Kasikorn Asset Management - adding digital distribution to the mix
Benjarong Techamuanvivit of Thai Military Bank
Mar 28, 2018
Benjarong Techamuanvivit, First Senior Vice President, Strategic Planning Division, Kasikorn Asset Management, tells us how Kasikorn wants to use digital to further build what is the largest fund distribution business in Thailand.
The year 2017 was not the best year in market terms, Techamuanvivit says. “This is because of the challenges in the market overall and the growing competitiveness,” she explains. But it was a monumental year from the angle of Kasikorn’s digital push into the future. “We became the first player in the market that launched a mobile application for mutual funds,” she explains. “The app is not transaction-based but digital advisory based.”
Adoption of the app has been significant since its launch in Q3 2017, she points out, adding that penetration is now 5% and growing. Currently, the firm’s AUM under digital account for around 10% of their overall AUM. “Digital clients form approximately 30% of our customer base,” she says. In 2018, the firm wants to increase the share of digital clients to about 50% of their customer base, she reveals. “We have not reached the inflection point yet,” she says, explaining that the bank would also like to offer investors the option of opening mutual fund accounts online by the end of 2018.
The digital push makes sense for the business, Techamuanvivit says, given the parent bank’s [Kaskikorn] firm footing in the digital platform arena. “And also, we find that the number of digital transactions in Thailand has increased significantly versus physical channels,” she says. “It’s time we enter into this game.”
Deputy Managing Director at Thai Military Bank
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