Krungsri Auto streamlines application process with E Consent

By THE NATION

 

 

 

Krungsri Auto, the auto-finance arm of Bank of Ayudhya, launched an online consent authorisation system for information disclosure (E-Consent), which will provide the foundation for a full-scale digital auto lending service in the future.

 

Pairote Cheunkrut, head of Krungsri Auto Group, Bank of Ayudhya Pcl, says: " we are Thailand's first auto finance service provider to offer the E-Consent service through the connection with loan-related database of other organisations".

 

Krungsri Auto's E-Consent system replaces the conventional information disclosure process that required customers to fill in consent forms, which would then be sent to bank branches for verification. 

 

With the new system, a customer can simply present his/her identity card to a Krungsri Auto official for insertion into the card reader that is connected to Krungsri Auto application on a digital platform.

 

The officer will then take photos of the applicant and the loan application to verify the customer's identities. Finally, a one-time password (OTP) will be sent to the customer via SMS, to enter and confirm the request.

 

The E-Consent service has been available since early September and has increased efficiency in the credit disclosure process by as much as 80 per cent. 

 

The E-Consent service brings considerable benefits to customers, Pairote said, adding: " It is accurate, secure and fast. The system automatically reads information on the front of a customer' identity card and fill in the online consent form for information disclosure. Therefore, we have reduced the risks of human errors, which could cause delays.

 

"Besides, the E-Consent service helps prevent document theft or forgery for illicit transactions because the system also cross-checks with the Department of Provincial Administration's database to verify the validity of identity cards used to apply for loans.

 

"In addition, customers are required to input the OTPs and confirm the information disclosure by themselves. Moreover, with its real-time operational capacity, the E-Consent service enables instant examination of customers' information".

 

Source: https://www.nationthailand.com/business/30376671

 

-- © Copyright The Nation Thailand 2019-09-25

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2 hours ago, webfact said:

Krungsri Auto streamlines application process with E Consent

This new Thailand 4.0 facility should go a long way to lifting the household debt numbers and loan misery. Anything to make it easier to borrow money. Bank greed at it's best.

The Thai Central Bank seems concerned with the already very high household debt to GDP ratio but not the Krungsri Bank.

Banks should be making it harder to borrow money, not easier. 

May the Krungski's bad debts go to hell in a handbasket!
 

https://www.reuters.com/article/thailand-economy-minutes/thai-c-bank-remains-worried-about-high-household-debt-meeting-minutes-idUSL4N25H0KL

A free car to every tourist from India..