The number of active users on the Bank for Agriculture and Agricultural Cooperatives' (BAAC) mobile app has soared to 50% of its total 2.73 million userbase, says president Tanaratt Ngamvalairatt.
He said the ratio between the bank's A-Mobile app users, who actively conduct transactions via the app, and app users who still prefer to go to branch counters rose to 50:50 as more users avoid branches because of the pandemic.
Before the outbreaks, active A-Mobile users comprised 20-30% of total app users. The app was launched two years ago.
A total of 40-50 million transactions are conducted via the app monthly. As of July, 1.66 million users used the app monthly.
Mr Tanaratt said most active users are depositors, with money transfers making up the majority of transactions.
App users who still prefer to go to branches are generally those over 50 years old who are not familiar with digital technology, he said.
BAAC has 5.6 million customers. It has 8.6 million ATM cardholders, 1.37 million debit cardholders and 2,000 ATMs.
As part of its continued digital services, the bank is launching a digital lending service on Oct 1 focusing on public health volunteers who already have deposit accounts at the bank. The loan is limited to 20,000 baht per person with an interest rate of 6.5% per year.
The service also offers loans to existing customers with good credit records, at up to 50,000 baht per person.
The digital loans can also tap customers who are participants in BAAC's lottery savings scheme, said Mr Tanaratt. They can use the lottery as collateral and borrow up to 90% of total lottery value.
