Thailand's best digital bank 2020: Kasikornbank
Thai bank customers are embracing technology in record numbers. That’s good news for the big lenders like Kasikornbank (KBank) and Siam Commercial Bank, which in recent years have invested heavily in digital banking. And with Covid-19 upending traditional branch banking concepts, the trend looks set to continue offering big dividends for the top players.
At the head of the pack is KBank, which blazed a trail in digital transformation back in 2016 under former CEO Banthoon Lamsam, who retired from the bank in February. Since then, his successor Kattiya Indaravijaya has continued to make technology innovation a central plank in the bank’s strategy.
KBank’s mobile banking app, K Plus, is used by 12.7 million customers, trumping the 11 million at SCB and making it by far the biggest player in the industry. The app allows KBank’s customers to manage savings, investments and loans without having to leave their house. A constant stream of new features keeps the lender one step ahead of the competition.
KBank has also signed a host of partnerships with online platforms including Grab, Line Financial and Shopee to gain access to world-class technology and to expand its range of financial and lifestyle services.
Through its wholly owned subsidiary Kasikorn Business-Technology Group, the bank aims to have the right infrastructure and personnel to nurture fintech innovations and to position itself as a leading tech player in the Asean region.
That may sound ambitious, but given KBank’s track record, it is by no means out of reach.