Krungthai Bank’s vision and mission focus on making people’s lives better, enabling people of all sectors to have access to financial services, reducing inequality and the income distribution gap in society, enhancing their digital literacy, and maintaining its competitiveness as the country’s leading commercial bank. To achieve this, the Bank continues to focus on 5 ecosystems, which are the Bank’s main target groups, by implementing various projects and focusing on creating innovations that connect them.
The 5 ecosystems are government agencies, payments, healthcare, educational institutions, and mass transit. The Bank foresees that these 5 groups of customers are strengths that the Bank must try to maintain, and that they can also be used to connect services to other ecosystems to meet the daily needs of customers so that the Bank can expand its business by offering various financial services that truly meet every need.
By driving the organization according to a clear strategy, Krungthai NEXT, which is the bank’s mobile banking application, currently has more than 17 million users, while Paotang, which is Thailand’s Open Digital Platform, has over 34 million users, and Thung-Ngern application is used by more than 1.7 million merchants. These applications create opportunities for all Thai people to have access to financing, reduce inequality, and strengthen the economy at all levels in order to develop the competitiveness of the country. As a result, Krungthai Bank has become a leader in digital banking in Thailand, being Thailand’s largest digital platform provider with over 40 million users on both platforms for individuals and businesses, from which the Bank can further expand its business. For example, the Bank can understand the needs of customers more accurately by leveraging big data, provide support for business expansion among the Bank’s target customers more efficiently, reduce operating costs, and increase the Bank’s revenue by leveraging existing resources and tools to generate more sustainable revenue.
Krungthai Bank is committed to using new technologies and innovations to develop financial products and services that meet the needs of customers and every group of people on digital channels that are easy to access, convenient to use, and secure. The Bank is also ready to cooperate with various partners, both from the public and private sectors, to enhance the potential of the platform so as to offer a complete range of products and services that cover their life activities. Therefore, Thailand's open digital platform will create financial equality and help improve the well-being and quality of life of all Thai people. Moreover, the Bank supports business customers in high potential industries and new target industries that lead to sustainable development. The Bank also contributes to the growth of the economy, society, customers, and the environment. These are in line with the Bank’s vision and mission, which place importance on improving the well-being and quality of life of Thai people, which in turn supports the continued growth and sustainability of the Bank.
- The Document Center connects the bank to the Department of Business Development via web service allowing the bank to retrieve documents for opening a juristic person bank account, facilitating the application process for customers. The Document Center began service on 30 March 2020.
- Biznow Application connects the bank to the Department of Business Development. It streamlines and helps facilitate the process of preparing documents for opening THB or foreign currency savings and current accounts and applying for Krungthai Business service (part of the cash management package for SME and sSME). It is for juristic customers, namely limited partnerships, limited companies, and public limited companies, who are registered with the Department of Business Development.
Biznow uses the bank’s digital innovations in a way that complies with the bank’s regulations for account opening in order to speed up the process. Here are some of the examples.
- In 2021, the bank developed a two-step identity verification comprising a biometric face recognition and OTP to verify the authorized signatory.
- In 2021, the bank connected Krungthai Business to Biznow to provide cash management services to corporate customers, thereby reducing the workload and time demands on branch staff engaged in these tasks. This enables staff to attend to more customers.
- Biznow helps cut down paper use as the system can retrieve information from the Department of Business Development and authenticate identity verification from the Department Of Provincial Administration. After a juristic customer has opened an account and/or applied for a service, an email will be sent to the company.
Benefits to Businesses
- Biznow enhances the potential for expanding the customer base. Between 2020 and 2022, 5,881 accounts were opened via tablets.
- Biznow facilitates customers in applying for Krungthai Business. Between 2021 and 2022, the bank saw 2,740 applications via tablets. Biznow also facilitated 311 transactions in other services between 2020 and 2022.
Benefits to the Society/the Environment
- Biznow is another channel serving juristic customers, allowing them to open an account and apply for services quickly.
- It cuts down paper use and streamlines the bank’s document storage process.
- A total of 181,817 pieces of paper were saved by the three services, equivalent to 1,817.02 kgCO2e saved.
Government Agency Ecosystem
The Pao Tang application and advanced technology have been used to develop financial services that connect the government and its citizens to ensure that the services are efficient, swift and accessible for all while leaving no room for corruption. Government schemes that the application supports include the following.
Educational Institution Ecosystem
Moreover, the Bank has cooperated with the Student Loan Fund to develop the Digital Student Loan Fund System (DSL) on the Pao Tang application to provide greater convenience for both borrowers and guarantors with paperless procedure and digital ID verification.