Krungsri Auto, captured key trends and automobile users’ behaviors to shape market direction in 2024. The new G.A.M.E. changer consistsof trends beyond automotive finance which are ‘G – Go Green, A – Be Smart with AI, M – Step into MaaS, and E – Build a Sustainable Ecosystem’. EV will drive market growth; businesses need to be smart with AI adoption, ready themselves for MaaS trend, and strive to create a value exchange through new opportunities in every dimension for automobile users.
Congsin Congcar, Head of Krungsri Auto Group, Bank of Ayudhya PCL., said, “Krungsri Auto, as a leader in automotive finance with the most comprehensive automobile users’ data and insights, foresees the new G.A.M.E. charger that will predict the upcoming market direction in 2024. The landscape is full of challenges businesses need to keep up with by developing and offering the right products and services to truly meet consumers’ needs. We are committed to creating future-ready solutions and a value exchange with our stakeholders: employees, customers, partners, automobile users, shareholders, and the Thai society, for a sustainable growth.”
Krungsri Auto’s new G.A.M.E changer for the automotive finance market consists of:
- G – Go Green – Exponential EV adoption by users and the Thai government’s roadmap to become a regional EV hub have resulted in EV sales forecast in Thailand in 2023 at 65,000 units. Krungsri Auto plans to respond to these trends by providing the most comprehensive EV financing and solutions covering 32 brands including cars and motorcycles; setting new EV loan volumes this year at 4,624 million baht with 217% growth; and targeting to create the most comprehensive EV ecosystem within three years.
- A – Be Smart with AI – Businesses need to be smart with AI adoption for it to work cohesively with employees. With Krungsri Group’s strong customer database and One Retail strategy, together with an AI technology that can analyze customer data and behaviors with great precision, Krungsri Auto uses AI to provide personalized solutions and assess Location-based Lending customers; brings in AI Sales Assistance for proficient and real-time services; and empowers employees with AI throughout the working process.
- M – Step into MaaS (for those who prefer to hail and rent but not purchase) – MaaS or Mobility-as-a-Service is a new trend for transportation system that connects all services across digital platforms. Krungsri Auto has co-innovated solutions with partners to design new products and services for automobile users and recently partnered with EVme Plus in launching ‘EVme Subs’ creating flexible options for EV users.
- E – Build a Sustainable Ecosystem – Through new opportunity creations in every dimension and a value exchange with partners, Krungsri Auto prepares to expand EV ecosystem beyond automotive finance by building EV E-Marketplace on LINE Official Account and will expand to GO by Krungsri Auto application which currently provides information on EV charging stations that covers more than 80% of all stations in Thailand. Krungsri Auto will also launch a full digital insurance purchase service and join forces with travel partners to build a new ecosystem specifically for road journeys in Thailand.
“From foreseeing the opportunities beyond automotive finance and our commitment to developing innovative solutions, Krungsri Auto is confident that we can maintain a leading position in the market and provide services beyond automotive finance for all users. We can certainly achieve a new loan target of 192,000 million baht and a total outstanding loan of 426,000 million baht this year. In the upcoming year, we will unveil the new medium-term business plan for 2024-2026, where we will continue our commitment to our mission of creating a better everyday life for automobile users and conduct a sustainable business that will benefit all,” Congsin concluded.