobile users, and Marketplace - a platform for buying and selling used cars through Auto Station that allows sellers to contact buyers directly and instantaneously assess their loan appraisal via 'PromptStart Ready'; 'Krungsri Auto PromptStart' innovation evaluating customers' ability-to-pay prior to purchasing a vehicle which has grown twofold in usage in the past year and generated strong customer engagement; 'Car for Cash' automotive refinance service; and Chat Commerce via Krungsri Auto's LINE Official Account providing the right service, at the right time, and on the right channel for customers.
- Expanding the travel ecosystem with partners that serve automobile users in Thailand through 'GO Travel' feature, a collaboration with the Tourism Authority of Thailand (TAT), encouraging automobile users to travel across Thailand, driving the growth of the tourism industry, and connecting the three-million application users with OEMs and manufacturers under Krungsri Auto travel ecosystem.
- Extending convenience and accessibility to EV users to support the use of clean energy in Thailand through a business value exchange with EV service partners by integrating expertise and a robust ecosystem as an EV finance market leader with the most comprehensive services covering 32 EV brands.
"In 2024, we anticipate a resurgence in market competitiveness. Krungsri Auto remains dedicated to fostering shared values by addressing social issues and challenges and conducting business operations as both a market leader and shaper. Our commitment extends through Responsible Lending practice to move beyond an automotive finance service provider and to create a better everyday life for automobile users," Congsin concluded.
Source: FleishmanHillard Thailand
