Siam Commercial Bank Seeks Assistance From Ripple to Boost Customer Growth
The news will certainly spread cheer among the banking sector of Thailand. If a 2019 report is to be believed, Thailand figures at the top position when it comes to mobile banking users. Leading bank Siam Commercial Bank (SCB) played a crucial in making this possible. The bank took a great initiative in leading digital banking in Thailand in the last ten years.
The latest development is SCB’s collaboration with RippleNet, wherein the bank will permit customers to carry out instant economical cross-border payments from their mobile phones.
Siam Commercial Bank has been in existence for more than 100 years now and it has become Thailand’s biggest bank with over 1000 branches all across the country, said SCB’s Arthit Sriumporn, who holds the position of SVP for Commercial Banking.
He said he had extended his support for a vast range of customers right from retail to small and medium-sized enterprises and corporations. The bank strives to enhance the experience of the customer and RippleNet has assisted the bank in doing this with remittances.
There was a time when SCB became the traditional player in Thailand’s financial space. With the fast growth of Thai mobile adoption, the country has witnessed higher mobile subscriptions than people. SCB introduced pioneering digital transformation campaign that would go a long way in altering its image and Thailand’s banking scene.
Arthit Sriumporn said that the bank first encouraged its customers to use its latest mobile app by making it free of cost. And, when people became accustomed to the ease of doing banking from their phones, the bank enhanced customer expectations around all of its services. He added that,
Customers who send money to family and friends outside of Thailand didn’t like that it still involved visiting a branch, filling out lots of forms and then waiting up to five days for the money to get there.
Soon after estimating the region’s remittances market at $68 billion, SCB decided to join RippleNet in a bid to boost its current costly and time-taking cross-border payment procedure.