Monday, January 27, 2020

SCB stresses need for digital transition

Aug 30. 2019
Arthid
Arthid
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By The Nation

Siam Commercial Bank expects the number of accounts on its digital platform to reach 20 million in the next five year from 10 million this year, the bank’s chief executive officer Arthid Nanthawithaya said at seminar titled Episode: Do or Die, hosted by KhaoHoon newspaper on Thursday ( August 29).

He said since the digital disruption, the banking sector's return on equity(ROE) has dropped from 20 per cent in the past ten years to just 10 per cent. The bank has now adopted digital technology with up to 60 per cent of its customers embracing mobile transactions: 36 per cent using ATM compared to four per cent opting for counter service at bank branches.

“We have invested Bt40 billion since 2016 in the transition to digital banking and cut service cost to lower than 30 per cent to boost our net profit,” he said.

He added that nowadays retail and other businesses can do what banks have been doing, such as payments, insurance sales and other financial services.

“We must embrace technology and be creative in order to improve our services, catering to the demands of our customers. We will increase our information technology staff from 800 to 3,000 in the next five years in a bid to match our services with customer demands in the long term,” he said.

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