Bank of Ayudhya Named IDC’s Information Visionary of the Year for its SAS-powered Customer Insight Discovery Initiative

First Thailand bank to marry internal data with online social data for better customer insights

At IDC's 2018 Digital Transformation Awards, SAS customer Bank of Ayudhya PCL. (Krungsri) was named Information Visionary of the Year for improving customer insight through its innovative use of advanced analytics and machine learning. By integrating online social behavior to existing customer data, Krungsri has created highly customized products and services to increase customer satisfaction, resulting in a net income growth to 9 million Baht and 25,000 new prospects since June 2017.

Krungsri is Thailand's first bank to go beyond the traditional method of garnering customer insights from just internal data and instead gathers additional intelligence through online customer activity. With the nation making the world's top 10 for social media usage[1], Krungsri  partnered with SAS to capitalize on the plethora of data generated from customers’ social media engagements and better understand their preferences, personalities, interests and behaviors.

With these insights, Krungsri reinvented its offerings and business processes to deliver value-added customer experiences. The bank leveraged customers' social factors to complement its credit underwriting criteria for loan approvals, resulting in a significant growth in new business volume. Krungsri also gleaned customers' personalities and interests to develop unique, personalized Electronic Direct Mail (EDM) campaigns, thus increasing the open rate by 80 percent.

Ms. Darika Phagapasvivat, Krungsri Senior Vice President, highlighted that customers are at the core of the bank's digital strategy: "In line with our customer-centric approach, we used SAS to enrich our customer data with knowledge on their daily activities and lifestyle preferences through digital footprints. With this enhanced insight, we are now able to deliver a better banking experience to customers, while strengthening Krungsri’s competitive advantage in the industry."

Krungsri deployed several SAS solutions to build a big data and analytics platform capable of integrating data from traditional, online and social media sources. These insights, which include lifestyle choices and personal milestones, help to deliver a personalized and convenient experience – even before consumers initiate a touchpoint with the bank.

The secret to this success is a suite of SAS solutions such as advanced analytics, machine learning, natural language processing (NLP), pattern recognition and social network analysis. The insights gathered are incorporated into the bank’s daily business decision-making to tailor product offerings, personalize customer relationship management activities, and innovatively deliver targeted marketing campaigns to today’s evolving digital consumers.

Sudev Bangah, Managing Director, IDC ASEAN said: "As the Thailand 4.0 movement accelerates, local organizations are increasing their use of disruptive technologies to become more agile and competitive. Krungsri’s innovative use of big data analytics and machine learning to improve customer service is recognized as a visionary project at IDC's DX Awards. By applying customers’ existing internal data with their online social behavioral data, Krungsri has set a new benchmark for customer experience in the financial industry."

SAS Country Manager for Thailand, Nathapol Apiwattayanan said: "Financial organizations today are challenged with a competitive business landscape, complex regulations and constantly evolving consumer behaviors. SAS works with leading banks like Krungsri to empower them with advanced analytics and machine learning, creating intelligence for better decision making. Krungsri’s success serves as a great example of how financial organizations can lead digital transformation initiatives to achieve greater heights while contributing to the growth of digital economies. We look forward to strengthening our relationship with Krungsri and further supporting the Thailand 4.0 movement."

[1] Bangkok Post (2018), Thailand makes top 10 in social media use

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