Network of K-Experts to increase

Network of K-Experts to increase

Kasikornbank (KBank), Thailand's fourth-largest bank by assets, will recruit 1,500 new staff to expand its network of financial advisers authorised to sell consumer banking products.

The move is aimed at boosting both sales of consumer banking products and fee-based revenue.

Executive vice-president Pakorn Partanapat said KBank plans to increase the number of its K-Experts to 4,000 this year from 2,500 now.

More than one adviser will be available in each of KBank's 915 branches nationwide, he said.

The advisory service began in 2012 with 800 advisers.

The service was a major factor in last year's 20% sales growth in consumer banking products, driven mainly by bancassurance, mutual funds and loans.

"Customers trust advisers whose financial advice meshes well with each one's needs. That is our strategy for building up consumer confidence in the bank, not forcing them to buy financial products," he said.

Some 10,000 customers a month use KBank services inside the branches each month, while another 500 use email.

Investment, business start-ups and tax deductions are the top three services rendered.

The mass-market segment, defined as having a minimum monthly income of 15,000 baht, requires regular expense management, while upper-income customers mainly want investment consulting.

An average of two or three products are cross-sold to mass-market customers and five or six to upper-income customers.

Shares of KBANK closed yesterday on the Stock Exchange of Thailand at 171 baht, up one baht, in heavy trade worth 1.89 billion baht.

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