Krungsri and HomePro join forces to utilise Big Data to revamp business

[rooster59]

Krungsri and HomePro join forces to utilise Big Data to revamp business

By The Nation

 

 

Krungsri Consumer, the credit card and personal loan business, is joining hands with HomePro, the home solutions and retail construction business, in utilising big data to assess customer demands and revamp the business model.

 

The company said in a press release on Friday that is recreating HomePro Visa Platinum Credit Card and unveiling new credit and personal loan card products – Krungsri HomePro Corporate Card, HomePro First Choice Card and MegaHome First Choice Card. 

 

The new cards target both individuals and commercial corporate customers offering unprecedented privileges including automatic corporate reports, discounts, cash back credit, and 0 per cent interest instalment for up to 12 months for every single purchase at HomePro and MegaHome. 

 

With its plan to penetrate all segments in its client base, Krungsri Consumer forecasts an annual growth of 10-20 per cent in the number of new cardholders and the total volume of personal loan and credit card spending, hoping to achieve Bt14 billion target within this year as the cooperation will keep the businesses of the two partners sustainably expanding.

 

Thakorn Piyapan, Chairman, Krungsri Consumer, said: “Krungsri Consumer firmly believes in building and growing our business along with our partners’ and as always we put great emphasis on utilising latest technology to bring about exciting financial innovations for the benefits of our consumers. 

 

“After 17 years of mutual trust since HomePro has chosen us as their financial partner, Krungsri Consumer and HomePro today join forces once again in revamping the model of our financial service business in line with the ever-changing environment by using the in-depth customer information analysis technology to develop innovative products, services and privileges to create the kind of experience that better serves our individual and commercial corporate clients. 

 

“The online and offline customer behaviour data we have all points to the opportunity to expand our client base. We then further extend our partnership with HomePro accordingly. 

 

“Apart from the modernised HomePro Visa Platinum Credit Card with more benefits for customers with a family who can now manage their home decoration expenses more worthy, we also come up with three new co-branded cards namely Krungsri HomePro Corporate Card for commercial clientele preferring reliable expense reports on a regular basis for a more efficient financial management, HomePro First Choice and MegaHome First Choice cards designed to meet the demands of HomePro customers as existing financial products fail to do so. 

 

“These are the personal loan cards offering 0 per cent interest instalment for up to 12 months and suitable for new generations and first jobbers who are keen on home or condominium decoration and in need of a clever financial management plan. We invested over Bt100 million in the development of these new card products and marketing promotions we proudly launch today.”

 

Khunawut Thumpomkul, Director, Executive Director and Managing Director, Home Product Center Public Company Limited or HomePro, said: “Home Product Center, reaffirms our standpoint as Thailand’s Home Solution and Living Experience forerunner. 

 

“This year we are more focused on adjusting our business strategies in accordance with the ever-changing environment, deploying the customer-centric approach and further networking with our partners to develop innovative products and services, while expanding our sales channels through HomePro and MegeHome brands to make sure we will create a better user experience and thus encouraging consumers to decidedly make a purchase via any of our omni channels whose number clearly reiterates our position as the leader in home solutions and retail business for construction.”

 

“HomePro currently has approximately 3.8 million Home Card members, 43 per cent of which are Bangkokians while the rest 57 per cent are upcountry residents, who contribute to 92 per cent our sales value. Each year, approximately 63 per cent of our members, or around 2.4 million Home Card holders, buy some products at our locations, with an average spending of around Bt22,000 per person annually. More than 65 per cent of these spenders use credit card and more than 20 per cent of which prefer instalment payment. 

 

“Given this useful information, we see a chance to grow our client base both in Bangkok and other provinces to better meet the demands of our consumers based on their specific lifestyles. Krungsri Consumer uses their technology to create new financial innovations which can fulfil consumer needs in today’s cashless society - hence this new exciting synergy. 

 

“We are extremely pleased to expand our partnership with the leader in financial business like Krungsri Consumer with whom we have formed a great bond for 17 years. I strongly believe that these new credit and personal loan cards will be able to meet the different demands of both commercial and individual customers of HomePro and MegaHome, with more than 100 branches among them, and create a better user experience for consumers,” he said.

 

Thakorn added: “With multiple financial products perfectly designed to better serve consumers in all market segments, the support we always have from our strong partner like HomePro with more than 100 branches, coupled with the use of new technologies and the in-depth information analysis to offer new products and services with unprecedented benefits and privileges to meet the demand of customers in every segment, Krungsri Consumer expects overwhelming response for these credit and personal loan cards. 

 

“We target 120,000 new members for HomePro Visa Platinum Credit Card and Krungsri HomePro Corporate Credit Card and 50,000 new members for HomePro First Choice and MegaHome First Choice cards, with the total volume of personal loan and credit card spending of 14 billion Baht for all four cards this year and an annual 10-20 per cent growth rate of both spending and the number of members. Krungsri Consumer and HomePro have also planned to jointly offer new services in the future such as information-based lending which uses consumer behaviour data as the key information for loan approval analysis to allow those groups of customers, who have no fixed income documents, easy access to financial products. 

 

“This data will also be used for automatic credit limit increase consideration or for selecting more appropriate marketing promotions for each particular customer to create a better and innovative user experience for both Krungsri Consumer and HomePro customers, and to build a sustainable business development for both companies,” concluded Thakorn.

 

Source: http://www.nationmultimedia.com/detail/breakingnews/30365427

 

-- © Copyright The Nation 2019-03-09

[connda]

Translated: Don't expect privacy if you have an account at Krungsri or Home Pro.

[Cheops]

So they think by offering another new cc they can grow their business?

 

How about lay off about 75% of the Homepro personnel (actually I think even 90% is possible), who are totally useless and super annoying at the same time (when they are not occupied on their phones or chatting with colleagues) for starters. 

 

The next step would be to rigorously assess their assortment of products. They don't even have some basic things, like a decent choice in stainless steel screws, nuts and bolts, to name 1 thing. A lot of building materials that they don't have. They should get lost of any non core home improvement products. 

 

That would turn this company into a higher profitable business. 

 

It seems to me that the owners have no clue on this.

 

Last time I went there to buy a product which I saw on their website. Turns out that they don't have all the products that they sell in the website. If only they mention this on the website, but noooooo. Really?

[Pedrogaz]

Privacy issues anyone? Homepro is just about the lamest home store in the world. The staff follow you round in packs and stand there hovering. If they see you looking at anything one will rush to your side and try to steer you to a more expensive item. If you ask a question about one of the products they know absolutely nothing. If you ask why they want you to buy the more expensive one they look embarrassed smiling all over the place.

Yesterday's products today, at tomorrow's prices should be their motto.

Edited March 9, 2019 by Pedrogaz
punctuation

[lungbing]

And then when you get to the checkout there's one trainee on duty on the tills with an irate queue formed.

[timendres]

Cash only for me. With fake details on the customer information form.