Market Conduct Compliance
Since 2018, Krungthai Bank has implemented a market conduct policy to ensure responsible practices and fair treatment of customers. Work systems and processes have been improved to meet the requirements set by the Bank of Thailand’s market conduct rules. Internal schemes and projects have been rolled out to foster the right mindset and instil market conduct awareness in all of our employees, a.k.a. make it part of our DNA. For example, the Sustainable Krungthai Initiative or “Krungthai Kunnatham” which is based on the three strategic principles:
Tool: MC Tool provides assistance and a sales process guideline to ensure that our employees’ sales attempts strictly adhere to the market conduct regulations. The tool also provides access to standard sales documents to ensure that the employees always use the latest-update and standardized sales documents.
- create and improve master sales process, sales sheet and product catalog
- improve and standardize housing promotion website
- revise credit application form, consent form and loan agreement form
- develop MC Tool to provide a sales process guideline to employees to ensure market conduct compliance
- update and standardize sales documents, as well as making them easily accessible
Train: Local MC Masters, who have been intensively trained in market conduct, are appointed to educate and coach others about market conduct as well as tracking the compliance of market conduct rules in their localities. The MC Masters also set up a model branch for other branches to follow.
- provide product and market conduct training and conduct role-play exercises for MC Masters and branch employees
- provide e-Learning and e-Testing on market conduct
Track: MC tool usage report is compiled and checked against the daily sales transaction report. The report helps managers and local MC Masters to closely monitor and inspect sales activities in their supervision.
- check MC Tool usage
- inspect the actual sales process implemented by employees in real situation by observing them or conducting mystery shopping
The Bank will continue to closely monitor sales activities and further develop tools to enhance the efficiency of our services to ensure that all our customers are properly and fairly treated in compliance with our market conduct relating policies.
Furthermore, the Bank adopts market conduct principles to prevent and mitigate sexual discrimination against customers and prevent customer mistreatment. In 2021, the Bank’s employees and banking agents were trained in consumer rights, product and service knowledge, and consumer protection policies. For example, a training program for employees of the Bank and Thailand Post Co., Ltd., which is Krungthai’s banking agent, in services such as cross-bank EDC withdrawal and e-KYC for Covid-19 relief schemes via EDC at post offices nationwide.