Qorus Banking Innovation Awards 2021- Nominated

"Smart Advisor" on Krungsri Mobile application (KMA)

Submitted by

Bank of Ayudhya (Krungsri Bank)

Logo of Bank of Ayudhya (Krungsri Bank)
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21/09/2021 Banking Innovation

About

The most advanced feature that combined both artificial intelligence (AI) and human intelligence (HI) while providing an easy understanding investment advisory under the concept of “Make life simple”.

Innovation presentation

"Smart Advisor" is one stop service mobile banking application that provide full range of investment service that offer advisory, asset allocation, transact, tracking, compare existing portfolio against recommendation, instant notification and mutual fund account opening which combined strength from both artificial and human intelligence to turn the investing into the simple with below key features.

1. Online Risk assessment: Due to risk of investment, it can be defined as the probability of occurrence of losses relative to the expected return of customer on any investment, we have built a smart algorithm to classify the type of investor from both human and artificial intelligence to help our customer to mitigate risk from investment by providing customer’s information via Online Risk assessment.

2. Investment Advisory: Krungsri built Smart Advisor as a trusted financial advisor to make sure that our customer understands the way to invest in mutual and other financial products. We shall recommend investment in the future base on customer type to achieve their goals and provide detail as much as possible to be certain that customer can understand the issue or process at hand.

3. Port recommendation and Asset allocation model: Smart Advisor provide model for customer to invest in single mutual fund or asset allocation to achieve customer goal while mitigating risk with multiple options to fit customer needs such as tax saving purpose.

4. Portfolio comparison and recommendation: Smart Advisor came with a feature that provide an analysis that compares and visualize current investment situation against the recommendation from Smart Advisor. Customer will clearly understand the current risk that they invest and possible to re-balance and manage port more efficiency. Almost of customer invest in some specific mutual fund based on performance while not aware of their own risk tolerance, the objective of fund and Investment Policy. Hence it would be great to visualize and compare the current risk of their own portfolio.

5. Wealth path: One more intelligent function that came with Smart Advisor called Wealth Path is the module that use AI to forecasting investment returns to help customer understanding the likelihood of each possible outcome to make making the decision in particular level of risk their willing to take and how long their want to invest.

6. Past performance of portfolio benchmark: We have created a section to display the past performance benchmark that is aligned with each investing strategy therefore the customer will be able to understand characteristic of return in the portfolio.

7. Transaction: To be one stop service of investment advisory, we have provided function to track and subscript fund that Smart Advisor recommend as well. These features overcome the limitations of the traditional way of investment that customer must visit the branch.

8. Instant notification: Key success factor of investment is to act and response to change of proportion of portfolio promptly. Smart Advisor can provide an instant notification to alert customer who invest using Smart Advisor to aware movement and significant vary in portfolio to maintain the good shape and achieve target.

9. Open Mutual Fund Account: To be one-stop service, worry free for the existing customer who does not have mutual fund account, the customer can open mutual fund account through KMA and start investment instantly as well. Krungsri provide features to customer who interest to invest while not yet open an account through digital channel.

With this completing service, KMA can fulfill the customers’ needs in all respects. Such mutual fund accounts can be opened anywhere and at any time which can be recommended suitable fund to offer to customer.

Uniqueness of the project

We have moved on to becoming a platform for the future financial world with data & intelligence innovations to bring this unique digital financial experience to customers.

In Oct 20, we have opened our platform to connect to international advisory service through the collaboration with BlackRock, one of the world’s largest asset managers, to empower our bank’s advisory, investment and wealth management service capabilities by combining Krungsri’s deep local insight of the Thai market with BlackRock’s global investment expertise, not only limit to our asset manager as others.

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