BANKING
Bank of Ayudhya seeks growth in digital world
Bank of Ayudhya is pursuing more growth in digital banking business to tap new device technology and high potential to earn more revenue from the segment, says executive vice-president Thakorn Piyapan.
The bank is developing both internet and mobile platforms for Krungsri Online, which has around 400,000 registered users and is expected to have 1.5 million in two years.The bank's internet transactions now total around 250,000 per month, only 5% of its total, but it aims to double the share to 10% by 2013, he added.
BAY has been developing mobile services through its Krungsri Mobile Application since the third quarter last year. The new channel accounted for consumer loan growth of 300 million baht last year.
The service currently is available for mortgages and personal loans only, but new applications available by year-end are expected to cover credit cards, auto loans and other retail banking services.
The full range of financial services on Krungsri mobile application is expected to contribute consumer loan growth of 2 billion baht by 2013.
Almost everyone in Thailand now has a mobile phone, and an estimated 10 million people use smartphones to access the internet. BAY has introduced a new Krungsri Banking SIM, a small microprocessor attached to a standard-sized SIM card, for people who cannot access internet on their mobile phones, said Mr Thakorn.
The new service offers access to financial services from almost every model of mobile phone and network with no need to connect to the internet.
The bank has 5,000 users of the new service so far and aims to have 150,000 within one year. Fees for the service are 15 baht per month.
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