Krungsri sets up cash management system to widen access for savings cooperatives
Play
Bank of Ayudhya has developed a cash-management system for members of cooperatives.
Pipat Assamongkol, head of transaction banking business, said Krungsri was aware of the limitations that savings cooperatives faced from not having branches, resulting in inconvenience for members seeking services. Nonetheless, cooperatives desire to expand their services to respond to the demands of their increasing memberships.
Therefore, the bank has collaborated with many cooperatives to develop a cash-management system aimed at creating channels that members can access more easily. The system employs the bank’s technology to link the Krungsri network with an individual cooperative’s cash-management system.
With this financial innovation, co-op members can deposit or withdraw funds or cash out dividends, buy more shares, and make loan payments at the bank’s more than 600 branches, 4,600 automated teller machines and 40,000 ATM pool locations. They can also get emergency, common and special loans.
These transactions can also be made via Krungsri Online and its call centre.
“The Krungsri cash-management system for savings cooperatives will not only heighten the efficiency of co-ops but also reduce administrative costs and management risk, apart from being trustworthy and verifiable,” Pipat said.
“A savings cooperative is a type of institution engaging in financial operations just like a bank. Services provided to members include withdrawals, money transfers, bill payments, all kinds of loans and dividend payments,” he explained.
“Currently, Thailand has approximately 1,400 savings cooperatives with around
2.7 million members. These members create at least 30 million money transactions per year. The continual growth of savings cooperatives makes them another important target market that Krungsri can serve.”
