Creating a lifestyle instead of just being a financial app, Krungsri Consumer redefined the way individuals engage with credit card and personal loan services by providing a seamless journey from the initial application process to the practical utilisation of financial offerings when it launched UCHOOSE.
First launched in 2020, the UCHOOSE app serves as an all-encompassing platform that empowers Krungsri Consumer's customers. This transformative journey commences with the straightforward credit card application process facilitated by the "U CARD" feature, introduced in 2021. Leveraging cutting-edge technologies such as Optical Character Recognition (OCR) and Face Recognition, this feature streamlines in-app Know Your Customer (KYC) procedures, ensuring both efficiency and security.
U CARD showed remarkable adoption rates, with credit card applications through the app surging to 50% in 2023 compared to 30% in the previous year. This underscores UCHOOSE's responsiveness to evolving customer preferences and its commitment to robust security measures facilitated by advanced biometric technology.
When the Krungsri Consumer began to focus on new acquisitions and business growth, UCHOOSE became its main growth generator of strategies and initiatives.
One milestone is the loan approval initiative. The Digital P Loan feature applies alternative credit scoring to automatically approve loans. The feature hit more than 200,000 during the first three months after the launch.
Beyond redefining the customer acquisition journey, UCHOOSE serves as a catalyst for new revenue streams and strategic partnerships. By consolidating revenue generation activities such as Installment Plan and Cash Withdrawal within the app, UCHOOSE achieved an impressive 80% penetration rate across various channels. The app's adaptability is evident in its successful recovery of cash withdrawal transactions to pre-pandemic levels.
Further solidifying its commitment to diversified revenue streams, UCHOOSE established a strategic partnership with Access Trade, effectively expanding its affiliate network. This collaboration yielded substantial affiliate commissions, with a noteworthy ฿6m ($170.5k) generated primarily through collaborations with major e-commerce players like Shopee, Lazada, and Klook.
Central to UCHOOSE's philosophy is enhancing user experiences and ensuring unwavering security. By harnessing artificial intelligence, UCHOOSE customizes interactions through banners and messages, tailoring promotions to individual customer preferences. Furthermore, the app has strengthened security measures, offering customers robust protection against the escalating threats of fraudulent activities in Thailand.
These pioneering efforts culminated in UCHOOSE's recognition with the Thailand Technology Excellence Award Mobile - Financial Services award at the Asian Technology Excellence Awards. This accolade is a testament to UCHOOSE's innovative contributions, unwavering focus on customers, and pivotal role in reshaping the landscape of Mobile Financial Services.
The UCHOOSE mobile application has emerged as a dynamic force driving growth and innovation for Krungsri Consumer. Through its digital acquisition strategies, diversified revenue streams, enhanced user experiences, and uncompromising security measures, UCHOOSE not only optimizes operational efficiency but also provides customers with unparalleled credit card experiences. The recognition garnered at the Asian Technology Excellence Awards solidifies UCHOOSE's position as a pioneering trailblazer in the realm of Mobile Financial Services.