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.

Please log in here to fully view this exclusive content. If you aren't a member yet, simply sign up here. It's totally free & takes only a minute.


Do you like the content of this article?
COMMENT (10)

Not a concern

The government should not have a problem repaying public debt, even if it borrows more in the future, says Finance Minister Arkhom Termpittayapaisith.

04:50

Prawit defends going on separate trip from PM

Deputy Prime Minister Prawit Wongsuwon says his ties with Prime Minister Prayut Chan-o-cha and Interior Minister Anupong Paojinda remain solid and unbreakable.

04:44

'Site for torture'

A popular shaman and a lawyer have asked Crime Sup­pression Di­-vision police to take action against a drug rehabilitation centre at a temple for alleged torture and other human rights abuses.

04:33