KBank is getting closer to customers via KBank Service To be provided through Thailand Post KBanks first banking agent

Stocks and Financial Services Press Releases Tuesday August 28, 2018 11:09
Bangkok--28 Aug--KASIKORNBANK

KASIKORNBANK (KBank) sets out to appoint banking agents to offer the "KBank Service" which will bring services closer to customers. Thailand Post, with a country-wide network, is the first appointed agent under this scheme. At this stage, customers will be able to deposit cash into KBank accounts, with a fee of 20 Baht, and comprehensive services including both deposit and withdrawal will be launched next year. For the first three years, KBank expects the number of transactions will reach 600,000. A possibility of account opening service is now under consideration.

Mr. Patchara Samalapa, KBank President, said the introduction of "KBank Service" via banking agents is a strategy to get closer to customers by means of branches and new service patterns beyond conventional branch offices. This service will be in tune with diverse lifestyles and locations of customers, while serving as a new option for those who are unfamiliar with digital banking. "KBank Service" will be similar to KBank branches, providing services of deposit taking, withdrawal and bill payment, and a possibility of account opening for retail customers is now under consideration. Customers in all areas will find the services more convenient as banking agents will have service venues that are supportive to KBank and equipped with competent staff, tools and system security, as well as the potential of real-time connectivity with KBank systems. In order to enhance seamless and highly secure customer services, KBank will take full responsibility toward the agents' performance as if it were delivered by itself.

"The appointment of Thailand Post as KBank agent to provide "KBank Service" via 964 branches of Thailand Post across the country, which are now ready to offer the service, together with 1,016 KBank branches and 11,792 Automated Teller Machines (ATMs), Cash Deposit Machines (CDMs) and Passbook Update Machines (PUMs) (self-service channels), will make the number of KBank's financial service points rise to 13,722 nationwide. This collaborative effort in service channel development will provide our customers with more convenient and faster services for broader service coverage. In the initial stage, customers are allowed to make cash deposit up to 20,000 Baht/transaction and 40,000 Baht/day with 20 Baht fee charged per transaction. However, the fee is reduced to 10 Baht from the debut of the service to the end of this year. KBank targets that 150,000 transactions will be made via this channel by the end of 2018. Full-scale service for both cash deposit and withdrawal will be available next year. During the first three years, around 600,000 transactions are expected to be processed via Thailand Post branches. KBank is exploring the possibility of providing the deposit account opening service via KBank Service."

Ms. Smorn Terdthampiboon, President of Thailand Post Co., Ltd. (THP), said that Thailand Post began offering Bank@Post service in collaboration with many commercial banks in 2011. This deposit service grows at an average rate of 13 percent p.a. It looks promising ahead because banks will likely cut their investment in branch expansion while Thailand Post as a public agency has the potential to respond to their needs because we can directly reach the customers, thanks to our extensive network of over 5,000 branches throughout the country.

"During the initial phase, KBank will offer deposit service through over 900 Thailand Post branches nationwide. The move is intended to offer convenience for those wanting to deposit money into KBank accounts without having to visit KBank branches. Other KBank's financial services will be offered at all Thailand Post branches across the country in the near future to meet the needs of customers residing anywhere in the country. The expanded scope of Thailand Post is expected to help KBank access the unbanked. " added Ms. Smorn.

Mr. Patchara added that KBank has planned to provide more "KBank Service" via our banking agents and business partners with unique potential and extensive networks nationwide, such as convenience stores, department stores, supermarkets and gas stations. After the facility is able to offer full-pledged services, namely deposit and withdrawal as well as bill payment, the number of transactions should reach 2 million within three years. KBank Service will be conveniently accessible with reasonable management costs. KBank has also prepared to overhaul our branches to match the changing lifestyle of our customers and incorporate digital technology to provide convenient, fast and secure service for our customers.

Natural person customers wishing to deposit their money to saving account or current account via KBank Service at Thailand Post's branch can simply fill up the form to give the account number that they want to deposit the funds to and the amount thereof. The depositor will receive a receipt as the evidence of transaction and an SMS, while the recipient will get the money instantly.

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