Banking giants instigate price war
Players go 'no fee' to claw back ground
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.