The mortgage business has long been lucrative for banks. But for as long as it has been profitable, it has been a complex and frustrating process for clients. These types of processes are ripe for disruption for innovative financial institutions. Krungsri Bank, in Thailand, is one such institution that has done incredible work and has created industry-leading products.
At Efma, we understand the importance of sharing best practices from across the financial services industry. So we are delighted to share the next installment of our Champions Series, produced exclusively for our members. Krungsri is an Efma member that continually impresses us, and the industry, with their ability to innovate and create new products that exceed their customers’ needs. This edition highlights the impressive recent achievements from Krungsri and their Mortgage Digitization Team.
For banks, now is the time to be rethinking business models and expanding digital offerings. Customers and employees are more dependent than ever on digital tools. So how to capitalize on this accelerating shift? The answer is clear: enhance the customer experience on digital platforms and deliver more value to customers. There is no better place to do this than in areas that have been stagnant and resistant to change for years, like the home-buying process.
In this publication’s interviews, senior figures from Krungsri describe how they conducted serious market research to identify pain points for customers on their journey to buy a home. They then discuss their approach to executing on their new digital strategy that has resulted in increased customer satisfaction and improved figures for the bank.
As you will see, it took a cultural transformation and a new way of working at the bank to develop and deliver its innovative new tools. We hope you enjoy Krungsri’s story of innovation in the pages that follow.
Keywords : Transformation , Mortgage , Digital/Mobile channels