The year 2023 is predicted to pose various challenges for businesses worldwide due to skyrocketing costs resulting from the ongoing war.
Amid these difficult times, organizations will need to adopt a “Smart Execution” strategy if they want to continue growing. As Piyasak Ukritnukun, Managing Director of Ngern Tid Lor Public Company Limited, stated at the NTL Leadership Meeting 2023,
“ Smart Execution will separate the ‘losers’ from the ‘winners’ in the auto title loan and insurance brokerage industry the coming years.”
Ngern Tidlor is confident in their ability to navigate these challenges with their “Doing More with Less” approach (focus on increasing results while using fewer resources). This approach is embraced by every team and individual in the organization.
Smart Technology Development to Enhance Customer Experience
In the latest NTL Leadership Meeting, Bernard Tso, Head of Marketing and Business Development and Information Technology Department, shared insights on the success of Ngern Tidlor's technological advancements. According to his speech, the company's continuous investment in technology for the past decade has been instrumental in driving it forward in 4 key areas.
- Technology for best customer experience
- Technology for increase of work efficiency
- Technology for product development
- Technology for revenue and profits generated of partners.
“Before this, we thought that it may take up to 10 years to get 50% transactions after our investment in technology. However, customers respond positively to our technological advancements. For instance, online payments and money transfers that we launched in 2022 now account for 80% of all transactions, with online installment payments exceeding the previous year by 50%. The chatbot feature, introduced in 2021, also currently handles 50% of customer queries.
Moreover, Ngern Tidlor's IT team is able to collect over four billion data points to analyze and create innovative solutions that meet customer needs and drive sustainable growth.”
It is not, therefore, overstated to say that the success of Ngern Tidlor can be attributed to the efforts of the IT team in pushing the organization forward.
Smart Approach in Developing Products and Services
The Back-Office team uses technology to make loan acquisition and installment payments easier and faster for customers. This makes their operations more convenient.
The Operations team at Ngern Tidlor has seen a significant increase in transactions with the help of technology. This growth was achieved without having to increase the number of staff and has resulted in a reduced cost of work. For example:
- Reducing the loans transfer time from 60 minutes to just 3 minutes
- Reducing the loans quality verification time from 35 minutes to only 3-5 minutes per case
- Reducing the time to answer customer questions via social media from 73 minutes to 15 minutes per question
- Reducing the cost of answering customer questions via Customer Services from 77 baht to 23
Ngern Tidlor's Product Development Team, and in particular the loan and insurance teams, have been utilizing technology to continuously develop new innovations.
"TIDLOR Card" that developed from their comprehensive understanding of customers' needs and preferences could offer a range of benefits, such as:
- 24/7 emergency assistance
- Faster and easier payment options
- Lower interest rates
- Eliminate the need to visit a branch
- Allow customers to have control over their credit limit, meaning they only borrow what they need
Ngern Tidlor's insurance team utilizes technology to enhance the services they offer customers. They offer a 0% insurance installment service, ensuring immediate customer protection after purchasing. The team has also developed a system for selling insurance through ‘NTL app’, allowing customers to buy insurance and pay installments conveniently, from anywhere and at any time.
Furthermore, the team has introduced ‘Areegator’, that leveraged a core concept of a previous platform that developed to ease insurance selling at branches. The given benefits spotted and extended opportunities to retail brokers. Today, Areegator becomes a tool to help retail insurance brokers grow their careers and earn more.
This Areegator platform is unique because of below uniqueness.
- Allows retail brokers to offer clients a choice of over 15 leading insurance companies without having to pay a deposit
- Increase the convenience of agents and customers via a job notification system and an online installment payment features.
- Allows retail brokers to sell 7 days a week to support the needs of customers looking for more insurance options.
The Areegator platform not only benefits customers by providing them with access to insurance and helping them choose the right insurance plan, but also contributes to the sustainable growth of the organization, its partners, and retail brokers in society.
"Smart Execution" of Ngern Tidlor Results in Increased Efficiency and Reduced Costs
By leveraging innovative technology solutions and improving work efficiency, Ngern Tidlor has seen a continuous increase in revenue from online channels each year. And in 2022, Ngern Tidlor’s revenue from the online channels has spiked to 120%. This also helps reduced operational costs. And the success has allowed the company to set a goal to further reduce overall expenses in 2023.
As Ngern Tidlor steadily increases income while continuously decreasing costs, the company is seeing greater profits and growth.
To ensure sustainable growth, the company has announced its plans to invest in two areas: Technology and “People”. The Managing Director of Ngern Tidlor, Piyasak, has emphasized the importance of investing in human resources, stating that
“ We will not reduce our existing workforce as we recognize that investing in people is essential to the future of the organization.”
Ngern Tidlor emphasizes the importance of human development by encouraging its employees to think creatively, take calculated risks, and learn from their mistakes.
This approach, known as Smart Execution, utilizes the same resources to promote growth and sustainability, even in challenging economic conditions. By empowering employees to drive the organization forward, Ngern Tidlor can weather any economic storm and continue to thrive.