Thailand’s Kasikornbank is making waves with its Line BK social banking platform, which offers a unique blend of financial services and personal loan offerings.
With the launch of Line BK, the first social banking platform in Thailand, Kasikornbank and its joint-venture firm Kasikorn Line have made considerable efforts in making banking accessible in the country. This innovative spirit has earned Kasikorn Line recognition for the Best Open Banking Initiative at the 14th Annual Retail Banker International Asia Trailblazer Awards.
Increased demand for digital banking services and the evolving needs of the modern consumer are significant challenges for the traditional banking system. Kasikornbank’s response has been to provide an alternative solution to reach customers previously limited by physical proximity to conventional banks with the launch of Line BK, a financial service that is tightly integrated within the bank’s Line app, and is the leading chat platform for Thai consumers.
User-friendly experience
The Line app allows customers to open new bank accounts within the Line BK social network platform and take advantage of a free self-service online onboarding process with no minimum deposit requirements.
One of the defining features of Line BK is its emphasis on lifestyle-centric banking. As a result, clients can enjoy features that transcend traditional banking, such as bill splitting, money requests and a direct credit line.
Line BK has also made it possible for customers to transfer funds using a friend’s Line account in case they do not remember their bank account number or telephone number. In addition, Kasikornbank has introduced a gamified Special Rate Account, which encourages customers to save money according to their goals.
Serving the underserved
Another critical aspect of Line BK’s offering is its credit line, which offers personal and nano loans to underbanked segments that are unable to access credit from conventional financial institutions.
Leveraging Kasikornbank and Line’s vast data pool, Line BK can conduct risk assessments and provide loans within 10 minutes of a client applying online without the need for additional proof of income. As of December 2022, Line BK had provided more than THB50bn ($1.4bn) in loans to Thai consumers since its launch.
Thus, by integrating financial services within the Line app, Line BK has expanded its market to reach the underbanked and previously underserved.
Looking ahead
Line BK has proven to be a trailblazer in the industry and shows no signs of slowing down. The platform continues to expand its offerings, with recently added essential services such as the option to complete payments via QR code directly from the chat app.
Line BK is also exploring several acquisition projects and loan referral programmes. It is looking to partner with leading food delivery and e-commerce providers to offer loans at special rates to merchants.
As a whole, Kasikorn Line’s rapid growth and commitment to innovation make it a leading player in the industry and a true trailblazer in the Best Open Banking Initiative category.
Kasikornbank and Kasikorn Line have also won the Most Dynamic Third-Party Collaboration award and have been highly commended in the Best Loan Offering category.
In addition, Kasikornbank was highly commended in two categories: Best Retail Bank – Thailand and Best Mobile Wallet Initiative.