WealthMagik
Wealth Management System Limited Co., Ltd. (WMSL) introduces an investment platform - WealthMagik, for crafting lifelong wealth for people through a comprehensive wealth management solution.
Service types:
Business strategy
Innovation strategy
Service design
Company overview
Wealth Management System Limited Co., Ltd. (WMSL) is a pioneer of fintech, serving financial technology solutions to about 2 out of 3 financial institutions in Thailand for more than 25 years. Under visionary leadership, their executives understood the difficulty of sustaining innovations to move forward in this industry. They pursued disruptive innovation with digital transformation by creating a new platform for retail customers. Despite how enthusiastic their vision sounds, they still face difficulties in formulating an innovation strategy on something nobody in the industry has done before.
The challenge: competition
50-70 financial institutions are serving investments to Thai investors worth more than 6-7 trillion Thai baht (equivalent to SGD 250 billion or USD 180 billion) today. One of the key types of investment is called ‘bond investment’, which has been introduced and served by financial institutions to retail customers mainly when new bonds are issued and introduced to the primary market. However, we see potential in the secondary market from case studies of other developed countries’ markets such as the US and Singapore whose investors are equally active in trading activities after the bonds are invested through the primary market.
Many well-established financial institutions are recognizing the need for digital transformation A few of them have begun to realize their industry needs not only to digitalize their core operations while maintaining compliance with the regulation of the SEC but also to serve a better experience and outcome to the end customers. But the real question remains - how do we do that?
We are carefully observing the strategic directions of these forward-thinking competitors. We have concluded that while most of them still successfully unlock the ‘usability’ and a little bit of the ‘utility’ for some cases, still fail to unlock the ‘desirability’ of the retail customers.
The challenge: Customers
Besides internal and competitive challenges, introducing a new type of investment to customers is another challenge. Many people are not familiar with such investment options. Thus, how we frame and communicate this investment is crucial to serving retail customers effectively. We aim to minimize the burden of understanding this complex new investment concept.
Through our discovery process, we learned that retail customers face many burdens and pain points with the existing services available in the market currently. This reveals a significant opportunity for improvement. Our goal is to refine our solution, making the right segment say “wow” when they experience the solution.
The generic problems that they are currently facing include something like bond investment being illiquid, the default rate of bonds, trading bonds tending to be quoted at unreasonable and unfair prices, difficult concepts to understand, overwhelming to process to trade bonds, etc. However, to truly understand what their ultimate challenges are, we needed to deepen down to the root causes of each pain point.
Our approach
In this innovation strategy project, we used strategy process mapping to identify and explore challenges. Through a combination of contextual interviews, stakeholder interviews, service safaris, empathy mapping, observations, secondary research, and the strategy choice cascade, we delved deep into the intricacies of investment experiences. Our goal was to uncover the philosophical essence of investing—exploring the motivations, frustrations, and aspirations of those we aim to serve.
This holistic exploration led us to a critical realization: the core challenge for our retail customers was not what they say it is but lay under their deeper motivation for managing wealth. So we selected and focused only on the root cause problem that every retail customer unconsciously was seeking to solve.
After that, we moved on to the next strategy process, which is the core of the innovation strategy - the ideation process. We collaborated with the stakeholders such as Khun Somkiat, the CEO of WMSL, to come up with solution ideas that would potentially solve our root cause problem. Then, we identified and extracted the conditions that needed to be true for such solution ideas to be fantastic ideas to win with this strategy. Lastly, we validate these with real potential customers until we hone in on the most promising solution ideas.
This iterative process, grounded in real-world validation with potential customers, allowed us to refine our concepts. Our strategy was not just about innovation for its sake. It is about differentiation that addresses deep needs that customers actually cherish and that competitors often overlook.
Through this strategy focusing on innovation, we not only conclude solution ideas and validate them through customer feedback but also enrich them with hidden unfair advantages. By strategically leveraging these advantages, we have crafted a proposition that stands out in the financial landscape for all the right reasons to believe in.
Solution
Due to the nature of our contract and ongoing development, details will be disclosed closer to our launch date or in February 2026 at the latest.
What we can share, however, is a little bit about its transformative potential. Our solution is tailored to revolutionize the way retail customers manage and understand their wealth. By tackling fundamental challenges like liquidity and transparency in bond investment, we're setting a new standard for what financial freedom can look like.
User Feedback
My financial freedom comes true
"The feature can transform how I manage my investments, bringing me closer to my dream retirement.”-, female, dentist, intermediate investor
Effortless Work