The imperative for change
Bangkok Bank faces the same challenges as other financial institutions across the region: falling fee income, rising costs and increasing competition. While it pioneered mobile banking in Thailand with the 2014 launch of its Bualuang mBanking app, it has recently faced stiff competition in this area from other banks and fintechs. Thailand’s central bank has also introduced national initiatives, such as the PromptPay mobile payments platform, which have dramatically increased volumes of electronic transactions. Furthermore, the coronavirus pandemic has accelerated digital banking migration.