TMBThanachart announced its 2022 strategy under the concept 'The Bank of Financial Well-being',
a bank that is a leader in creating better Financial Well-being for Thais.
- Continue to deliver useful and responsive financial solutions to customers at all stages of life. Reiterating the merger's success and positive customer feedback.
- Increase competitiveness through corporate group restructuring and collaboration with strategic alliances in both the insurance and investment sectors. Prepared to dismantle a subsidiary 'ttb consumer'.
- Set up a dedicated digital solution development team called 'ttb spark.' Embrace agile working wings and quickly deliver solutions to individual and business customers.
- Transforming the 'ttb touch' mobile application into a personal financial assistant. Helping to make customers' lives better all around.
TMBThanachart (ttb) has launched its business strategy in 2022 under the concept 'The Bank of Financial Well-being', moving forward to become a bank that is a leader in creating better Financial Well-being for Thai people, both today and in the future. The Bank aims to accelerate corporate group restructuring and joins hands with strategic alliances to enhance the financial services provided to a variety of customers to cover all needs. TMBThanachart is also ready to deliver ‘Humanized Digital Banking’ - digital banking that is friendly and understand customers’ needs so that customers can receive true benefits from the Bank’s solutions.
Mr. Piti Tantakasem, Chief Executive Officer of TMBThanachart Bank Pcl., said "The merger was completed in July 2021, making TMBThanachart even stronger and increasing our ability to help customers more comprehensively through our wide range of financial products and services. We aim to Make Real Change to help Thai people live better financial lives, a goal that has received positive response from customers. In 2022, we will continue to expand our business-driven strategy under the concept "The Bank of Financial Well-being" by enhancing our capabilities in various fields, such as corporate group restructuring, as well as accelerating digital potential to enhance the offering of products and services that meet our customers' needs more comprehensively, reinforcing our position as a bank that helps to improve customers’ Financial Well-being, both today and in the future.” At the end of 2021, it was clear to us that the response from customers and society to the bank was becoming more and more pronounced through our distinctive products and services offering such as:
- ‘ttb all free’ account that offers free life insurance and accident-free coverage. It provides 1.9 million customers with free basic coverage. As a result, the bank's deposit balance from such products increased by 15%.
- Our investment product, 'ttb smart port,' achieved the highest IPO in the history, with sales of more than 10 billion baht in the first week of launch and more than doubling within 6 months.
- 'ttb reserve' credit card emphasizes on “Reserving Your Infinite Success” through reward points. We received a great response from our high-net-worth customer, with 60% of them holding this card in just 6 months.
From the impact of Covid-19 pandemics, last year, we assisted over 750,000 customers affected by the Covid-19 situation through our debt relief programs. Additionally, we have joined the Bank of Thailand and the Thai Bankers' Association in providing Asset Warehousing and Debt Consolidation Program to enable business groups, such as hotels, to be able to go through the crisis. It has been confirmed, from the feedback above, that we are walking in the right direction and we will continue to provide useful and responsive financial solutions to customers at all stages of life." Mr. Piti said.
Last year, TMBThanachart acquired a 10% share in Thanachart Insurance and Thanachart Securities, in order to form strategic partnerships to jointly develop insurance and investment products and services. This will provide customers with a variety of options. ttb broker, a bank’s subsidiary, has expanded its network of insurance company alliances to include more than 20 companies to provide a variety of insurance products at reasonable prices and protect the bank's customers from all types of uncertainties.
"Recently, we planned to establish a new subsidiary company, ttb consumer, to expand our ability to offer a full range of credit cards and personal loan that will better meet the needs of customers. This will also allow us to work with new partners to provide additional benefits to customers. Furthermore, we have set a goal of rising to the top four in the credit card and personal loan businesses," Mr. Piti said.
"At the same time, we have internal restructuring to improve digital capabilities under the concept of 'Humanized Digital Banking that is a digital banking that is friendly and understand customers’ needs in order to create digital solutions that are responsive, relevant, simple to use, and useful to customers. We have established 'ttb spark,' a team dedicated to developing new digital solutions and initiatives, with a clearly separated work structure to increase flexibility. We are prepared to provide digital products and services that will help to improve customers’ financial. The solutions will cover an entire ecosystem, such as a car ecosystem that comprises of users, vendors, and service providers who can obtain financial solutions to improve their lives or businesses."
Mr. Rachakon Chayapirad, co-head of ttb spark, added “ttb spark was established to work under agile model, to create and develop digital solutions for both individual and business customers. We have a team with expertise and digital DNA who are not afraid to think outside the box and try new approaches to create digital solutions that truly solve problems for our customers. In the past, we developed a solution that could solve problems for customers in a long-term manner and for the entire ecosystems such as the Punboon platform or www.punboon.org. This solution enables foundations to adjust their business models to reach new groups of donors who can donate more conveniently through online channels. It also reduces the foundations' work processes and costs. More than 180 foundations have joined in less than a year and have received more than 200 million baht. In addition, we have the 'ttb business one' solution, which was created to help business customers improve financial management efficiency. Since its inception, the number of transactions conducted through digital channels has increased by more than 160 percent. Our concept and work methods have been proven and well-received by customers, and we have received awards from a variety of institutes. This year, we will still continue this way of working to provide customers with 'Humanized Digital Banking.'
Mr. Naris Aruksakunwong, co-head of ttb spark, said "We want to make digital banking more than a platform where customers can manage their money. To give customers better financial lives, we must be able to advise, assist, and offer benefits on an individual level. This is our 'Humanized Digital Banking’ strategy. This year, we plan to transform the ttb touch mobile application into a personal assistant and trusted advisor, assisting customers in all aspects of their financial lives.
With these four outstanding features of new ttb touch;
1) A personal assistant that provides relevant information and alerts on important matters by using data analytics to analyze behavior, present and help alert about important transactions such as payments, like for the water bill, electricity bill, and mobile phone bill, without having customers to set reminders
2) Provide advice and make difficult things easier, for example, insurance services that will help collect data and show the protection plan overall in 3 areas; health protection plan, savings for retirement plan and savings plan for secure the future of their loved ones whether it is comprehensive and sufficient for the customer's lifestyle and life stage. All of this will make it easier to get an overview of complex insurance portfolio.
3) Financial documents are gathered and organized on the ttb touch for easy searching, browsing, and requesting. No more wasting time traveling to branches for important documents, such as financial statement document and NCB e-Credit report
4) Collecting benefits in one place which offers the selected promotional campaigns that are suitable for customers so that customers do not miss out bank’s offers.
In the future, ttb touch will be more than an assistant and advisor on banking matters. It will help manage other aspects such as managing the payment of car loan installments, extending insurance, selling cars, and buying new cars.”
"With the concept of 'The Bank of Financial Well-being,' as well as corporate group restructuring strategy and the supporting by various financial partners, we will be able to offer the best and comprehensive financial solutions. Together with a strategy to focus on developing 'Humanized Digital Banking,' which truly meets the needs of customers, we believe that TMBThanachart will be able to become a leader in creating better financial well-being for Thai people, today and in the future," Mr. Piti concluded.
