Mitihoon – Siam Commercial Bank (SCB) continues its commitment to redefining digital banking by advancing toward an AI-First Bank model. Leveraging AI technology, SCB aims to deliver a deeply hyper-personalized digital experience, integrating products and services seamlessly and enhancing processes to truly resonate with customers through its “Better Brain” approach. The latest innovation, ‘EASY Store’—a hyper-personalized financial service center on the SCB EASY App, recommends financial products and services tailored to each customer’s unique needs, from investments and credit cards to loans, insurance, and savings accounts, as well as exclusive promotions. For the first time in Thailand, SCB delivers a fully hyper-personalized digital banking experience with “AI That Understands You.” This advanced AI learns and adapts to help customers achieve their financial goals with ease and precision. SCB’s “Digital Bank with a Human Touch” strategy aims to achieve 25% digital income by 2025, setting the stage for its full transformation into a leading digital bank.
Mrs. Pitiporn Phanaphat, First Senior Executive Vice President of the Digital Business Function at Siam Commercial Bank, stated, “Through our ‘Digital Bank with a Human Touch’ strategy, we prioritize leveraging AI technology to transform banking on all fronts, aiming to create a complete digital banking experience with a customer-centric approach as we advance toward becoming an AI-First Bank. The steady increase in customers using our mobile banking services reflects the trend among new-generation consumers who prefer digital channels for transactions. However, in-depth research into customer behavior revealed that some customer groups still face challenges in accessing and becoming aware of financial products. Offers sometimes miss the mark, falling short of individual needs. To address these pain points, we’re deploying AI technology to develop machine learning models that analyze comprehensive customer data, driving the development of our ‘EASY Store’—a hyper-personalized financial service center on the SCB EASY App. For the first time in Thailand, this service provides a truly hyper-personalized digital banking experience with ‘AI That Understands You,’ helping customers access relevant financial services with ease and accuracy. The SCB EASY app is designed to provide a seamless, intuitive experience, bridging the gap between technology and genuine human understanding to meet each customer’s unique financial goals.”
The “EASY Store” is developed with a customer-centric approach to offer tailored financial products and services that meet the unique needs of each customer. By analyzing customer data, behaviors, financial needs, market insights, and future trends, the EASY Store provides hyper-personalized solutions in one convenient location. It functions like a department store, consolidating a wide range of SCB’s financial products and services, including investment options, deposits, and insurance, all with exclusive offers. Through AI technology, the bank’s Digital Wealth services can recommend specific investment products from a pool of over 800 funds and offer a comprehensive selection of insurance products, including savings, auto, travel, health, and life insurance. Additionally, digital lending options and credit cards are curated to match each customer’s profile. Looking ahead, SCB plans to expand its offerings to include pre-owned properties and bank-owned assets, ensuring an increasingly convenient and holistic experience for customers—all in one place.
“Our goal is to build a digital lifestyle ecosystem that quickly and accurately meets individual financial needs,” Ms. Pitiporn stated. “We aim for more than 30% of our 18 million SCB EASY app users to utilize the EASY Store by the end of 2024. This growth will help increase digital sales through the app by over 61% year-over-year and contribute to a rise in SCB’s digital income to over 13% by 2024, supporting our target of achieving 25% digital income by 2025.”
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