KBank to unveil novel app features as customer lure

Kasikornbank (KBank) plans to roll out new tech-savvy features for its mobile banking application, K Plus, over the next two months to attract more users and make banking convenient.

The bank’s artificial intelligence technology will be integrated into the mobile app through its subsidiary Kasikorn Business Technology Group (KBTG).

The launch of new K Plus features is scheduled for September, said KBTG chairman Somkid Jiranuntarat.

An electronic Know-Your-Customer (e-KYC) function will also be integrated into the mobile app.

Apart from the bank’s customers, K Plus will allow users of other apps and fintech firms to verify their personal information via its e-KYC system, named K Plus ID, through biometric technology.

Mr Somkid did not disclose the details of the new app features, but he expects them to attract a new customer base to KBank’s digital banking services.

K Plus is the market leader for mobile banking service, with 8.4 million users. The bank targets 10 million users by the end of this year.

New user growth has decelerated after the app logged rapid downloads the past several years.

KBank, the country’s fourth-largest lender by total assets, launched K Plus in 2013, recording dramatic growth of 90-100% annually during the past five years.

Beginning from 2013, the user base grew to 2.6 million in 2015 and 4.6 million in 2016. It skyrocketed to 7 million in 2017.

Mr Somkid said the bank needs to develop its human resources and technology expertise in preparation for the digital age.

KBTG will hold TechJam 2018, a tech competition, for the second consecutive year to encourage Thailand’s technology and innovation development.

The competition aims to scout talented Thais who are passionate in computer coding, data science, creative problem solving and creative design across the country.

Winners will receive more than 2 million baht worth of prizes along with a trip to explore new technologies and innovations in Silicon Valley in the US.

There were around 800 participants joining last year’s TechJam.

KBTG also collaborates with both the government and the private sector in developing tech talent to support the country’s digital development.