Krungsri transforms into wealth advisory with Comarch’s platform
In 2021, Krungsri, also known as Bank of Ayudhya, aims to become an investment wealth advisory bank. As of March, the newly-launched Comarch Wealth Management platform has been supporting the bank’s relationship managers in delivering the finest investment advice to the most prominent clients. The solution strengthens the bank’s technical and business capabilities, optimizes the work of advisors, and standardizes wealth services among all client segments.
The bank aims at strong positioning on the local market. Comarch Wealth Management works as a tool to help Krungsri realize this goal by strengthening and fortifying their consulting and wealth management services.
Improving customer experience
Almost 1000 RMs serving the most wealthy clients of the Bank are currently using the platform, while other bankers are about to be joined in the nearest future to onboard affluent and mass customers to the investment services and the bank’s offering. Customer data centralization in one place, possibility to scale advisory business across different segments, straight-through-processing – these are only a few of many benefits that came along with the project.
“Following Krungsri’s customer-centric and digital banking strategies, we want to better serve each individual customer’s need and enhance customer experience by providing our clients with the highest advisory and wealth management services” – sums up Passanee Udompanich, CFP, Krungsri Head of Investment Product Management Department.
Successful collaboration despite turbulent times
It’s important to highlight that the project has started during the outbreak of the Covid-19 pandemic. It required from both teams – Comarch’s and Krungsri’s - to switch to remote communication, online meetings, and virtual arrangements.
“We are happy we have managed to deliver the Comarch Wealth Management platform successfully despite difficult pandemic times and lack of personal contact. What helped us achieve the goal is our local presence and resources that we have in Thailand. It was especially helpful for the client at the final stages of the project focused on testing, installation and roll-out. Altogether, we offered 24/7 assistance thanks to the different time zone we work in” – says Greg Prosowicz, Consulting Director of Comarch Wealth Management.
Strategic outlook
Only in 2021, Krungsri expects the net worth customer base in wealth management to grow by 15% and its AUM by 10%. In addition, the partnership with Comarch was focused on enrolling regular bankers and new customers who need solid guidance while taking investment decisions. To enrich this process, the latest innovation of Comarch Wealth Management – AI Product Ranking – might be an option. (link: https://www.comarch.com/finance/articles/can-you-predict-which-mutual-funds-will-do-better-than-others/) It helps to match the best investment products to customer portfolios. Stay tuned!