Rumours of new fees raise concerns
No decisions made yet, banker group says
The chairman of the Thai Bankers’ Association has rushed to soothe jitters, saying proposed fees for cash transactions have not been decided and are awaiting review by the central bank.
“It’s too early to talk about the issue because it’s still under the consideration process,” said Predee Daochai, also president of Kasikornbank (KBank). “It could either occur or not. This sensitive an issue could make people misunderstand.”
Banks are transitioning to the digital platform and the process takes time, he said.
Mr Predee’s remarks came after local media reported that banks have talked to the Bank of Thailand about charging for cash transactions made at branches and ATMs in a bid to discourage customers from using traditional payments.
For instance, banks might reduce the frequency of free cross-bank transactions via ATM from five times allowed per month.
Separately, Mr Predee said KBank would not feel the pinch from the departure of Somkid Jiranantarat, chairman of Kasikorn Business Technology Group (KBTG), after the latter decided not to renew his employment contract at the end of this year.
The bank, under normal practice, prepares successors to fill C-level executive jobs, Mr Predee said, adding that KBank will stick with its core strategy under the digital banking business plan in 2019.
KBank is the country’s largest mobile banking service provider, counting nearly 10 million users. The bank set an ambitious goal to increase the number of users of its mobile banking app, K Plus, to 100 million by branching out into the international market.
Plans call for transforming the K Plus app into an open platform.
KBank has rolled out new K Plus features under upgraded artificial intelligence (AI) such as the Kasikorn Artificial Driven Experience (KADE).
With AI development, K Plus can gather specific data on customers and the app can respond to user requirements for both financial and non-financial transactions.
There are several features being tested in KBTG’s lab, such as facial recognition, voice command and robo-advisers. These are expected to be adopted next year.
KBTG also plans to have 200 members on its AI team by the end of 2019, up from 60 at present.
Mr Somkid said his departure is due to retirement. The 59-year-old was the point man in developing KBank’s technology.
It’s too early to talk about the issue because it’s still under the consideration process. PREDEE DAOCHAI Chairman, Thai Bankers’ Association