Thailand's financial landscape is in the throes of a digital revolution led by Millennials. These tech-savvy consumers seek fresh, digital-first experiences from their banks. Siam Commercial Bank (SCB), Thailand's second-largest commercial bank, knows the future belongs to those who adapt to changing consumer preferences.
While Thailand has made significant strides in financial inclusion through innovations like the PromptPay real-time payment platform and disruptive FinTech services, a significant portion of the population remains outside the formal banking system.
In 2021, SCB embarked on a groundbreaking transformation, redefining banking with the power of digital tech and cloud computing. The result? A remarkable 58% surge in transactions, with 84% of operations going digital, and 70% of transactions happening online.
A key shift was the reinvention of the loan origination process. Traditionally, loan applications were a paper-bound labyrinth of lengthy reviews that deterred customers and hampered SCB's ability to connect with the digitally native younger generation.
To break free from these constraints, SCB turned to cloud-based solutions. Customers could now apply for loans with just a few clicks, seamlessly submit digital documents, and receive rapid responses. This streamlined process enhanced convenience and cut operational costs, opening doors to a wider market for smaller loans.
Huawei, a tech powerhouse with over two decades in Thailand, played a central role in this digital banking revolution. In a mere three months, SCB's digital loan services captivated 45,000 new customers, proving the incredible impact of these innovations.
The partnership between SCB and Huawei is charting new territories in financial convenience. It's democratizing digital banking, extending its benefits to every corner of Thailand. SCB's vision is bold – to be the digital banking destination for half of Thailand's population, working toward becoming the nation's most comprehensive bank. Huawei stands shoulder to shoulder with SCB on this remarkable journey, blazing a trail into the digital finance future of the country.
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