BAM launches the first Mobile AMC in Thailand, a fully integrated app with all functions
BAM launched “BAM Choice” the first fully integrated AMC Mobile Application in Thailand which aims to be a platform that responds to the needs of debt-restructuring customers (NPLs) and property customers (NPAs) allowing them to enter into various transactions. Users can complete any transaction through their mobile phone whether it is to check their outstanding balance, make a payment online, or receive automatic notification when payments are due. The application also includes an online debt-restructuring menu (E-TDR) that will increase convenience for debtors with which users can set up and adjust their debt-restructuring plan online. Along with that, the application provides a tool to search and reserve a property offered by BAM’s collection of more than 18,000 properties in good locations and with affordable prices.
Mr. Bundit Anantamongkol, Chief Executive Officer of Bangkok Commercial Asset Management Public Company Limited or BAM said: “BAM is preparing to launch the first all-in-one Mobile AMC (one-stop service) in Thailand promoting a platform that responds to the needs of debt-restructuring customers and property buyers by creating a system which serves customers through online channels where they can get access to a payment system, debt outstanding balance information, and debt-restructuring function as well as being able to purchase assets. All of this can be done through the mobile application named BAM Choice. The BAM Choice application will be divided into 2 phases of activation, with the first phase starting in June, 2024. It will initially allow customers to register for membership to receive news and information, especially promotions and benefits specifically for debtors and customers. Debtors will also be able to check their debt outstanding balance, pay off debts online, view receipts, and get an automatic notification when a payment is due. On the other end, for purchasing properties, customers can, in the first phase, view a list of properties that interest them while channels for contacting responsible officials and a loan calculator program will be provided. In the second phase, debtors can set up and adjust their debt restructuring plan through the BAM Choice application. The E-KYC will also be available. For customers who seek to purchase properties, they will be able to reserve and purchase a property as well as making an appointment with officials to view the property in person. Customers who purchase property in installments can view their remaining balance, make payments, and view receipts through the application. The fully integrated service is expected be completed within the third quarter of 2024.”
Mr. Anantamongkol further stated: “BAM aims to be a digital enterprise in the future, which requires preparation of the organization in every aspect, for instance, the creation of an asset management system (New Cores System) that is considered the heart of an AMC business. Such system will consist of both NPLs and NPAs work processes, a litigation procedure, financial and accounting systems, a procurement function, etc. At the same time, being a digital enterprise requires complete and accurate data management from which data can be used for analysis and processing to support decision making. Therefore, BAM has also created a data center to be able to manage corporate data and prepare for all reports with information from the same source to truly become a data-driven organization. There is also the Lead Management system that has helped gather information on target groups interested in BAM's products and on the needs of debtors to be used in debt restructuring process efficiently. The Company is now preparing to use AI to help analyze debtors making it possible to classify different groups of debtors in order to find appropriate management methods.”
Towards the end of the interview, Mr. Anantamongkol further revealed: “The key to success in becoming a digital enterprise, in addition to using innovation and technology in management, is personnel development to support the future of the company. Capability development is truly necessary; therefore, BAM has initiated individual development plans systematically, especially for important skills that are suitable for work. Successor & talent and core capability development plans are then organized for, such as work related to debt-restructuring, property management and disposal, legal cases, and property appraisal.”