It’s Bank of the Future for Thai consumers

A survey revealed that Thai consumers are quite happy to go “Bank of the Future” to share personal data to get a better digital banking experience. An encouraging sign given e-commerce platform Shopee announced a permanent end to purchases made by bank payment after a Thai customer was hacked via Shopee and lost tens of thousands of baht from a bank account linked to the app.

Technology consultancy group Capco found almost 90% of 900 respondents living in Bangkok want more efficient online banking services, reported Bangkok Post.

The “Bank of the Future” report revealed the number is the highest among the five markets in Asia-Pacific, compared with 87% in Malaysia and 77% in Singapore.

The report found that accessibility, personalisation and customer support are important factors for Thai respondents.

About 62% revealed they prefer mobile apps as a way to improve their digital experience.

The report revealed about 85% of Thais respondents access financial services via mobile phones, according to a survey of 4,889 respondents in Thailand, Malaysia, Singapore, Hong Kong and the Greater Bay Area.

Thai users also preferred an all-in-one digital service, with 76% wanting financial platforms to provide one-stop services.

Head of Capco Thailand Chulayuth Lochotinan believes Thailand has reached a turning point in digital banking.

“Our survey highlights the rising popularity of mobile banking apps and reveals a strong propensity for consumers in Thailand to share their data in exchange for more individually tailored services.

“The research found 82% of Thai respondents wanted to see more personalised insights for their financial services, with more than half willing to share and have their data collected by service providers, while 30% are open to considering the proposal.

“That figure is the highest among the markets surveyed in terms of agreeing to unlock personal data for individually tailored financial products, compared with 29% in the Greater Bay Area, 28% in Malaysia, 22% in Hong Kong and 17% in Singapore.

“The top four data sets Thai respondents would consent to sharing are social media profiles (50%), fitness or health tests (49%), location (47%) and loan and credit history (45%).”

The report also uncovered that Thais believe customer support is a significant factor in improving their online banking experience. About 69% said they would use a financial service if they got better customer support, whereas 49% would like service providers to have chatbots for real-time assistance.

James Arnett, Capco’s managing partner for Asia-Pacific, said digital-savvy, mobile-oriented consumers play a key role in reshaping banks’ priorities and the wider banking ecosystem.

“New technologies grant consumers unprecedented freedom to choose how they engage with banks, access more personalised services, and see a complete view of all their finances.”