SCAP, a retail loan service provider, revealed that the ongoing impact of Covid-19 has significantly damaged public health in over 160 countries across the globe whilst it continues to upend the global economy and financial markets.
With a strong commitment to helping the Thai people survive the pandemic struggle, Wichit Phayuhanaveechai, managing director of Srisawad Capital, said that SCAP unveiled the “Empathy and Accessibility” vision aimed at bringing technology-driven products to a working environment. This vision will enable SCAP’s operation to become more efficient and be able to thrive alongside Thais in ever-changing situations.
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Undoubtedly, pushing an aggressive business strategy forward during this difficult time while Thai society is facing hardships from the pandemic is not a simple task, especially when SCAP plans to take the lead in the lending market of secured and unsecured loan in the next few years.
Nonetheless, this will speed up improvements in SCAP in terms of transformation and competitiveness in all aspects to help embrace the challenge the New Normal brings and secure success in the wake of the next normal.
As the situation begins to unravel, the coronavirus impact will drastically change people’s way of life, societies, and economic landscapes for a long time to come. Comparatively it is like when one catches the flu, when you realise you have it, you should act swiftly and seek treatment and learn how to quickly prevent the spread. Relatively, the rearrangement of work patterns and conditions incoherent with the COVID-19 situation is vital.
At SCAP, the company continues to speed up the adoption of mobile working practices that are productive in an abnormal environment. These digitally driven systems will help to reduce the congestion of the workforce and direct contact in office areas that could result in the wider spread of the virus.
Speaking of SCAP’s strategies, Wichit added that SCAP’s core business strategy for the next normal phase is “Empathy and Accessibility” the concept of unifying people with technology to enhance effectiveness and create an interconnected work culture.
“We have developed an innovative technology allowing our staff to work conveniently and be able to stay connected via mobile devices or smartphones. The advanced technology empowers the company to run in full operational capacity and requires no staffs’ presence at the office” said Wichit.
SCAP will also penetrate the rural areas across Thailand to boost empathy and accessibility concept and to meet increasing demands of customers who moved back to their hometowns with the effect of the Covid-19 crisis.
Unlike the pre-Covid time where retail lenders were highly concentrated in metropolitan areas, today we have observed a greater number of retail lenders in the rural areas. The company also noticed significant changes in customers’ behaviors, perspectives, and the way to approach target customers. In adjusting to these changes, SCAP must accelerate the development of retail loan products, staff efficiency, service locations, as well as an innovative operational system facilitating us to meet the prospering demands and be ready for the next normal.
“As for the post-covid period, there are many fundamental factors causing people to change their behaviors significantly. According to the data from the Bank of Thailand, the 10 factors include food, housing, vehicles, social media, fast-moving consumer goods (FMCG), money, apparel, pharmaceuticals, mobile phones, and energy, all of which have become a new norm for consumers. These factors should never be overlooked, therefore, SCAP is striving to shape our operation to allow us to stand alongside Thai people through thick and thin,” added Wichit.
Additionally, taking care of employees’ well-being as well as boosting their confidence during these difficult times is a top priority. This is the first time in human history that every organization has encountered the same trauma. As SCAP’s captain, I am positive in finding the way to not only guide everyone to survive this struggle but to also give everyone a confidence booster. It is important to listen to their opinions as we all need moral support, and that will deepen relationships between our cooperation and our employees for years to come.
