KTB unveils app in Bt10-bn mobile banking drive

“The Krungthai NEXT app is the beginning of a mobile banking system that addresses the basic needs of grassroots consumers, delivering the next level of mobile banking infrastructure at the macro level,” Payong Srivanich, president and chief executive officer of Krungthai Bank Public Co Ltd, said yesterday at a launch event for the application.
Krungthai announced a budget of more than Bt10 billion to upgrade its mobile banking infrastructure into the new era of invisible banking with the launch of Krungthai NEXT. 
 Krungthai has introduced a presenter, Nadech Kugimiya, to woo customers and communicate the app’s benefits, including convenience, ease of use, and comprehensiveness, with what the bank identifies as Thailand 4.0 consumers and target markets.
“The goal of pursuing invisible banking services is to provide all services that bank branches do through mobile banking. The Krungthai NEXT app will allow Krungthai to become the first invisible banking provider,” said Payong.
Krungthai is a state-owned bank that serves the needs of the public. In launching its Krungthai NEXT app, it is moving forward into the digital era and supporting the government’s 4.0 policy, said Ekniti Kitithanprapas, chairman of Krungthai Bank Public Co Ltd.
Payong said: “Thai consumers transferred and paid bills via over 37.9 million mobile banking accounts as of June 2018, an increase from 31.6 million accounts at the end of 2017. However, ownership of mobile phones is as high as 56 million, according to the latest research from the Bank of Thailand.
“Private banks have been focusing on customers in Bangkok, leading to a lack of market penetration in upcountry areas with regards to mobile banking applications. This is because of a lack of understanding on the technology, and the perception that the technology is difficult to use.” 
The highlights of the Krungthai NEXT app include free transfers across different banks, top-up services for AIS, DTAC, True, Easy Pass and M-Pass, payments covering government and state enterprises, payment of electricity bills and traffic tickets, as well as the ability for customers to take out student loans.
The app will also offer currency exchange services at what the bank calls a competitive exchange rate for up to 10 currencies including the US dollar, the British pound and the euro.
Additionally, the app will include an e-donation function for more than 7,000 organisations including temples, hospitals, foundations, education institutes, mosques, and other charitable organisations, said Jakkrit Klinsmith, executive vice president, team leader innovation lab department, at Krungthai Bank.
“Donors will receive electronic receipts, while the system will automatically inform the Revenue Department about the donation for tax deduction purposes,” he said,
Payong said: “Today, Krungthai Bank holds more than 30 million bank accounts, of which 5 million accounts are mobile banking accounts. We expect that the Krungthai NEXT app will be able to help increase the number of mobile banking users to 10 million users by 2019, while contributing to the growth of the mobile banking sector in Thailand.”