LH Bank Makes Waves in Thailand with Novel Profita Investment App

Land and Houses Bank Public Company Limited or LH Bank has the vision to be a bank that delivers great experience to customers beyond their expectations through innovations, product, services and advisory with quality. The bank’s Profita Investment Application hits the mark and has been instrumental in transforming the investment landscape in the country.

Land and Houses Bank Public Company Limited was established in 2004 and positioned itself as a new choice for consumers in Thailand. A year later, it got approval to set up a commercial retail bank. A financial business group was founded in 2009 and started operating a full commercial banking business in 2011.

Today, the bank is a force to be reckoned within Thailand’s financial circles, thanks to its efforts to constantly innovate, stay on top of trends and themes, know what customers want and don’t want, and tailor its offerings to them accordingly. A critical component of that innovation came in February 2022 when LH Bank rolled out the Profita Investment Application, a mutual fund investment application developed to provide Thais an easy, convenient and smart way to access financial investment products and services anywhere and anytime.

The objectives of the project – which had been in the works since May 2021 and required in-depth research to understand clients’ needs and pain points – were clear:

  • To reduce customers’ turnaround time to open a savings and trading account and start trading
  • To allow them to open accounts anywhere, without the need to go to a bank branch.
  • To give them access to a wide range of mutual funds to trade
  • To give them an unparalleled customer experience, with a robo-advisor to help them manage their portfolios and wealth astutely
  • To help LH Bank acquire more mutual fund customers

Since its launch and following numerous enhancements over the course of 2022, Profita has made impressive strides, which is why LH Bank took the Highly Acclaimed Award for Best Mobile Banking – Wealth Management in The Digital Banker’s Global Retail Banking Innovation Awards for 2023.

UNIQUE FEATURES

Some of Profita’s key features include online verification using the Thai national ID and the ability to open both a savings account and mutual fund account simultaneously – making for a convenient client onboarding process with a significantly shorter turnaround time for account opening and trading.

But perhaps more important is what clients – be it beginners or professional investors – can do for their investments through Profita. Profita condenses the investment world into one app, providing customers with useful information such as returns, historical prices, dividends and Morningstar ratings as well as recommendations from advisory team in line with a client’s risk appetite.

Fund comparisons to buy and switch mutual funds are also possible, with the app additionally offering real-time profit or loss alerts to allow clients to easily manage their portfolios.

Investors can turn, too, to Profita’s robo-advisor for support around everything from suggestions on goal-based investments and funds to invest in, to portfolio tracking and recommendations on adjustments to make to be able to stay on track of investment goals. For those thinking longer term, the robo-advisor gives guidance on retirement and wealth planning as well as thematic investment opportunities.

Both the smart robo-advisory and fund comparison features are unique to LH Bank in Thailand, showing how the firm is disrupting the way clients’ bank and invest.

The benefits of the rollout of Profita have been clearly visible. In 2023, LH Bank recorded a 50% year-on-year growth in new mutual fund customers, as younger and more digitally savvy Thais flocked to the bank for the solid user experience its app offers.

Such numbers show that staying attuned to client needs and offering solutions that meet their demands will go a long way in Thailand’s competitive banking landscape. LH Bank has certainly understood that, putting it on the path to further success.

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