Land and Houses Bank Plc (LH Bank) is upgrading and plans to rebrand its existing mobile banking application to offer a full range of services.
The bank plans to offer a buy now, pay later (BNPL) service on this digital platform.
Chief executive Chompoonoot Pathomporn said the facelift applies to all areas of its M Choice app, covering digital technology, financial services and features.
The rebranded app is to be called "LHB You", scheduled to launch at the beginning of next year with a full range of financial services, she said.
Ms Chompoonoot said while some mobile banking services were offered on M Choice over the past several years, the app appeared to have some technological limitations. As a result, the bank decided to revamp and rebrand the app.
LH Bank has around 200,000 retail customers in total, and 100,000 of them downloaded the app. It expects the majority of its retail customers to use the platform next year.
Chief retail banking officer Kelvin Foo said LH Bank plans to offer comprehensive financial services covering banking and investment services on LHB You next year.
Under a collaboration with Ascend Group, M Choice piloted offering digital loans to True Group's customers over the past six months. The bank's digital loans outstanding total roughly 700 million baht and are projected to expand to 1 billion by the end of this year.
LH Bank is ready to offer digital loans to its own customers next year, while continuing to offer digital loans to True's clients.
The bank also plans to join hands with other business partners to build up an ecosystem of financial products and services for new customers, he said.
"We expect to grow digital loans outstanding to 2 billion baht next year, doubling this year's total," said Mr Foo.
"The target will be supported by our digital infrastructure development and cross-sales strategy."
Individual customers for the deposit, wealth management and mortgage sectors are the key segments for the bank's retail banking business, he said.
Most of its retail clients are in the middle to upper-income segment, said Mr Foo.
He said the bank has been developing its digital infrastructure and working with business partners in preparation to offer the BNPL service. However, a specific time frame has not been set for the service launch.
LH Bank also upgraded its investment app, Profita, to better service investor demand for mutual fund investment. Using an open architecture investment platform, the bank partnered with 16 asset management firms to meet the needs of investors on a digital platform, said Mr Foo.