3 Leading Banks Shift to Digital Business, Making Up for Losses from Disruptions
3 Leading Banks Shift to Digital Business
3 Leading Banks Shift to Digital Business
12 ต.ค. 2563

In the past few years, the banking sector has been significantly disrupted…consumers turn to use -and sometimes prefer- online or mobile banking channels as their behavior shifts to more digitalize, leading to a decline in need for branch banking.   
Prompting many commercial banks to invest in new technology and innovations in order to serve the needs of clients and survive in a digital era.  
Kasikornbank Public Company Limited (KBANK) is the pioneer of digital banking business, who provides mobile banking services “K Plus” to more than 14 million users. 
KBANK’s key strategy is Kasikorn Business-Technology Group (KBTG) led by “Krating”-Ruangroj Poonpol, the startup expert from Silicon Valley. KBTG focuses on building a new digital platform and investing in startup business. For example, GrabPay service on Grab app, KhunThong app, a social chatbot on the LINE platform for managing financial matters, etc. 
KBTG aims to be Thailand’s best technology developer by the year 2025.
The Siam Commercial Bank Public Company Limited (SCB) 3 years ago has announced the investment of 40 billion baht for digital transformation, which now has over 11 million users on its mobile banking app “SCB Easy”.
SCB also set up a new flagship SCB 10X Co., Ltd. (SCB 10X), which has “Arak Sutivong” as el capitan. 
SCB 10X will manage all the technology business matters of SCB including Digital Ventures Co., Ltd., a global supply chain operator, and SCB Abacus Co., Ltd., an AI technology developer. In addition, the company’s objective is to achieve as ASEAN’s digital technology investing leader    
Meanwhile, Krung Thai Bank Public Company Limited (KTB) has recently introduced Infinitaas by Krungthai Co., Ltd. in order to penetrate the digital platform market.
In comparison, the model of Infinitaas by Krungthai alikes SCB 10X. The company is developed from IT Innovation Lab, which as of now provides “Krungthai NEXT” app to more than 9 million users.   
The shift to focus on digital business of 3 leading banks such as KBANK, SCB and KTB is for the same goal in order to compensate for the losing income of interest and fees. 