TMB moves forward to respond to customers needs on its Need-based and Simple Easy concept to generate growth, in line with the Banks 5-year strategic business plan

Stocks and Financial Services Press Releases Tuesday November 28, 2017 09:43
Bangkok--28 Nov--TMB
  • Streamlines organization to improve overall responsiveness and effectiveness for customers in the digital age
  • Aims to be the most advocated bank in Thailand by the next 5 years

TMB continues to expand its business in line with its 5-year strategic business plan, aiming to serve customers under the "need-based" and "simple & easy" concept in order to empower customers to the fullest. The Bank has also taken steps in streamlining its organization to improve overall responsiveness and effectiveness. It targets to be the most advocated bank in Thailand by 2022.

Mr. Boontuck Wungcharoen, TMB CEO, remarks on the TMB's "Make THE Difference" journey to improve customer's life that the Bank has achieved its goals for the 3-phase strategic business plan started 9 years ago. For the first phase of "Building Fundamental Strength", TMB's achievements included strengthening the Bank's financial status, restructuring TMB organization, and remodeling human resources management. The Phase II of the plan was focused on the "Deposit-led Strategy" and TMB has managed to offer the best deposit products for both transactional and savings needs of customers. During this phase, TMB has become the first Thai bank to eliminate the use of paper slip to transact and has launched Thailand's first digital banking service "ME by TMB". "TMB TOUCH", an advanced mobile banking application has also been introduced to empower customers to take control of their financial matters anytime and anywhere. For Phase III which is going to be completed at the end of this year, TMB has achieved its goal of becoming the Leader for Change by introducing the products and services which have created new norms in the market such as "TMB All Free" account and "SME One Bank" account. TMB has also developed "TMB Business TOUCH" which has become the first mobile banking application for SME customers. In addition, the customers who use TMB as their main bank also receive more benefits than others. During this phase, TMB has also provided seamless customer experience via omni-channels.

Mr. Boontuck said, "By achieving the targets for the past three phases of our strategic business plan, TMB now possesses strength in all areas and high capabilities to serve customers effectively under the "Need-based" and "Simple & Easy" concept. The past 9 years also saw TMB profit increased from 147 million baht in 2008 to 8,226 million baht in 2016 or 56 times higher. From now on, TMB will confidently leap forward to further enhance our products and service offering to serve customer's needs and to bolster the TMB-branded customer experience.

Mr. Piti Tantakasem, TMB CFO, who will take up the TMB CEO role from January 1, 2018, disclosed about the Bank's goals for the next 5 years that TMB aims to be the most advocated bank in Thailand   by 2022. We target to expand our small enterprise customer base by 4 times, double the number of active digital customers, double the Bank's revenue and reduce the Bank's cost to income ratio to be at 40%.

Mr. Piti said, "TMB will continue develop in the area of digital banking and break the paradigm that digital banking is all about mobile banking applications for customers. Instead, TMB considers digital technology as an enabling tool for us to enhance our product and service offering to respond to customer's needs on our 'Need-based' and 'Simple & Easy' concept. TMB will further invest in new systems and infrastructure to support our rapid growth, turn our document process and system to be in electronic forms for more customer's convenience. Our omni-channels can be accessed easily and practically to create seamless customer experience. In addition, we have applied data analytics in the Bank, with an aim to ultimately improve customer experience. As for retail customers, TMB will provide customers with the products and services to meet their needs in different life stages. Customers will be offered investment plans which suit individual needs. TMB will come up with the products which have different benefits to cater to different customer's needs, product promotion features suitable for different customer lifestyles. For small enterprise customers, TMB will provide them with the products and services which math business needs in different life stages. Our products and services will also provide the meaningful benefits to customers and we will provide customers with accelerated credit approval process to increase customer satisfaction and enhance customer experience."

Mr. Piti added, "To enable us to achieve these targets, TMB has streamlined the organization to increase agility and readiness to serve customers in the fast-changing environment of the digital age. We plan to reduce TMB organization's layers to 5 by the next 5 years to create more responsiveness and effectiveness. We have also implemented agile methodology in the Bank so that we can release products and services to customers faster. As human resources are the most significant factor to our success, we encourage all employees to be bold for change and work to their full potential to deliver what considered meaningfully different to our customers."

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