Thailand’s Siam Commercial Bank has launched several initiatives that have disrupted the traditional banking landscape.
Siam Commercial Bank (SCB) has won the Best Retail Bank – Thailand category at the 14th Annual Retail Banker International Asia Trailblazer Awards, and for good reason.
SCB is focused on providing the best customer experience through the adoption of technology and digital banking services. The bank has transformed its traditional service channels, products and services to reduce costs, expand its ecosystem and grow its customer base through digital innovations. This has enabled SCB to provide better, cheaper and faster solutions to its customers.
Strategic initiatives
SCB is leading the charge in the digital transformation of the retail banking sector. The bank has launched several initiatives that have disrupted the traditional banking landscape. One such initiative is the Credit Power service, which offers Thailand’s first pre-approved credit limit for secured loans through a digital channel. With this service, the bank has been able to transform the lending process by enabling prequalified customers to check their credit limit and request additional credit through the bank’s mobile app.
Another innovative service is the real-time automated National Credit Bureau (NCB) credit scoring system for small entrepreneur customers. This has reduced the need for manual processes, increased operational efficiency and shortened the service-level agreement to realtime.
SCB has also teamed up with Empeo, one of Thailand’s top HR management platform providers, to provide a complete end-to-end payroll solution for small entrepreneurs. This has helped the lender increase customer engagement and acquire new payroll customers.
SCB has also launched Home360, the first and only end-to-end homeowner experience and engagement platform in Thailand. This offers customers a seamless experience when purchasing a new home, starting from the beginning stages of searching for a house to securing pre-approved credit limits and online loan applications, as well as related services. Home 360 has already seen success, with loan applications growing 1.8 times in just one quarter.
SCB has also introduced Thailand’s first retail cross-border payment service, which has improved client experience for both inbound and outbound cross-border QR code payments. The bank has addressed several banking pain points faced by tourists, such as high transaction fees, floating exchange rates and the limited number of merchants that accept cards.