Krungsri Auto, a leader in automotive finance under Bank of Ayudhya PCL., announced its 2022 strategic direction to deliver automotive finance solutions to support customers and partners in unlocking new possibilities in life and businesses, with three key focuses: Product Harmonization, Brand Experience and Digital Connectivity. To strengthen its leadership in automotive finance, Krungsri Auto will drive sustainable growth for its business, with the target of 173 billion baht in new volume, a year-on-year increase of 11%.
Mr. Congsin Congcar, Head of Krungsri Auto Group, Bank of Ayudhya PCL., stated, "This year, the automotive finance market will see positive signs, as supported by the economic recovery. We expect the overall market's new lending volume to reach 499.5 billion baht, an expansion of 5% from the previous year. Nevertheless, our customers and partners are still facing challenges from high level of uncertainty. Krungsri Auto is, therefore, committed to developing auto finance solutions to enhance our customers' everyday lives throughout their journey with us and supporting our partners in capturing new business opportunities by building a connection with our platforms and digital innovation."
In 2022, Krungsri Auto will drive growth for its businesses through three key strategies. Firstly, Krungsri Auto will develop Product Harmonization, by leveraging Krungsri Group's strength in data to create a 360-degree view of customer behaviors and deliver 'harmonized' automotive finance offerings, in the forms of best deals and special campaigns, based on each individual customer's preference and suitability. Additionally, Krungsri Auto aims to provide other financial solutions under Krungsri Group, to answer customer needs more comprehensively and effectively.
In addition, Krungsri Auto will double down on creating Brand Experience based on the Advisory Service Model, focusing on delivering seamless consultancy service across all touchpoints. The model encompasses Cross-Branch Service, aimed at ensuring services between different dealership branches and service areas are seamlessly provided under the same standard, and Digital Face-to-Face Service, an online system which allows customers to consult with Krungsri Auto Advisors anywhere, anytime.
Under the third strategy, Digital Connectivity, Krungsri Auto will utilize its strong digital capability to support partners' sales. With the implementation of API technology, the credit appraisal innovation Krungsri Auto PromptStart will be connected to online marketplaces of auto dealers and manufacturing brands, enabling auto buyers to browse for vehicles and plan their finances within one platform. Moreover, the automotive finance leader will enhance its digital auto lending service on GO Application by Krungsri Auto, with the new version promising better experience and the expansion covering motorcycle and Car4Cash loans, as well as deliver solutions for both existing customers and automobile users, making Krungsri Auto's digital auto lending service the most complete in the market.
"With automotive finance solutions designed to answer the various needs of customers and partners, Krungsri Auto strongly believes that we will achieve 173 billion baht in new volume in 2022, a growth of 11% year-on-year, and continue to develop our new business model, retaining our leadership in comprehensive automotive finance," concluded Mr. Congsin.