Consumers in Thailand are quickly becoming digital gurus. Since the pandemic, the digital evolution has revolutionised the way customers live, shop and engage with companies.
Adding to this shift and focusing consumers on their perceived value interacting with businesses, has been the rising cost of living in the country where GDP growth has been low and inflation high.
KASIKORNBANK (KBank) is this year’s top brand in Thailand, scoring top marks in Time & Effort and Personalisation.
KBank has continued to invest in advancing its mobile app to better serve customers and expanding its digital ecosystem to include e-commerce, payments and wealth advisory.
Going beyond retail banking, KBank has begun to bring in value-added services in segments such as clean-energy transportation, education, public health and tourism.
Apple, which sits in the number two spot this year, has achieved outstanding scores for Integrity and Personalisation.
The brand not only delivers innovative products that seamlessly connect, but they also offers in-store workshops to train users to make the most of their technology.
In third place is Siam Commercial Bank (SCB). The bank has maintained its focus on offering a full range of financial services that are seamlessly delivered in-person and online.
SCB also continues to enhance their service and meet customers’ changing needs by infusing a human touch into everything they do, while also leveraging customer data collected through its mobile app and other technologies.
With two of the country’s largest banks, SCB and KBank, being in this year’s top three brands, it’s evidence that the banking sector leads the way for other industries in Thailand.
A significant portion of the Thai population has access to financial services which makes winning new customers challenging for those in the sector so a tailored and seamless customer experience is key to retaining market share.
The country’s high digital penetration for financial services – the most in all of ASEAN – drives banks to meet consumers’ digital demands with cutting-edge digital products and services that cater to a wider demographic and deliver a positive experience.
ESG in banking and across all sectors is also becoming a key criterion consumers consider when choosing brands. This rise in sustainability is leading consumers to favour sustainable products as well as those made and packaged in recycled materials.
In addition, the Thai government recently updated its climate targets to reduce greenhouse gas emissions by 30% by 2030.
Altogether, companies will need to take a closer look at their ESG practices across their products as well as their operations.
KBank, for example, has installed solar panels on office buildings and is moving to electric company vehicles. SCB now offers “green loans” to encourage its retail customers to adopt alternative energy products.
Christopher Saunders, Partner and Head of Advisory, KPMG in Thailand, stated, “We have seen an overall decline in the scores across all CX pillars in 2023 which is driven by a change in customer expectations post-pandemic, during which time the acceleration of digital adoption providing a more optimal CX is now becoming the norm.”
“This tells us that the pursuit of excellence in CX will never be over and with this in mind, investments in technology, digital and data capabilities need to be maintained and not just be seen as a one-off initiative. This is evidenced by the results of large domestic banks in this year’s survey, who have very much maintained a focus on significant investments across these areas,” he added.
