Thai digital banking matures

Thai digital banking matures

Mobile services are above average, but customer experience can be improved in other areas, Deloitte survey finds

KBank's digital platform is advertised at a Money Expo. (Photo: Pattarapong Chatpattarasill)
KBank's digital platform is advertised at a Money Expo. (Photo: Pattarapong Chatpattarasill)

Thai banks score among the best for customer retention on mobile banking, alongside counterparts in the US, China, India and the UK, according to a global survey by Deloitte Consulting.

The survey analysed Thai retail banks' web and mobile channels across 1,200 data points throughout the customer journey, based on an assessment of digital functions, customer needs research and user experience evaluation.

Overall, Thailand's digital maturity is on par with the global average at 40%, but it trails digital champions by at least 1.5 times, the results showed. It was Thailand's first appearance in the biennial Digital Banking Maturity survey, which assessed 300 banks across 41 countries.

"The digital banking landscape in Thailand is still in its premature stages, scoring only 43% in mobile banking functions compared with 63% from digital champions," said Metinee Jongsaliswang, executive director and Thailand country consulting leader with Deloitte Consulting.

"The Bank of Thailand's public consultation earlier this year clearly highlighted the intent to introduce new virtual banks to encourage innovation and support financial inclusion. This is likely to lead to a significant investment in functionality and user experiences provided by both incumbents and new entrants."


The study shows Thailand scoring above the global average on mobile banking features and functionality, with potential opportunities for Thai banks to further enhance their digital channels, particularly in terms of account opening and banking relationships.

"This fifth edition of our global digital bank maturity study allows a first opportunity to assess the breadth and depth of Thai digital banking offerings relative to the rest of the world," said Alex Douglas-Jones, director of financial services with Deloitte Consulting.

"What we have seen overall is a strong base of core transaction and servicing capabilities, particularly in areas of customer onboarding functionalities [46% vs a 41% global average], with an opportunity to reconsider user experience and explore wider 'beyond banking' engagement such as personalised services and lifestyle purchases to drive them to the next level."

The survey of Thai banks shows a level of capability that places the country in line with global averages. The forthcoming Virtual Banking Framework from the Bank of Thailand and subsequent awarding of licences to new entities are likely to lead to an increased focus on digital functionality and experience in 2023 and beyond.

"From our experience in supporting banks in the region in their digital roadmaps, we have seen a significant increase in investment in digital propositions as a response to regulatory virtual bank licence regimes," said Mr Douglas-Jones.

"Equally, when we have supported successful new licence applicants around Asean and North Asia, we have consistently seen the intention to raise the game with new and innovative features and user experience to differentiate themselves from incumbent banks."

The study found global digital champions had up to three times the functionalities of other banks, adopting value-added services as their biggest differentiator. For example, 53% of digital champions offered credit scoring compared with 15% of other banks.


Incumbents and new entrants in Thailand are facing increased competitive pressures as customer expectations rise in terms of digital banking experience. They need to have a roadmap that aligns with both the business case and customer needs, including curation of supporting capabilities and technology to enable speed and agility for a successful digital banking journey.

Key differentiators such as peer-to-peer transactions and marketplace banking are just some of the innovative features offered by global digital champions to take into consideration.

"As Thai banks look to the future, they must consider the 'moments that matter' to their end-customers and invest in customer experiences to enable a seamless digital experience. Thailand will benefit from the knowledge of digital and virtual banks globally," said Dr Metinee.

The survey presents examples from global leaders as opportunities for potential digital enhancements across the customer journey in Thailand, including:

  • Information gathering: Provide product information dedicated to specific target groups.
  • Account opening: Ability to perform end-to-end account opening fully on the digital channel.
  • Day-to-day banking: Ability to personalise financial management of savings, credit cards and debit cards via mobile app/internet banking.
  • Expanding relationships: Offer discounts and promotions through loyalty programmes to create stickiness in the banking relationship.
  • Ending relationships: Retention offers to customers when attempting to end the relationship.

To download the full report, visit

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