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Published on February 28, 2008

Piriyah Wisedjinda believes its consumer-finance business will grow by around 10 per cent this year after two years of lacklustre growth. He said this would be a result of improved consumer confidence and the new government taking office.

He also forecast that competition would intensify with more active bank and non-bank service providers.

"Operating efficiency and effective risk management will be key success factors for consumer-finance service providers to sustain quality growth. Screening customers to ensure they can service their debts, increasing productivity and minimising operating costs are essential," Piriyah said.

He noted that despite the promising outlook for the market, some areas needed to be closely monitored.

"We have to set appropriate repayment terms to help customers experiencing financial difficulties to ensure they can repay their loans in a timely way," Piriyah said. The company will continue to tighten its risk-management systems and lending practices to ensure a quality customer base.

To enhance operational efficiency, GE Money has upgraded its contact centre to provide a better service. He said the company had invested in a new technology known as "Voice Portal".

"The Voice Portal is an over-the-phone intelligent, personalised interactive voice-response system which enables customers to retrieve information they need," he added.

GE Money, which has operated in Thailand for around 15 years, recently transferred GE Capital Auto Lease, the country's largest auto-finance provider for used cars, to Bank of Ayudhya.

In January 2007, GE Money made a strategic investment in the bank and currently holds a 34.92-per-cent stake.

The Nation