Thailand’s big banks sinking billions into digital transformation

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Thailand’s big banks sinking billions into digital transformation

By THE NATION

 

 

Four of Thailand's biggest commercial banks are hastening moves to stay ahead of the wave of digital disruption now sweeping the country.

 

Siam Commercial Bank (SCB) is in the final year of its four-year digital transformation plan but is already drafting a new plan for the next three to four years, said SCB president Arak Sutivon.

 

Meanwhile Krungthai Bank president Payong Srivanich said his company has set up a subsidiary, Infinitaas, dedicated to developing its digital banking technology.

 

Over at Bangkok Bank (BBL), executive director Thaweelap Rittapirom said its transformation was being led by a three-fold strategy of digitalisation, regionalisation and urbanisation. BBL has also extended its reach to Indonesia by taking a stake in Permata Bank. Meanwhile, it is planning to build more banking infrastructure to boost the life quality of BBL customers.

 

Kasikorn Business-Technology Group (KBTG) has just drafted the second phase of its transformation plan, which will run until 2023. KBTG president Ruangroj Poonpol said his organisation also aimed to expand abroad, especially in Asia. It plans to invest Bt5 billion in digital development next year.

 

Source: https://www.nationthailand.com/news/30396091

 

-- © Copyright The Nation Thailand 2020-10-13

 

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[SCOTT FITZGERSLD]

wow this is do exciting.

maybe they can manage at last international Transfers online...without work permit !!

(if they do allow our money in, they should allow it out also...)

[MRToMRT]

1 hour ago, SCOTT FITZGERSLD said:

wow this is do exciting.

maybe they can manage at last international Transfers online...without work permit !!

(if they do allow our money in, they should allow it out also...)

With SCB they have pop-up in their app for int' transfers thats says "Only Thai People can use this function". 

 

What a joke.

 

[Venom]

Oh boy, can't wait, soon there will be no need for cash. Cashless economy coming soon. It's going to be awesome. 

[arakie]

Ha ha.  SCB's Easy's app doesn't work for joint accounts!  Let's start with the basics - and work up from there.   

[Scot123]

9 hours ago, MRToMRT said:

With SCB they have pop-up in their app for int' transfers thats says "Only Thai People can use this function". 

 

What a joke.

 

Think in the UK that would be seen as RACIST!

[Scot123]

6 hours ago, Venom said:

Oh boy, can't wait, soon there will be no need for cash. Cashless economy coming soon. It's going to be awesome. 

I haven't carried cash in wallet since moving back to the uk 2 years ago. 

[RJRS1301]

I wonder what could possibly go wrong here?

 

I have been astounded how far behind some of the banking practices are considering the internet coverage and spread of technology.

 

All driver licences and registrations should be online, police should be able to identify a registered and insured car or bike in seconds with digital recognition of the plates.

 

 

[digger70]

6 hours ago, Venom said:

Oh boy, can't wait, soon there will be no need for cash. Cashless economy coming soon. It's going to be awesome. 

Cashless in Los Impossible. Many places one must Pay in Cash,Including Immigration .

Can you see people going to the markets and Village Corner shops and Trying to Pay with a Card? Will Never Happen.

[nrasmussen]

7 hours ago, Venom said:

Oh boy, can't wait, soon there will be no need for cash. Cashless economy coming soon. It's going to be awesome. 

I assume that you are being sarcastic. However, before I relocated to Thailand, I hadn’t used cash in my home country for decades, so I, for one, am really looking forward to Thailand being truly cashless. (PromptPay is already a nice step in the right direction.) 

 

Edited October 13, 2020 by nrasmussen
Typo.

[samsensam]

27 minutes ago, digger70 said:

Cashless in Los Impossible. Many places one must Pay in Cash,Including Immigration .

Can you see people going to the markets and Village Corner shops and Trying to Pay with a Card? Will Never Happen.

 

true. sure non-cash payments are quick, easy and convenient, and are extremely popular in urban areas, but i come from the countryside in the uk where cash remains very popular.

[digger70]

1 hour ago, samsensam said:

 

true. sure non-cash payments are quick, easy and convenient, and are extremely popular in urban areas, but i come from the countryside in the uk where cash remains very popular.

I have seen people  in Aus in a shop for a Pie and a drink ,Paying with a Card .

Taking longer than paying with Cash.

seen people Me included paying with a Tap and Go card ,that's Fast.

 Problem with those cards is Anyone can use your Tap and Go card if you Lose it .

I think mine was for $200 $AU Max per  Tap and Go transaction . 

For normal use Whatever you got in your account

[nrasmussen]

19 hours ago, digger70 said:

I have seen people  in Aus in a shop for a Pie and a drink ,Paying with a Card .

Taking longer than paying with Cash.

seen people Me included paying with a Tap and Go card ,that's Fast.

 Problem with those cards is Anyone can use your Tap and Go card if you Lose it .

I think mine was for $200 $AU Max per  Tap and Go transaction . 

For normal use Whatever you got in your account

"Problem with those cards is Anyone can use your Tap and Go card if you Lose it ."

 

Same issue with cash, isn't it? Actually, losing a contactless card is less of a problem than losing cash, because when you realise that you've lost a card you can usually block it, while cash is just gone.

[billd766]

On 10/13/2020 at 8:32 AM, Venom said:

Oh boy, can't wait, soon there will be no need for cash. Cashless economy coming soon. It's going to be awesome. 

You must be only sales a city dweller and have little idea how rural fresh markets and small stall holders deal in cash. Do they believe that every little stall is going to be able to deal in a digital card for every 20 or 30 baht meal?

 

Who will pay the transaction fees for the cards? Will all the rural poor be allowed (or forced) to have one?

 

Bankers, (did I spell that correctly or should there be a W as the first letter?) sitting in their air conditioned offices, cars and expense accounts don't seem to understand that they live in a totally different world than the majority of the Thai people.

[digger70]

4 hours ago, nrasmussen said:

"Problem with those cards is Anyone can use your Tap and Go card if you Lose it ."

 

Same issue with cash, isn't it? Actually, losing a contactless card is less of a problem than losing cash, because when you realise that you've lost a card you can usually block it, while cash is just gone.

You're Wrong. 

By the time you want to use your Tap and Go card, could a week or more away the account would be Empty and you Won't get it Back ,Thats more then a bit of Cash that you lose out of you're pocket.

[nrasmussen]

8 minutes ago, digger70 said:

You're Wrong. 

By the time you want to use your Tap and Go card, could a week or more away the account would be Empty and you Won't get it Back ,Thats more then a bit of Cash that you lose out of you're pocket.

Well, it seems like your specific "Tap and Go" card is somewhat lacking in protection, in which case I can understand your reluctance; all I can say is that I don't have these problems with my own contactless cards.

[digger70]

8 minutes ago, nrasmussen said:

Well, it seems like your specific "Tap and Go" card is somewhat lacking in protection, in which case I can understand your reluctance; all I can say is that I don't have these problems with my own contactless cards.

Are you Sure ? I would check with your bank to make sure.

[nrasmussen]

3 minutes ago, digger70 said:

Are you Sure ? I would check with your bank to make sure.

Thank you for your concern, but I'm sure.