1,137 days at the helm: SCB CEO maps out 3 new strategies

When looking at the transformation of Thailand’s banking system over the past decade, one key player that stands out is Siam Commercial Bank (SCB). At the centre of this shift has been CEO Kris Chantanotoke, who officially took the helm more than three and a half years ago.

Over the past 1,137 days, his tenure has shown that steering a bank into the digital era is not just about upgrading technology; it is about reshaping mindsets, redefining organisational culture, and setting clear, forward-looking goals.

Kris said that from his very first day as CEO, he set a vision for SCB to become the most trusted bank among customers, to establish leadership in wealth management, and to build a “digital bank with a human touch”, balancing advanced technology with human-centric service, while serving both institutional and retail clients.

Reflecting on the six key performance indicators (KPIs) he publicly committed to on his first day in office, Kris noted that many of those targets have already made strong, measurable progress, underscoring the bank’s steady advancement in its transformation journey.

SCB delivers on key KPIs with double-digit ROE, strong digital growth and green finance leadership

Double-digit ROE – SCB has become the first major Thai bank to consistently maintain double-digit returns on equity (ROE), even through the economic slowdown and pandemic uncertainty. This performance underscores management’s ability to deliver shareholder value ahead of its peers.

Cost-to-income ratio below 40% – Keeping operating costs tightly under control, SCB has successfully sustained a cost-to-income ratio below 40%, with some periods nearing 30%. This achievement highlights significantly improved operational efficiency.

Rapid growth in digital revenue – Digital channels now account for 25% of total revenue, up from just 6–7% a few years ago. The shift demonstrates SCB’s tangible transformation from a traditional branch-based bank to a digital-first platform, with services such as SCB EASY and online transactions reducing branch workloads and enhancing customer convenience.

Green finance leadership – SCB continues to dominate Thailand’s green finance market, maintaining its lead in sustainable lending. The bank has reaffirmed its commitment to remain a market leader as investor and social focus on environmental responsibility intensifies.

SCB still chasing wealth management crown as new challenges emerge

Two goals remain unmet in SCB’s transformation plan: becoming the market leader in wealth management and ranking among the top banks in Net Promoter Score (NPS), reflecting customers’ choice of SCB as their main bank.

“Although these targets have not yet been achieved, we still have time within the four-year plan to deliver them. Both highlight the ongoing challenge of creating wealth for customers while maintaining the highest levels of satisfaction,” said CEO Kris.

He noted that the past three years have brought fast-changing headwinds. Globally, geopolitical power shifts between the US, Europe, China and Russia are reshaping trade flows. Chinese goods are flooding Southeast Asia, while tariff regimes and local content rules remain uncertain.

Domestically, household debt remains high, access to retail credit is tightening, and tourism is under pressure from the strong baht, all of which have weakened consumer sentiment.

On the business front, SCB and other banks must prepare for the arrival of licensed virtual banks and the Bank of Thailand’s new open banking policy, which allows non-bank players to access customer data almost on par with traditional banks. These shifts, Krit said, will not only transform the financial sector but also force banks to redefine their identities in the new landscape.

SCB outlines three-pronged strategy to navigate disruption

To respond to rapid changes in the financial landscape, SCB has set out three clear strategic priorities:

Focus on core strengths – In an era where “ordinary players” have little room to thrive, SCB will concentrate resources on two core businesses: institutional clients, both large and mid-sized, and retail customers through wealth management. Rather than spreading thin, the bank intends to double down on areas where it can clearly lead.

Drive organisational efficiency – With the aim of delivering strong returns and keeping its cost-to-income ratio close to 30%, SCB is reshaping its structure. This includes resizing the organisation, leveraging technology to boost productivity per employee, and aligning operations with its core business focus. “Reducing headcount is a difficult topic, but it is an unavoidable reality,” executives acknowledged.

Adopt continuous performance tracking – Instead of annual or quarterly assessments, SCB now monitors progress monthly, ensuring faster visibility of results and quicker adaptation to shifting global and domestic trends.

One key initiative is the migration of routine transactions, such as passbook updates and bill payments, from branches to digital channels. Despite the widespread availability of the SCB EASY app, many customers still rely on branches for these services. The bank’s target for this year is to shift at least 20% of such transactions online, leaving physical branches to focus on revenue-generating and high-value activities.

Another major shift is the restructuring of the retail banking segment. Moving beyond its traditional branch-centric model, SCB is transforming retail into full-fledged consumer banking with a central mission: helping all Thais build wealth. This includes financial planning, household money management and investment solutions to secure long-term prosperity.