Banking giants instigate price war

Banking giants instigate price war

Players go 'no fee' to claw back ground

Siam Commercial Bank (SCB), Krungthai and Kasikornbank are now in a three-way price war, with all of them removing all fees for online transactions. (File photos)
Siam Commercial Bank (SCB), Krungthai and Kasikornbank are now in a three-way price war, with all of them removing all fees for online transactions. (File photos)

The country's two largest banks are igniting a price war by promising customers free digital channel transactions for life, as they vie to secure the most market share in the rapidly growing online banking sector and lure back customers who have defected to e-commerce companies' wallet solutions.

These schemes, banks hope, will also keep consumer data out of the hands of competitors, which will allow them to build long-term engagement with customers and cross-sell services more effectively.

SCB, Thailand's second-largest lender, recently cancelled its online transaction fees. The bank is also the country's second-largest digital banking service provider with 6.5 million mobile banking users.

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