KTC to redefine consumer finance through digital transformation
Among the upgrades planned for 2025 are customisation of offerings, addressing fraud and developing a secure e-service platform
Krungthai Card (KTC) is set to undergo a comprehensive digital transformation by 2025, positioning itself at the forefront of Thailand’s evolving financial technology landscape.
Speaking at a press conference on December 4, president and CEO Pittaya Vorapanyasakul highlighted the critical importance of this strategic initiative, explaining that the transformation would not only strengthen the company’s core systems for managing its products and services but also provide well-structured data.
“This will enable us to customise our offerings, attract new customers and retain existing clientele,” she said.
The digital strategy addresses anticipated challenges in the banking and credit card sectors, including issues of fraud, trust and increased competition from virtual banks.
Pittaya believes that the initiative will empower the company to navigate these disruptions, enhance cost control, mitigate risks effectively, and pursue increased profit and revenue.
The transformation follows a comprehensive approach centred on four key strategic dimensions. The “Reach Better” strategy aims to expand the member base through digital channels and develop a seamless, secure self-service e-application platform. The “Grow Healthier” approach focuses on optimising member database management and enhancing the mobile app’s features. “Bond Tighter” concentrates on improving online service efficiency and communication across multiple platforms, while “Work Smarter” involves investing in IT tools, improving processes, and upskilling the workforce.
To support this ambitious plan, KTC is making significant investments in human capital, recruiting a new head of digital affairs and doubling its IT team from approximately 60 to 120 personnel.
Although the exact budget remains undisclosed, Pittaya indicated that the funds would be comparable to previous technology system upgrades, “amounting to no more than 1 billion baht”.
Describing the company’s outlook as optimistic, Pittaya noted that Thailand's economy would gradually improve in 2025, driven by government economic stimulus measures that boost household income and access to funding, presenting growth opportunities for the consumer finance industry.
This perspective is supported by concrete business targets, including a total loan portfolio expansion of 4-5% and controlling the non-performing loan ratio to no more than 2%.
Pranaya Nithananon, senior vice president of marketing, provided additional insights into the credit card market, expecting spending to grow by about 10-12% in 2025, with total card spending reaching at least 320 billion baht. KTC aims to increase its new member base by 250,000 cards, focusing on individuals earning 50,000 baht or more.
In her concluding remarks, Pittaya underscored the company’s broader mission. “KTC remains committed to driving sustainable growth through financial innovations that effectively address user needs while upholding social responsibility. This strategy ensures long-term financial strength and stable business growth for the future."
The 2025 strategic plan, dubbed “Building a Sustainable Future Through Digital Transformation”, represents more than a technological upgrade. It is a comprehensive reimagining of how financial services can be delivered, combining technological innovation, data-driven insights, and a customer-first approach to set new standards in digital financial services.
