Thais now spend nine hours a day online and two thirds are on social media, especially Facebook, YouTube and the local Line (WhatsApp equivalent). Consequently, Kasikornbank has followed them online, providing new social investment reports, videos, seminars, and portfolio customisation & control tools that free up time for private bankers (PBs) to advise, rather than just update, clients. The pivot has won it Most Innovative Digital Offering at the PBI Global Wealth Summit & Awards.
The bank’s suite of online and social media tools, especially useful during the Covid-19 pandemic, include:
- KPB Line Official Account: This local WhatsApp equivalent is popular in Thailand and the bank’s new account allows curated information to be sent to client followers, such as market indicators (movements in global indexes); summaries of of weekly house-view recommendations; and so on. But it’s not a channel to dump data into. Rather, every bit of information needs to get approval from the Financial Advisory Team as to its credibility and usefulness before it is passed to clients. A support team also makes screen revisions if necessary to ensure clarity, explain technical terms and so on.
- KBank PB Investment Flash VDO: This short video was initially produced during the early stages of the Covid-19 outbreak to keep clients abreast of the global economic situation in a short, snappy and understandable way. But it has proved so popular it’s now continuing. Prepared weekly the three-minute clips are distributed via social channels like Facebook, YouTube and Line, and traditional SMS and other channels.
- Online Live Seminar: this regular seminar on a new YouTube channel was again created during the Covid-19 crisis to help update and connect massive numbers of clients at one time, without the need for phone calls or other time-consuming, expensive methods. Face-to-face seminars were obviously curtailed during the pandemic. Audiences get global insights from invited experts from partners in Switzerland, Singapore and Hong Kong and can ask questions. Clips can be watched later or transcriptions accessed via Line.
- Internal conferencing, library & chatbot: advisors have received extra connectivity and information as well, in order to help them keep up-to-date and advise clients in a more in-depth manner. For instance, a weekly internal video conference system via Microsoft Teams is now easier to access and watch back later if advisors are travelling. It’s transcribed and uploaded into the bank portal. The Kasikornbank Business Technology Group (KBTG) is also working on a Chabot to support internal communication more effectively.
- Core banking system tweak provides portfolio customisation tools and better control: working with Avalog the bank has enhanced its internal private banking core system to help advisors construct customised investment portfolios much more easily. The system now automatically matches clients’ current portfolios with the House-view ‘K-Alpha’ recommendations. Where clients deviate from the advice the system tells PBs what action to take, fine tuning proposals to suit personal goals. A transactional alert system operates so execution permission is sought from PB team heads or the investment committee if significant deviations are evident.
Kasikornbank still believes in service from humans. It encourages private bankers to still contact clients via their usual phone or direct message channels to deepend the relationship, but to focus it more on advice now rather than just updates, and to be attentive emotions or questions from clients. Any feedback is fedback via a ‘Call Report’ and lessons that can deepen relationships are shared.
Kasikornbank Private Bank also achieved Highly Commended (HC) status in the Most Effective Investment Service Offering category at the 30th annual Private Banker International (PBI): Global Wealth Summit & Awards 2020