BAAC seeks 50% gain in mobile users

BAAC seeks 50% gain in mobile users

The state-owned Bank for Agriculture and Agricultural Cooperatives (BAAC) aims for 50% growth in mobile banking users to 1.2 million for its next financial year.

The bank also targets mobile banking transaction value increasing to 170-180 billion baht in the 2020-21 financial year, starting from April 1, up from 120 billion baht now.

Transaction volume is pegged to rise from 30 million a year to 40 million, said Tanaratt Ngamvalairatt, senior executive vice-president.

Users of the bank's mobile banking app A-mobile total 800,000 now.

Cutting operating costs by encouraging more customers to make transactions through the digital channel is the bank's main goal this year, Mr Tanaratt said.

Each mobile banking transaction costs one baht on average, compared with a branch transaction cost of 30 baht.

To attract more online users, the bank plans to add new financial services to its mobile banking app, and an electronic wallet is one of them, Mr Tanaratt said.

"What we want is more app users and higher transaction volume," he said. "Now only half of mobile banking users are active."

Kasarb Ngernruang, the BAAC's executive vice-president, said deposits outstanding from state agencies fell short of target by 27 billion baht, given the delayed budget expenditure for fiscal 2020. But the bank's overall deposits outstanding achieved their goal, he said.

Deposits outstanding are expected to reach 1.63 trillion baht at the end of March, up from 1.62 trillion baht now.

Of total deposits, 320 billion baht belongs to farmers, up 16 billion baht from the same period last year. The government's debt suspension scheme for farmers has enabled them to save more.

Mr Kasarb said the bank's liquidity surplus amounts to 200 billion baht. For the next financial year, the BAAC aims for 6.5% growth in deposits.

The bank plans to roll out a new savings lottery worth 100 billion baht from Feb 17. The three-year savings lottery will be sold at 500 baht per ticket through the bank's branches and its mobile banking app.


Do you like the content of this article?
COMMENT

Rising gasoline costs, inflation unsettle Asia

Surging gasoline prices are posing a tricky new problem for governments as they seek to nurse virus-hit economies back to health.

12:36

New home

Thamanat Prompow left people guessing after being booted out of Palang Pracharat, but a close aide says he and his expelled faction will move to the Thai Economic Party.

12:23

Community shattered

Families flee their homes as 25 houses collapse into a canal in Samut Prakan on Thursday night.

11:57