Globally-spreading COVID-19 not only harms human life but also affects the business sector at large, from giant companies to grassroots businesses. The population groups that are affected more than others are financially vulnerable grassroots people who are Ngern Tid Lor’s main customers. They earn their daily income from self-employment activities, including selling goods, hire labor, and providing services. There are also salary workers who are slammed by job cuts or folding businesses, and farmers who cannot sell their produce.
It is Ngern Tid Lor’s important mission to help our customers fight the COVID-19 crisis by supporting every customer in this difficult time. We have thus opened all communication channels to allow affected customers to fill a request for relief, whether through branches, the Debt Collection Department, our Call Center, or even online channels such as Facebook, which has had a record-breaking number of customer contacts.
Our customer relief measures include deferral of debt payments up to 100% for two months until June, when we predict that the situation should improve due to the government’s lockdown relaxation, which would help customers begin to reinvigorate themselves and earn some income to pay debts. We then reduce the installment payment by 30% (to lighten the burden of installment payment to only 70% of the original 100%). This means that Ngern Tid Lor’s customers will receive debt payment relief for at least three months in total.
However, we have to admit that the COVID-19 crisis has had most severe impact on every sector in 100 years. It is unprecedented for the business sector, and for Ngern Tid Lor as well. Therefore, notwithstanding appropriate customer relief measures, it takes time to set up a system to support debt payment deferral and installment payment reduction for 170,000 customers who are requesting relief all at once.
As our customers’ suffering cannot be put on hold, our executives have made a decision to immediately approve debt payment deferral for every customer who is requesting relief and meets all the conditions even though the supporting system has not been fully completed. As a result, Ngern Tid Lor’s manpower was mobilized. Hundreds of IT staff lost their sleep in the race against time to develop and test the system; the MIS team had to import data and update contract information; the collections team liaised with every team regarding debt restructuring, call center staff answered customer calls that have increased significantly, and branch staff who not only provided customer services as usual but also contacted customers to come in to make debt-restructuring agreements. All these resulted in the daily workload increasing ten-fold.
At the same time, another mission to be carried out along with customer relief measures is to explain to our customers clearly and candidly that debt payment deferral and installment payment reduction are intended to help customers lighten their payment burdens, but this does not mean that they are relieved from their debt obligations.
We are also trying to help our customers to understand that when they can start making their debt payments again and pay their usual installments or pay more than their minimum payments, they can pay off their debts faster. Ngern Tid Lor offers low principal, low interest rates, which help customers pay off their loan balances and become debt-free faster.
Of course, positive feedback and appreciation from customers are very encouraging. At the same time, we have also recognized the positive side of the crisis. COVID-19 has reminded us that in the past we used to rush forward to grow and achieve business goals quickly, but the virus has forced us to conduct a self-review to identify the weaknesses or areas that need improvement. For many, COVID-19 is the first crisis they have to face in their entire lives. Even people who have experienced a devastating economic crisis before have to admit that COVID-19 is the most difficult crisis to deal with because of its wide impacts on all sectors, unlike the Asian financial crisis or the Hamburger crisis.
COVID-19 is both a test for how well people and organizations deal with the crisis and an important lesson that builds experiences in dealing with crises or unpredicted emergencies that may arise at any time in the future.
It is Ngern Tid Lor’s important mission to help our customers fight the COVID-19 crisis by supporting every customer in this difficult time. We have thus opened all communication channels to allow affected customers to fill a request for relief, whether through branches, the Debt Collection Department, our Call Center, or even online channels such as Facebook, which has had a record-breaking number of customer contacts.
Our customer relief measures include deferral of debt payments up to 100% for two months until June, when we predict that the situation should improve due to the government’s lockdown relaxation, which would help customers begin to reinvigorate themselves and earn some income to pay debts. We then reduce the installment payment by 30% (to lighten the burden of installment payment to only 70% of the original 100%). This means that Ngern Tid Lor’s customers will receive debt payment relief for at least three months in total.
However, we have to admit that the COVID-19 crisis has had most severe impact on every sector in 100 years. It is unprecedented for the business sector, and for Ngern Tid Lor as well. Therefore, notwithstanding appropriate customer relief measures, it takes time to set up a system to support debt payment deferral and installment payment reduction for 170,000 customers who are requesting relief all at once.
As our customers’ suffering cannot be put on hold, our executives have made a decision to immediately approve debt payment deferral for every customer who is requesting relief and meets all the conditions even though the supporting system has not been fully completed. As a result, Ngern Tid Lor’s manpower was mobilized. Hundreds of IT staff lost their sleep in the race against time to develop and test the system; the MIS team had to import data and update contract information; the collections team liaised with every team regarding debt restructuring, call center staff answered customer calls that have increased significantly, and branch staff who not only provided customer services as usual but also contacted customers to come in to make debt-restructuring agreements. All these resulted in the daily workload increasing ten-fold.
“We instill corporate culture and WHY so that employees know and understand clearly that everything we do, we do for our customers. If our customers can survive, then we can survive. This gives us strength to fight. Although our workload has increased greatly and we face obstacles with regard to the systems and processes, we have learned that if we put our hearts and work together, anything is possible.”
At the same time, another mission to be carried out along with customer relief measures is to explain to our customers clearly and candidly that debt payment deferral and installment payment reduction are intended to help customers lighten their payment burdens, but this does not mean that they are relieved from their debt obligations.
We are also trying to help our customers to understand that when they can start making their debt payments again and pay their usual installments or pay more than their minimum payments, they can pay off their debts faster. Ngern Tid Lor offers low principal, low interest rates, which help customers pay off their loan balances and become debt-free faster.
Of course, positive feedback and appreciation from customers are very encouraging. At the same time, we have also recognized the positive side of the crisis. COVID-19 has reminded us that in the past we used to rush forward to grow and achieve business goals quickly, but the virus has forced us to conduct a self-review to identify the weaknesses or areas that need improvement. For many, COVID-19 is the first crisis they have to face in their entire lives. Even people who have experienced a devastating economic crisis before have to admit that COVID-19 is the most difficult crisis to deal with because of its wide impacts on all sectors, unlike the Asian financial crisis or the Hamburger crisis.
COVID-19 is both a test for how well people and organizations deal with the crisis and an important lesson that builds experiences in dealing with crises or unpredicted emergencies that may arise at any time in the future.