BAY backs e-banking over branch growth

Bank of Ayudhya (BAY) is focusing on electronic banking development rather than branch expansion in response to customers' changing lifestyles and financial behaviours.

Dan Harsono, the chief marketing officer, said BAY plans to add new 50 branches across the country next year to its existing 600 branches.

But BAY is cutting back on aggressive branch expansion to concentrate on e-banking development.

Financial transactions via e-banking are higher than using traditional branch channels, with growth in both internet and mobile banking.

However, the bulk of transactions are still made through ATMs, with BAY's total financial transactions numbering 6-7 million a month, he said.

"BAY will continue to improve e-banking services with the goal of increasing banking transactions," said Mr Harsono.

He said the "Make Life Simple" concept of the Krungsri Group, BAY's consumer brand, prioritises convenience, speed and service quality.

To this end, BAY has implemented an intelligent queue service, Simple Q, with 600 machines covering all its branches.

A customer selects cash deposit, withdrawal or transfer along with the money amount for Simple Q.

The data are transmitted to a BAY teller who handles the transaction, which is completed with a customer signature to verify the transaction.

Mr Harsono said the process takes seven seconds on average compared with one minute for a traditional transaction.

Some 50-60% of transactions at BAY branches start from the Simple Q system, helping to increase efficiency.

About the author

Writer: Somruedi Banchongduang
Position: Business Reporter