Kept by Krungsri, a digital savings platform under Bank of Ayudhya, aims to increase its depositors to 1 million by 2024 after receiving a positive response in its first year of operation.
Introduced more than a year ago, Kept now has 220,000 users depositing on the digital platform, with more than 500,000 accounts. Of the 220,000 users, 80% are younger depositors from Generations Y and Z.
The platform is able to attract young savers with financial discipline, said Damisa Phisitvanich, Krungsri head of retail products and marketing group.
In a Kept wallet, the bank designed savings features to serve three purposes -- Grow, Fund and Together -- in response to customers' different savings purposes.
Total outstanding deposits on Kept tally around 60 billion baht, with growth beating the bank's target, Ms Damisa said.
The bank has aggressive growth targets for Kept, with a goal of 1 million users by 2024.
The firm wants to further develop the service to respond to the demands of younger generations in the digital era, she said.
Krungsri also aims to build up customers' wealth through both savings and investment in areas around digital assets and cryptocurrencies.
"Younger generations are interested in digital assets and cryptocurrencies, so the bank has been studying opportunities for these and regulations as well," said Ms Damisa.
She said depositors' behaviour changed during the pandemic. They save more now in preparation for unexpected situations, while conducting financial transactions via digital platforms rather than going to physical branches.
In terms of customer behaviour, more than 70% of savings from Gen Z customers come from Fund accounts, while the majority of Gen Y customers prefer the Grow account, which offers a higher interest rate.
According to data, more than 30% of Gen Y customers leave their savings untouched, demonstrating their determination to meet savings targets.
A new feature on the Kept platform, the Together savings account, has been available since July. The account is suitable for multiple users -- friends, families and couples -- to share the same account.
Each member of the group can monitor money movements. The account keeps detailed records, allowing users to see what they spent their money on and its origin.
The service also notifies all members whenever money is withdrawn.