KBank announces a remarkable turnaround of K PLUS with fully integrated AI to cater to individual lifestyle - Siam Outlook


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Wednesday, October 10, 2018

KBank announces a remarkable turnaround of K PLUS with fully integrated AI to cater to individual lifestyle

KASIKORNBANK (KBank) introduces a new version of K PLUS based on a “With change, we understand you better” concept, along with novel logo and look, plus a new “Lifestyle” function to match each user’s requirements. The new K PLUS will be served by the “KADE” innovation wherein Artificial Intelligence (AI) will assist in understanding the users’ behaviors. In addition, an “Open Platform” technology structure will connect with the platforms of KBank’s business partners. It is expected that the enhanced potential of K PLUS will help expand KBank’s new customer base by 2 million accounts a year to a total of 20 million accounts within three years.

Mr. Patchara Samalapa, KBank President, said K PLUS platform has been in use for more than five years and now has total users of more than 61 percent of the 15 million bank customers. Rapid growth has been witnessed in both the number of customers and transaction volume. With this development, a new “Lifestyle” function with a personalization feature has been initiated by a “With change, we understand you better” concept. Because all transactions can be realized with K PLUS, this application will be an everyday kit for customers to “Pay & Play”. While customers can choose products and services that match their lifestyles, they will also enjoy a myriad of privileges offered by many leading brands.

The new version of K PLUS will see change in three areas: 1) the new logo and rearrangement of menus to be in sync with the digital age 2) a single transaction button which simplifies users in conducting money transfer, top up, payment and other transactions via this button 3) development of personalization functions to better match each customer lifestyle with the use of big data for analyzing customer behavior in order to offer services more responsive to their needs. Customers may change favorite functions at any time as desired.

Mr. Patchara added that KBank strategizes and plans for the future of K PLUS in three areas, i.e.,

1) To increase the use of lifestyle function of K PLUS by 5-10 percent within one year Currently, the most used function of K PLUS involves funds transfer, top up and payment transactions, totaling 125 million transactions per month. Meanwhile, lifestyle transactions now totaling around 500,000, or less than 1 percent of transfer-top up-payment transactions, which are still lower than expected. KBank therefore plans to develop a new function to enable customers to conduct other transactions to match their lifestyles, setting sights on raising lifestyle transactions from 1 percent

2) To promote K PLUS as a channel for the customers to use our financial products and services more conveniently. For instance, they can withdraw cash without the need to use any cards or purchase funds. Meanwhile, K-Personal Loan, which is available for eight months now, has offered general consumers and small business owners to have greater access to micro finance. As a result, the outstanding of K-Personal Loan grew over 4 percent and new loans reached 16.3 billion Baht during the first eight months of 2018, against the 15.7 billion Baht in outstanding K-Personal Loan reported for the end of 2017. This year, KBank has set a target to reach 22.7 billion Baht in K-Personal Loan, up from the last year 7 billion Baht.

3) To increase KBank’s customer base overall to 20 accounts within three years. Over the past 10 years, KBank acquired over one million new accounts p.a. on average. Currently, we have about 15 million accounts and are upbeat that new accounts will increase by two million p.a. within three years, bringing the total to 20 million accounts. The increase in our K PLUS customers is partly attributable to growth of our customer base overall. However, the most important factor is KBank’s strategy to tap into prospective customers, who have not opened accounts with us, such as those using e-wallet, while other factors include our cross-border funds transfer service that offers greater convenience for our customers because it links with other settlement systems in the region.

Mr. Somkid Jiranuntarat, Chairman of KASIKORN BUSINESS-TECHNOLOGY GROUP (KBTG), said that the K PLUS development concept is to transform K PLUS from an application into “K PLUS Intelligence Platform” to present the right experience for each customer and prepare for future growth. Equipped with stable, secure and user-friendly features, K PLUS Intelligence Platform is ready for further business network expansion.

K PLUS AI-Driven Experience (KADE) is an integral part of K PLUS capacity development, whereas Artificial Intelligence (AI) is incorporated into the back office system in order for KBank to learn and better understand each customer’s behavior and personalize the right experience for them. For example, K PLUS Today function will alert customers of important transactions and recommend products or promotions that match their lifestyles, while Machine Lending technology in K PLUS will enable KBank to leverage customer data and analytics to offer the right K-Personal Loan and business loans that match their demands and debt service capacity via K PLUS application. In the future, the platform will be able to give advice on spending and investment to maximize the customers’ financial potential and business opportunities. Moreover, K PLUS features “Open Platform” technology to be readily prepared for connectivity with other service channels and business partners to create a seamless experience, deliver superior value and present new services.

“K PLUS development is aimed at making technology easy, simple and accessible for everyone, enabling KBank to “know customers well in order to fulfill their wishes” and tailor to each customer’s needs. Equipped with tremendous potential, K PLUS will soon enable everyone including those without banking account to carry out financial transactions, promoting financial activities beyond boundaries. Thus, the number of K PLUS users is targeted to reach 100 million globally. Everyone can access to financial services equitably and enrich their life,” Mr. Somkid summed up.

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