SCB's digital transformation: Fostering financial inclusion in Thailand

Digital Reinvention
02/11/2023 Article

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.

22 Nov 2023
23 Nov 2023
22/11/2023 Conference

Reinvent Forum Bangkok

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.

Digital Reinvention
25/10/2023 Article

Transforming UnionBank: A journey in five phases

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.

Qorus returns to Asia for a not-to-be-missed event. Join us in Bangkok.

Related news & insights

Sustainability & Regulation
11/12/2023 Article

Europe's path to financial sovereignty: Navigating challenges and perspectives

The quest for financial sovereignty in Europe took center stage at the recent ‘Stories of Tomorrow’ event hosted by TNP...

Digital Reinvention
11/12/2023 News

Comprehensive rules for trustworthy AI: EU navigates the Artificial Intelligence Act

The provisional agreement on the Artificial Intelligence Act reflects a commitment to balancing innovation with the protection of fundamental rights,...

Sustainability & Regulation
10/12/2023 News

Chubb's Methane Resource Hub: A pioneering move for climate action

In collaboration with the Environmental Defense Fund (EDF), this resource hub represents a crucial step in Chubb's commitment to reducing...

Open Finance
08/12/2023 Interview

NewTech Friday: Bizum – Real-time mobile payment solution from Spanish banks

Bizum is a leading Spanish instant payment service company. Its Business Development Manager Fernando Rodríguez Ferrer presents the company and...

Digital Reinvention
07/12/2023 Interview

Charting the future: Inside Allo Bank's vision for digital banking in Indonesia

Embark on a journey through the digital landscape of banking as we sit down exclusively with Indra Utoyo, the President...

Digital Reinvention
06/12/2023 Interview

Innovation unleashed: Navigating the future with Lloyd's Lab

Innovation lab, innovation center, whatever the name, companies need to centralize their innovation activities. But how do they operate effectively?...

06/12/2023 News

NAVER Pay unveils "My Insurance Analysis" for independent peer-comparison of premiums

This feature, an upgrade from the previous "All-in-One Insurance Overview," allows users to independently assess their insurance needs with data-driven...

06/12/2023 News

ING unveils the "ING Network" – A new financial hub in Padua

ING Italy gears up to unveil its latest venture, the inaugural "ING Network" in Padua. This innovative financial store is...