Krungsri Auto, a leader in automotive finance under Bank of Ayudhya PCL, is advancing its 'SEE Beyond' mid-term business plan with the 3X strategy to drive sustainable growth amidst economic challenges and rising household debt. This strategy focuses on three key pillars: Explore & Exploit, strengthening core businesses while unlocking new opportunities; Exchange, enhancing value creation within the automobile user ecosystem; and Execute, ensuring precise execution for long-term success. Through this approach, Krungsri Auto aims to become the top choice for automobile users.
Mr. Congsin Congcar, Head of Krungsri Auto Group, Bank of Ayudhya PCL, stated, "With Thailand's household debt reaching 91.4% by the end of 2024 and projected economic growth at 2.7% in 2025, the automotive finance market faces significant challenges. We estimate auto lending volume to range between 383,402-404,901 million baht, reflecting a potential year-on-year growth of 1% or a contraction of up to 5%. In this dynamic landscape, businesses must swiftly adapt their strategies to align with market shifts and evolving consumer behavior.
To ensure sustainable growth, Krungsri Auto is implementing the 3X strategy as our 2025 framework. This approach strengthens Krungsri Auto's core business while unlocking new opportunities, integrating advanced technologies, and developing future-ready solutions that meet the needs of automobile users. At the same time, we are expanding partnerships and equipping our employees with the skills needed for precise execution, ensuring long-term success and reinforcing our position as the No.1 choice for automobile users."
Krungsri Auto's 3X Strategy for 2025
Explore & Exploit: Strengthening Core Business & Unlocking New Opportunities
Krungsri Auto continues to drive growth in its core automotive finance business by leveraging digital innovations and developing new business models that seamlessly connect services, benefiting both customers and dealer partners. As part of this strategy, Krungsri Auto is also expanding financial solutions with new features under "Car4Cash", catering to a broader customer base and addressing diverse financial needs.
Beyond automotive financing, Krungsri Auto is diversifying into new ventures such as PromptBuy, a platform offering eco-friendly products and services that promote sustainable lifestyles, with plans to onboard 12 additional merchant partners this year. Additionally, the GO Travel feature within the GO by Krungsri Auto Application is designed to enhance domestic travel experiences for automobile users. These initiatives will strengthen Krungsri Auto's leadership and expand its ecosystem, targeting 5.3 million users on the GO by Krungsri Auto application by year-end.
Exchange: Expanding Value for Automobile Users Ecosystem
Krungsri Auto is reinforcing its commitment to a win-win value exchange by strengthening partnerships and developing a comprehensive ecosystem for automobile users. By leveraging data analytics, Krungsri Auto delivers innovative lifetime solutions tailored to automobile users' evolving needs. Additionally, Krungsri Auto also continues to enhance customer experience, ensuring a seamless journey across car-selling, automotive finance, "Car4Cash", insurance, and lifestyle services for automobile users.
Execute: Driving Success Through a Winning Team
Recognizing that employees are the driving force behind success, Krungsri Auto is committed to developing a future-ready workforce. Krungsri Auto is investing in specialized training to enhance industry expertise while integrating AI-powered processes to improve operational productivity and efficiency. These initiatives ensure personalized solutions, excellence in customer service, and long-term business growth.
"Krungsri Auto is committed to unlocking all opportunities and expanding beyond traditional automotive finance. Through our 3X strategy, we are committed to building a stronger ecosystem for automobile users, enhancing connectivity across all touchpoints, and creating shared value for customers, partners, and the economy. With a highly capable workforce and an innovation-driven mindset, Krungsri Auto is also focused on developing its human resources to grow alongside the business," Mr. Congsin concluded.