As with all industries, as digitisation transforms nearly all aspects of modern banking, banks in Thailand have made significant investments in how they interact with their customers at every step in the banking journey.
From changes to the way we make payments, to changes in the role of the bank and how we interact with it, our expectations are no longer just about visiting a branch or an ATM. More and more we are connecting with our banks via online banking or mobile applications.
These additional ways to connect require a more complex network for the banks to ensure they have a positive relationship with their customers. Pleasing customers is thus becoming an increasingly competitive undertaking.
A positive relationship has always been high on the agenda for banks, but they have had to reinvent themselves in terms of how they operate, according to the local communications agency Marketbuzzz. "This requires a shift from a transactional mindset to one that truly puts the customer at the centre of everything they do," it says.
But do the banks deliver the same experience across all of these channels for their customers?
Marketbuzzz, in partnership with the data technology company Potentiate, interviews thousands of bank customers each quarter, looking at all the touchpoints where customers interact with their banks.
Over the past year, Thailand has seen some very marked changes in the levels of customer interaction with banks, said Marketbuzzz CEO Grant Bertoli.
For example, the 2018 survey noted a drop in the use of ATMs to 67.1%, down 1.5% from a year ago. In-branch bank visits fell 2.7% to 41.7%, while there was a significant increase in the use of mobile apps, to 45% of all banking customers, up 12.3%.
"While ATM and in-branch visits have dropped, they are not going away," Mr Bertoli said. "Rather, customers are using the new services for convenience and ease and now have the range of touchpoints to connect with when they need them."
The Thailand Banking Benchmark Monitor shows that the highest levels of satisfaction are also among the new touchpoint applications. The mobile app tops the table at 91.6, followed by online banking at 90.8 and the ATM at 87.2.
"Banks know the importance of mobile and they have invested in transforming their businesses with technology, especially their mobile apps, which have some of the highest download rates in the world for the banking industry," Mr Bertoli said.
"However, what is often underestimated is the importance of making sure the interaction across touchpoints offers the same consistent experience across all interactions with the bank."
Kasikornbank, he noted, used to enjoy superiority over its peers when it came to mobile and online banking. However, others have caught up, especially Siam Commercial Bank.
"This is not to say that KBank customers are not satisfied with the mobile app -- in fact they are very satisfied -- it's just that the other banks have been investing in making sure their apps are performing well for their own customers and are looking for further functionality and benefits of lifestyle to attract usage of the app over other touchpoints -- in doing so they have narrowed the gap," said Mr Bertoli.
In a very short time, the financial industry has embraced the digital revolution and brought customers willingly along for the journey. As a standard, we now expect to be able to manage our money wherever, whenever and however we want.
Of course, being mobile-enabled is only the beginning of the journey to mobile maturity. With competition heating up, banks will only stay ahead of the game for as long as they are able to deliver easy and engaging experiences across multiple touchpoints to any customer who wants it.
"Presenting the right channels and relevant shortcuts to make sure customers are able to find what they're looking for quickly will save time in their busy lives, while providing relevant offers and privileges are a nice 'value add' to their everyday banking," Mr Bertoli said.
As the industry responds to the new demands of customers, relevant personalisation, along with delivering a coherent and seamless customer experience, will be the next stages of development to make customer interactions easier and more enjoyable.
