Based on GPF’s Member Centric, Member Engagement, Sustainable Investing and ESG leadership philosophies which have gained wide acceptance both domestically and internationally during 2018-2019, In 2020, we aim to bring our operation to the level of “Sustainable Pension”. Currently, we have laid out member communication, member services, and members’ privileges platform. We have incorporated a New Investment Portfolio Structure for the new challenging period. We have also executed an organization reform and human resource re-engineering as well as making use of technology to achieve Digital Organization objective. In summary, GPF strategic plans may be divided in three areas:
GPF aims to create Saving Community among members via Digital media by increasing connectivity and encouraging engagement with members. We also emphasize on the non- digital media members which tend to be more vulnerable with regard to retirement planning and reach them with more conventional approaches. We adopt Behavioral Based Marketing Communication technique to produce more relevant communication contents and penetrate each target group more effectively.
Despite diverse need among members who are based in different locations throughout Thailand, the newly established Big Data helps us analyze members more specifically and enables us to offer Service Personalization eg. localized members’ privileges , financial literacy and allows GPF to set more challenging goals of increasing the number of members who join GPF Additional Voluntary Saving Scheme and the members who choose Member Investment Choices , both of which improve their retirement adequacy.
What’s more, GPF regularly surveys member’s experience in a bid to improve our services by addressing members’ pain points. We lay out Digital Infrastructure to improve connectivity and relationship with the 7,492 Member Disbursement Units nationwide.
We believe that members’ confidence and trust come from GPF’s ability to manage their money with good care. From GPF survey regarding members’ ability and willingness to take investment risk, GPF members prefer positive and consistent return without much fluctuation although the return may not be high. Therefore, in 2020, GPF aims to enhance the stability of return via several investment tools such as Tactical Asset Allocation, investing in Alternative Investment and Absolute Return Funds which yield relatively consistent income. We also use Financial Derivatives to mitigate the return fluctuation. Last but not least, GPF plans to increase MIC Plan for members such as REIT/ Infrastructure Fund, Term Fund. These new MIC Plans may suit better with some members’ risk appetite.
To be a Digital Organization, GPF needs to make more use of the data gathered from My GPF Application such as preference of members’ privileges and member’s risk profile. We also believe that Data Literacy among GPF staff will lead to more effective, efficient planning and decision making. The Data Driven Organization goal comprises of the following:
In cooperation with GOVERNMENT BIG DATA INSTITUTE and Digital Economy Promotion Agency, GPF can enhance more usage of Big Data in formulating Predictive Models in member service areas eg. Member communication, members’ privileges, financial literacy and treatment of vulnerable member groups. Moreover, we do more Quantitative Models for Investment Decision both in short and medium term as well as in Risk Management.
As a leader in Retirement Management Industry, GPF strives to leverage our knowledge and expertise to promote Saving for Retirement Culture for the whole nation. The Member Retirement Readiness Index (RRI) created in 2019 has been escalated to National Retirement Readiness Index (NRRI) in 2020. The new index may be a good indicator of the current situation of Retirement Readiness Preparedness of general public and pave way for new measures introduction from policy makers as well as their Effectiveness Assessment to ensure a Quality Retirement Future for all Thais.