Thailand’s Kasikornbank has launched several initiatives that have reshaped the traditional banking landscape
Banks have the opportunity to build stronger relationships with customers by offering innovative financial innovations that not only enable them to grow their investments and enhance savings but also appeal to the environmentally-conscious.
To achieve these objectives as well as explore additional sources of revenue, several financial institutions are modernising their operations by automating their business processes. The growing adoption of artificial intelligence (AI) is a good indicator of how this technology is enabling businesses and individual customers track and reduce their carbon footprint.
This evolution in the banking industry aligns with customer values, giving way to a future where economic growth goes hand in hand with environmental stewardship.
Supporting ESG
Sustainable banking means taking into account environmental, social and governance (ESG) considerations when making investment decisions. The launch of Kasikornbank’s Go Green project in February 2022 was part of the Thai bank’s endeavours to introduce a comprehensive green ecosystem and encourage collaborative action in saving the planet.
As part of the initiative, the bank has partnered with electric vehicle companies to offer low-interest loans. To further its ESG aspirations, the corporate venture arm of Thailand’s Kasikornbank – Beacon VC – has launched the Beacon Impact Fund, which invests in ESG-focused startups. The fund set a target of THB400m Baht for total investment in 2023.
Technology-driven innovations
To help offline and online merchants to manage payments in a more cashless way, Kasikornbank has launched the K SHOP banking application.
The app allows merchants manage their purchases regardless of their location. In 2023, K SHOP had a total of 2 million merchant points.
In addition, the integration of Bigfin, a digital asset investment analysis platform, with Binance, a leading cryptocurrency exchange platform, has helped the bank enhance efficiency in portfolio management for retail investors worldwide. As of 2023, the platform has connected to leading crypto platforms, with plans to help 3 million digital asset investors in Thailand manage their portfolios without friction.
Kasikornbank’s technology arm – Kasikorn Business-Technology Group (KBTG) – launched the AI-powered chatbot called ‘Kookid by K-GPT’ in 2023. This virtual assistant was developed with an understanding of the local context in terms of language, financial literacy and behaviours. This has allowed KBTG to address individual banking needs in a personalised, culturally sensitive manner. Additionally, KBTG has also launched the THB3.5bn KXVC fund to invest in AI, Web3 and deep-tech startups across the Asia-Pacific region.
Kasikornbank has been recognised as the winner of the Best Retail Bank in Thailand and highly commended in the Excellence in Mobile Banking category at the Annual Retail Banker International Asia Trailblazer Awards 2024.