Will 7-Eleven Pick Up Where Thailand’s Banks Leave Off?

[Jonathan Fairfield]

Will 7-Eleven Pick Up Where Thailand’s Banks Leave Off?

 

 

BANGKOK — In the past year alone, 7-Eleven has wooed consumers with cashless payments and wowed them with draft beer machines – though the latter was killed before the foam settled.

 

Coming soon to the ubiquitous convenience store chain that millions rely on for midnight snacks, utility payments and caffeine doses? Cash deposits and withdrawals, say regulators. It’s a move an economist described as the natural next step in the evolution of financial services as banks scale down branches and personnel.

 

Word that 7-Eleven could start offering banking services surfaced a week ago when senior Bank of Thailand official Daranee Saeju said an upcoming regulatory change would clear the way for the convenience stores to launch deposit and withdrawal services.

 

Full story: http://www.khaosodenglish.com/news/business/2018/02/21/will-7-eleven-pick-thailands-banks-leave-off/

 

 

-- © Copyright Khaosod English 2018-02-21

[coulson]

If it saves maintenance on an ATM then fair enough, good luck to the staff....the queues are bad enough.

[YetAnother]

1 hour ago, Jonathan Fairfield said:

Word that 7-Eleven could start offering banking services surfaced a week ago when senior Bank of Thailand official Daranee Saeju said an upcoming regulatory change would clear the way for the convenience stores to launch deposit and withdrawal services.

of course, this has been published by 7-11 execs quite a while ago;

7-11 started in the usa quite a while ago, i believe when i was a teen-ager;

the name stood for open at 7 (AM) close at  11(PM); that was quite radical at the time;

so their history is replete with 'boundary-pushing';

today they are owned by the japanese but i doubt that that part of their culture has changed much

 

[PatOngo]

Will we get a plastic setraw and setamps with every transaction?

[shady86]

Was done in Japan decades ago where 7-11 has their own bank and all transactions can be done with ATM.

Sent from my LG-H815 using Tapatalk

[JOC]

In preparation for the banking venture....they have already hired new security staff......

[PatOngo]

6 minutes ago, JOC said:

In preparation for the banking venture....they have already hired new security staff......

Damn it! That's my pig. Ran away two weeks ago, where did you find him?

[gunderhill]

35 minutes ago, JOC said:

In preparation for the banking venture....they have already hired new security staff......

I don't see his 25  watches????

[ukrules]

The only thing that would surprise me at this point would be if the banks hit back at 7/11 by starting to sell groceries...

[JAG]

They might as well be a Bank - they seem to get most of my money - via my wife and daughter...

[overherebc]

1 hour ago, PatOngo said:

Will we get a plastic setraw and setamps with every transaction?

Only if you're rucky

[observer90210]

If they are smart, they should offer an unbeatable exchange rate in forex that would beat the best SuperRich booth !!..

 

.......it will attract customers and even if they loose a bit on the attractive forex rates, customers will flock and consume other services and generate more revenue.

[hansnl]

I am not a real fan of that shop, however, they seem to understand the principle of selling things with a very small profit to lure customers to buy things that have a profit.

The big shops like Big C and Tesco might learn something?

[Searat7]

This might work in some of the larger stores but not the smal ones which get overcrowded easily.  I noticed that the company owned stores are better managed than the franchisees. Today a friend told me they were opening a good size shop on the front of United Center in Silom which is desperate for tenants

[mikebell]

About time.  Thai banks are doing a rubbish job: I waited 65 minutes in a Kasikorn branch to withdraw my moobaan's payroll money.

[mtls2005]

From the article...

 

That happened Tuesday with an arcane rule change enacted by the central bank. The Bank of Thailand announced it would authorize commercial banks to assign private companies – like 7-Eleven franchises – to provide services on their behalf.

 

Interesting that the Junta/government granted CPAll the ability to act as agents for banks. I suspect that in the end consumers might end up paying a bit more in the way of fees? But what's the point of overturning a government and installing a Junta if you can't get more at the trough?

 

 

 

[Ceruhe]

I wanna say I'd welcome this, my hatred for banks and their opening/closing times has me hating on them since I was a kid, nevermind that I didn't even had any use for them at that time and now they don't fall into my shedule without having to adjust everything around for these notorious things.

 

Add in the other hate I have for them of service charging you to deposit money to the same bank but a different province, that shit gets me riled up.

 

Now if 7/11 could pick up the slack for the goverment departments too...

[Lamkyong]

2 hours ago, hansnl said:

I am not a real fan of that shop, however, they seem to understand the principle of selling things with a very small profit to lure customers to buy things that have a profit.

The big shops like Big C and Tesco might learn something?

i dont think Tesco can be taught much about banking/credit cards /finance etc  not sure about Thailand  but certainly UK they have a very strong foothold in this sector as an alternative to conventional banking  must be some legislation holding them back here   think monopolies/competition  comes to mind

[StayinThailand2much]

1 hour ago, mikebell said:

About time.  Thai banks are doing a rubbish job: I waited 65 minutes in a Kasikorn branch to withdraw my moobaan's payroll money.

65 minutes only? You were lucky! At some bank branches one has to wait twice as long.

Edited February 22, 2018 by StayinThailand2much

[maximillian]

16 hours ago, PatOngo said:

Will we get a plastic setraw and setamps with every transaction?

 

Sure they come with a free plastic bag with every receipt.

[StayinThailand2much]

53 minutes ago, Lamkyong said:

i dont think Tesco can be taught much about banking/credit cards /finance etc  not sure about Thailand  but certainly UK they have a very strong foothold in this sector as an alternative to conventional banking  must be some legislation holding them back here   think monopolies/competition  comes to mind

You can't really compare Tesco Lotus Thailand with Tesco in the UK. Tesco Lotus is run by Ek-Chai Distribution System Co., Ltd., while Tesco UK has merely a stake in it.

 

While Tesco,  IMHO, has an excellent product (and services) range, the same cannot be said of the Tesco Lotus stores. They may have improved their fruits&veg. section, but still most of their food aisles are taken up by instant noodles, cooking oil, sardines, and typical Thai sauces. Seems their preferred clientele are the food hawkers.

Edited February 22, 2018 by StayinThailand2much

[Thian]

4 hours ago, hansnl said:

I am not a real fan of that shop, however, they seem to understand the principle of selling things with a very small profit to lure customers to buy things that have a profit.

The big shops like Big C and Tesco might learn something?

Same goes for IKEA, they started with icecream for 10 baht and now several chains do so.

 

But in Thailand they still don't understand the principle of pricefighting between supermarkets and large shops. Even when they have sale they won't make it clear which articles have how much discount.

 

Had an argument in the Nike shop, there were 2 signs on the wall with "30% discount, all items on the entire wall" but the shirt i took from that wall was not in the sale. After i asked another staffmember it was in the sale. They even don't know it themselves.

 

 

 

 

[Thian]

3 hours ago, mikebell said:

About time.  Thai banks are doing a rubbish job: I waited 65 minutes in a Kasikorn branch to withdraw my moobaan's payroll money.

We always have to wait long here in BKK, even for atm's at the end of the month...qeueu's of 30-50 customers are normal.

 

And they can't speak english or publish their own opening hours on the window. Went there to change money while the windowtext said they were open but they couldn't do it...

 

I don't like it when mr CP takes over the whole country but i have to admit that he's the only one who understands what customers really want. If i have to choose between him and the Central/Tops/Watsadu emporium i go for him.

[Lamkyong]

4 hours ago, StayinThailand2much said:

You can't really compare Tesco Lotus Thailand with Tesco in the UK. Tesco Lotus is run by Ek-Chai Distribution System Co., Ltd., while Tesco UK has merely a stake in it.

 

While Tesco,  IMHO, has an excellent product (and services) range, the same cannot be said of the Tesco Lotus stores. They may have improved their fruits&veg. section, but still most of their food aisles are taken up by instant noodles, cooking oil, sardines, and typical Thai sauces. Seems their preferred clientele are the food hawkers.

whilst my post was not implying any comparisons it was just to show that Tescos under each and every name, the possibilities are endless once the master plan has been established on an inter national scale

Edited February 22, 2018 by Lamkyong