Speaking of “innovation”, many people would think about the newest and edging technology. However, for TIDLOR, an innovation is new thing that fits the target. It could be adapting any existing technology our target segment may never meet and developing it to present an approachable, simple and convenient products and services to serve customers’ need and extend their life’s path as our slogan; Life Rolls Forward.
WHY and HOW “TIDLOR Card,” a cash card from TIDLOR started, developed and won in the Financial Services Survey of Product Innovation Awards 2021 (the best innovative product and services of 2021), Mr. Thitided Srimarayat, senior Vice President- Business and Product Development, Marketing and Business Development Lead at Ngern Tid Lor Public Company Limited has answers regarding to the points.
The target segment of TIDLOR business is people with low and irregular income. They could not access the formal financial services as the white collar people due to the lack of collaterals and credit history. We believe that the right to access source of fund is everybody's right regardless the financial status.
That is where we begin. Bringing the uniqueness of credit card that is widely used among the white collar people to adapt with the original business of vehicle loans service and become “TIDLOR Card,” the cash card that transform customers’ vehicles to be cash amount within the card. Apart from this helping facilitate customers; this is also creating the financial equality in the segment.
For years, TIDLOR team has never stopped giving up and developing the product to test, learn and collect data from in-depth customers’ insight. Eventually it becomes first innovative kind of product in the industry. The product helps facilitate our underbanked customers to 24/7 access source of funds at their nearest ATM.
The objective of TIDLOR Card is to serve the emergency needs of customers. For example, they are facing an unexpected situation and having cash needs such as a medical expense and etc., but they are paused with limited branches’ working hours. They may turn to easier and faster source of funds as an informal money lender. However, this product is assuredly not intended to encourage our customers to withdraw in advance cash to overspend.
TIDLOR Card helps ease the customers’ worries in case of cash needs, especially in the emergency time. At the moment, we are one and only brand in the industry that provides this simple and convenient product as TIDLOR Card.
With TIDLOR Card, we could create them an opportunity to access the cash especially in the emergency time. The customers do not need to worry about the increasing interest because interest will not be calculated unless they withdraw any with TIDLOR Card. The approved loan amounts will remain full after the customers complete the payment of previous withdrawn amount. Apart from the increasing convenience for customers, TIDLOR Card helps decrease spending the customers’ valuable time at branches.
TIDLOR Card has been soft launched since 2019 and officially done in February 2021 starting with our motorcycle customers. As of the positive feedback from the market, we are currently in process of a market analysis whether extending to other customer segments or not.
We will sustainably move forward, never stop learning and developing and creating products and services to serve our customers, especially on the digital transformation era. Our business intention is to upraising the industry standard to enable the underbanked Thais to access the transparent and reliable source of funds. We also strongly believe that our forwarding innovative thinking will be one of the elevating keys the whole business to sustainably grow up together with rising up the quality of our customers’ life.
In Thailand, currently there is a large group of people called “long tailed.” They are the ones with low and irregular income. TIDLOR, a non-banked financial service that always think of the sustainable impact to customers and society, is highly concerned about these people. We aim to create opportunities to enable a standard financial access to them. Expecting this helps solve a life tension and roll their lives forward, Mr. Thitided wrapped up.
WHY and HOW “TIDLOR Card,” a cash card from TIDLOR started, developed and won in the Financial Services Survey of Product Innovation Awards 2021 (the best innovative product and services of 2021), Mr. Thitided Srimarayat, senior Vice President- Business and Product Development, Marketing and Business Development Lead at Ngern Tid Lor Public Company Limited has answers regarding to the points.
The target segment of TIDLOR business is people with low and irregular income. They could not access the formal financial services as the white collar people due to the lack of collaterals and credit history. We believe that the right to access source of fund is everybody's right regardless the financial status.
That is where we begin. Bringing the uniqueness of credit card that is widely used among the white collar people to adapt with the original business of vehicle loans service and become “TIDLOR Card,” the cash card that transform customers’ vehicles to be cash amount within the card. Apart from this helping facilitate customers; this is also creating the financial equality in the segment.
For years, TIDLOR team has never stopped giving up and developing the product to test, learn and collect data from in-depth customers’ insight. Eventually it becomes first innovative kind of product in the industry. The product helps facilitate our underbanked customers to 24/7 access source of funds at their nearest ATM.
The objective of TIDLOR Card is to serve the emergency needs of customers. For example, they are facing an unexpected situation and having cash needs such as a medical expense and etc., but they are paused with limited branches’ working hours. They may turn to easier and faster source of funds as an informal money lender. However, this product is assuredly not intended to encourage our customers to withdraw in advance cash to overspend.
TIDLOR Card helps ease the customers’ worries in case of cash needs, especially in the emergency time. At the moment, we are one and only brand in the industry that provides this simple and convenient product as TIDLOR Card.
With TIDLOR Card, we could create them an opportunity to access the cash especially in the emergency time. The customers do not need to worry about the increasing interest because interest will not be calculated unless they withdraw any with TIDLOR Card. The approved loan amounts will remain full after the customers complete the payment of previous withdrawn amount. Apart from the increasing convenience for customers, TIDLOR Card helps decrease spending the customers’ valuable time at branches.
TIDLOR Card has been soft launched since 2019 and officially done in February 2021 starting with our motorcycle customers. As of the positive feedback from the market, we are currently in process of a market analysis whether extending to other customer segments or not.
We will sustainably move forward, never stop learning and developing and creating products and services to serve our customers, especially on the digital transformation era. Our business intention is to upraising the industry standard to enable the underbanked Thais to access the transparent and reliable source of funds. We also strongly believe that our forwarding innovative thinking will be one of the elevating keys the whole business to sustainably grow up together with rising up the quality of our customers’ life.
In Thailand, currently there is a large group of people called “long tailed.” They are the ones with low and irregular income. TIDLOR, a non-banked financial service that always think of the sustainable impact to customers and society, is highly concerned about these people. We aim to create opportunities to enable a standard financial access to them. Expecting this helps solve a life tension and roll their lives forward, Mr. Thitided wrapped up.