- August 20, 2021
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KASIKORNBANK grows retail revenue 12% YoY
KASIKORNBANK achieved a strong financial performance in the past year. The bank recorded the highest retail revenue growth among its peers and continues to make progress with its digital journey.
- KASIKORNBANK recorded the highest retail revenue growth of 12% YoY
- The bank created strong ecosystem partnerships to become one of the leaders in digitalisation
- KASIKORNBANK provided financial relief to customers impacted by the pandemic
Singapore, 3 June 2021 — KASIKORNBANK was recognised as the Best Retail Bank in Thailand at The Asian Banker International Excellence in Retail Financial Services Awards 2021.
This year’s finalists for the Best Retail Bankare KASIKORNBANK, Krungthai Bank, Siam Commercial Bank, and Bangkok Bank.
Financials: KASIKORNBANK recorded the highest retail revenue growth of 12% YoY
In 2020, KASIKORNBANK’s retail revenue grew by 12% year-on-year (YoY), which was higher compared with other banks. The bank made a significant growth in its market share in loans and deposits. The bank’s interest income posted 6.17% growth, mainly due to declining interest expenses. The bank also recorded a 13% YoY increase in retail deposits.
Bangkok bank grew its retail deposits 28% YoY, higher than its peers. Siam Commercial Bank recorded a growth of 19% YoY.
Digital Journey: The bank created strong ecosystem partnerships to become one of the leaders in digitalisation
KASIKORNBANK’s digital journey reflected the bank’s strong lineup of ecosystem partners such as Grab and LINE BK to reach out to a wider audience. In 2020, KASIKORNBANK’s LINE BK platform was introduced in the market and offered a new investment platform called FinVest. Krungthai Bank emerged as one of the key competitors in the digital space because of its government partnership and various online platforms.
Bangkok Bank introduced a mobile banking platform with a life management tool to help customers manage their finances and achieve savings and investment goals. Siam Commercial Bank designed its e-commerce online platform SCB Shop Deal to give special deals to customers in the hospitality and services market.
Customer Experience: KASIKORNBANK provided financial relief to customers impacted by the pandemic
KASIKORNBANK aided cash-strapped customers by granting a debt moratorium to retail and business clients with loans of THB 861,000 million ($26 billion). KASIKORNBANK grew its customer base by 5% YoY, reflecting the bank’s diversified business lines and products to meet the needs of targeted groups which include LINE BK and KASIKORNBANK x BLACKPINK.
Bangkok Bank focused on making cash deposit and withdrawal transactions convenient. It offered counter services and partnered with retail chain Lotus and 7-Eleven stores as banking agents. This gave customers access to basic banking services. Krungthai Bank provided contactless functionality at more than 3,300 ATMs nationwide.
KASIKORNBANK received a score of 100.70, the second highest after Bangkok Bank’s 100.92 based on the BankQuality Survey 2021.
Supaneewan Chutrakul, executive vice president at KASIKORNBANK, said, “We will continue our commitment to provide improved customer experience and integrate innovative digital ecosystems in our retail banking business”.
About The Asian Banker International
The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The global research company has offices in Singapore, Malaysia, Manila, Hong Kong, Beijing and Dubai, as well as representatives in London, New York and San Francisco. It has a business model that revolves around three core business lines: publications, research services and forums. The company’s website is www.theasianbanker.com.
You may visit the Excellence in Retail Financial Services page at http://awards.asianbankerforums.com/retailfinancial/.
For further information, you may get in touch with:
Mobasher Zein Kazmi
Head of Research
Tel: (+61) 452 514 145
by : on 2021-08-19 20:39:00
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