Digital gimmicks all the rage
Special loans and investment have been regular features at Money Expo for over a decade, but digital banking is stealing the spotlight this year.
The 2017 Money Expo runs through Sunday and two big banks — Siam Commercial Bank (SCB) and Kasikornbank (KBank) — are showcasing their digital banking platform to serve customer demand beyond financial arenas.
SCB’s coin collection app, which is meant to operate in a cashless society, is gaining popularity at the expo. People can use their smartphones to scan a QR code attached to the logos of SCB or Digital Ventures — its joint investment fintech arm — at the exhibition to gather coins to exchange for coffee, hamburgers, power banks and JBL bluetooth speakers at SCB’s booth.
“The industry may need more collaboration to enter into a cashless ecosystem because cash is the dominant payment system,” said SCB chief marketing officer Thana Thienachariya.
Digital Ventures is also showcasing services using blockchain, the Internet of Things, and machine learning technologies to visitors.
Its booth is offering fintech literacy to visitors, particularly university students, who are the bank’s key target segment.
“Fintech is new to Thais, so we need to teach them about it,” Mr Thana said.
KBank’s Digital Mobility concept aims to provide more convenience and secure banking transactions. Visitors can obtain information related to the bank’s promotional campaigns at the expo by touching a screen or scanning a QR code.
“We’re moving to cashless and paperless banking transactions via smartphones, so our info should be digital too, though some official documents are still required to comply with regulations,” said Noppawan Jermhansa, KBank executive vice-president.