SCB stresses need for digital transition

[rooster59]

SCB stresses need for digital transition

By The Nation

 

Arthid

 

Siam Commercial Bank expects the number of accounts on its digital platform to reach 20 million in the next five year from 10 million this year, the bank’s chief executive officer Arthid Nanthawithaya said at seminar titled Episode: Do or Die, hosted by KhaoHoon newspaper on Thursday ( August 29).

 

He said since the digital disruption, the banking sector's return on equity(ROE) has dropped from 20 per cent in the past ten years to just 10 per cent. The bank has now adopted digital technology with up to 60 per cent of its customers embracing mobile transactions: 36 per cent using ATM compared to four per cent opting for counter service at bank branches.

 

 

“We have invested Bt40 billion since 2016 in the transition to digital banking and cut service cost to lower than 30 per cent to boost our net profit,” he said.

 

He added that nowadays retail and other businesses can do what banks have been doing, such as payments, insurance sales and other financial services.

 

“We must embrace technology and be creative in order to improve our services, catering to the demands of our customers. We will increase our information technology staff from 800 to 3,000 in the next five years in a bid to match our services with customer demands in the long term,” he said.

 

Source: https://www.nationthailand.com/business/30375587

 

-- © Copyright The Nation Thailand 2019-08-31

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[gunderhill]

Wait  until you won't be able to go to the bank to get that balance  letter for  immigration as they close almost  all branches.

 

[quandow]

Gotta admit I'm mostly happy with purple. Recently I had to change my cell number and discovered there's no way to do that online, which meant a trip to the local branch with bank book, passport and debit card in hand, but there are plenty nearby where I live. I still do most of my banking now online (rent, cell phone top up, Lazada, etc.) so 1.5 thumbs up from me.

[timendres]

SCB is so far behind KBank, they will never catch up. When I asked about an online account for my business in 2016, they wanted me to pay them 10,000 THB per year for the privilege. I closed the account and moved my money to Bangkok Bank (due to their NY branch). Still not as good as KBank, but free and reasonable. I would never do business with SCB again.

[Number 6]

7 hours ago, timendres said:

SCB is so far behind KBank, they will never catch up. When I asked about an online account for my business in 2016, they wanted me to pay them 10,000 THB per year for the privilege. I closed the account and moved my money to Bangkok Bank (due to their NY branch). Still not as good as KBank, but free and reasonable. I would never do business with SCB again.

Kbank is the worst in bank service. I think this is wear all the tellers start out. Move on to all the better banks. Maybe you live upcountry. 

 

15+ years at SCB fairly happy as retail customer

[timendres]

7 hours ago, Number 6 said:

Kbank is the worst in bank service. I think this is wear all the tellers start out. Move on to all the better banks. Maybe you live upcountry. 

 

15+ years at SCB fairly happy as retail customer

Live in Bangkok. And since the article is about "digital transition", I was referring to technology, not tellers. KBank's mobile app and Internet banking trump SCB and BBL.

[EbhB]

I live in a digitized hell here in the West, where absolutely ANYTHING that is out of the box turns into an instant kafkaesque impossibility...

 

Yeah, digital options are OK to a degree, but NOT when there is no alternative - Thailand is just way more flexible, anonymous and free than most countries in the EU are now!

 

Thailand has a real economy, cash is king, an gold is hard money - that totally weighs up any complications with bureacrats & their paper mills ????