Thursday, June 04, 2020

SCB sees viral spike in online banking

Apr 07. 2020
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By THE NATION

Driven by the Covid-19 pandemic, consumers are now avoiding cash and non-essential commutes. As a result, they are turning to digital channels for financial transactions.

Siam Commercial Bank (SCB) has seen more 200,000 new users of its SCB Easy digital banking application in the past few weeks, making a total number of 11 million users.

Customer transactions are averaging 135 million each month, of which 75% were fund transfers worth Bt528 billion (as of March).

Meanwhile more people are donating money to causes aimed at easing the impact of the pandemic on vulnerable Thais.

In the last half of March donations peaked at 50,000 transactions per day, 10 times higher than usual, while the number of new PromptPay registrations was over 20,000 accounts.

“Apart from impacts on the overall economy, the Covid-19 pandemic has changed consumer behaviour.” said SCB president Apiphan Charoenanusorn. “People are seeking to avoid using cash … while donating to help raise funds to help those fighting the pandemic.”

Meanwhile, the number of new customers opening an SCB account on the SCB Easy app at 7-Eleven stores jumped by 10,000 in three days at the end of March.

“The figures reflect people’s increasing awareness and readiness to embrace digital banking platforms, as they realise the benefits of mobile banking amid a situation where everyone should stay home and avoid going out as much as possible,” added Apiphan. “In response to the increasing need, we have doubled our capacity to handle transactions via the SCB Easy app to cater to customers’ increasing demands during the ongoing COVID-19 pandemic.”

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