KBank makes most of digital channel services

KBank makes most of digital channel services

Use of the KPlus app skyrocketed in the first quarter.  Pornprom Satrabhaya
Use of the KPlus app skyrocketed in the first quarter.  Pornprom Satrabhaya

Kasikornbank (KBank) aims to get a 37% surge in online financial transaction volume through its mobile banking app KPlus to 11.6 billion this year after tallying 700 million in the first quarter as the lockdown increased demand in the digital channel.

Financial transactions made through KPlus jumped 8% from the end of last year to 700 million as more people shifted to digital banking on the heels of the coronavirus outbreak, said senior executive vice-president Wirawat Panthawangkun.

KPlus’s financial transaction volume was 8.48 billion last year.

Money transfers, insurance purchases, e-wallet top-up and online shopping through K+Market were the most popular features on KPlus for the first quarter, he said.

Public safety measures include encouraging people to avoid using banknotes or going out in public venues, as well as switching to digital financial transactions, said Mr Wirawat.

The number of new KPlus users is almost 10,000 a day on average, mainly thanks to the government’s monthly 5,000-baht cash handout scheme.

Of the new KPlus users, 80% opened online savings accounts at the bank for the first time, he said.

The bank, the country’s largest lender by assets and top mobile banking service provider, also targets KPlus user numbers rising 24% to 15 million at the end of this year.

Mr Wirawat said KBank has prioritised multiple platforms to facilitate customer convenience, enabling access to financial services anytime, anywhere.

The bank plans to expand its network of 19 banking agents to cover 100,000 points across the country, while it wants to increase K Check ID points, which are places for K-eSavings account owners to verify their identities, to 4,000 this month.

The goal is to provide the bank’s financial services without requiring branch visits, he said.

KBank’s agents include 7-Eleven convenience stores, Big C Supercenter, Mini Big C, Thailand Post, FamilyMart, Kerry Express, Max Value, Amazon, Jiffy, Inthanin, SPAR and CJ Supermarket.

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