Kasikornbank (KBank) has announced a mission to forge a brand-new banking business, in order to be more robust at home and ready to make greater inroads abroad.
In so doing, KBank has integrated data, human resources and business partners to personalise services that meet the needs of customers residing anywhere.
The bank is aiming for Bt30 billion of data-driven lending, retail loan growth of 9-12 per cent, while also tapping into CCLMVI (China, Cambodia, Laos, Myanmar, Vietnam and Indonesia) markets.
KBank’s income from overseas business is projected to increase by more than eightfold over the next three years, president Predee Daochai said on Monday.
He added that the Thai banking sector has had to adjust to rapid changes in the economic and business environment, in particular consumer behavior and technologies, as evidenced by steady growth in digital transactions, given that the mobile Internet penetration rate in the country is at 82 per cent, while 74 per cent of all Thais conduct financial transactions via mobile banking, and 48.5 per cent shop online.
In that context, the Thai banking sector is pressing ahead to become an efficient financial intermediary through cooperation to build an essential and pioneering element of Thailand’s financial infrastructure, namely PromptPay, which currently has 46.5 million registered IDs and 4.5 million transactions per day, Predee said.
QR code payment standards have also been introduced, and QR code is being used by 3 million merchants.
The capacity of ITMX (Interbank Transaction Management and Exchange System) has been expanded to accommodate up to 1,000 interbank transactions per second, and member banks have agreed to double its capacity at their respective institutions by the end of the year.
A project promoting payments through the use of debit cards instead of cash has helped increase the number of debit cards to 59 million, he added.
A total of 700,000 EDC devices have been installed at various stores nationwide.
Twenty-three organisations, members of the TB-CERT project designed to build the stability and security of the banking IT system, have exchanged data and conducted cyber threat exercises regularly.
Thai banks have cooperated to bring the systems and services of Thai financial institutions to a position of leadership within Asean, Predee added.
Many Thai financial services are at the same standard as those of leading countries.
The efforts undertaken by Thai banks are intended to offer maximum benefit to the customers, who are thus able to make quick adjustment towards the digital era on a large scale, and promote Thailand’s entrance to the digital era in a stable and sustainable manner, he explained.