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Thais willing to share data to enable better online banking

Thais willing to share data to enable better online banking

A woman performs financial transactions using a mobile banking app.  About 62% of Thai respondents use mobile apps as a way to enhance their digital experience.

A woman performs financial transactions using a mobile banking app. About 62% of Thai respondents use mobile apps as a way to enhance their digital experience.

The majority of Thai consumers want a better digital banking experience, with more than half willing to share and have their data collected by service providers to improve their experience, according to a recent survey.

The “Bank of the Future” report conducted by Capco, a technology consultancy, found that 89% of 890 respondents living in Bangkok and surrounding areas want more efficient online banking services.

The figure is the highest of five Asia-Pacific markets, compared to 87% in Malaysia and 77% in Singapore.

Accessibility, personalization and customer support are among the deciding factors for Thai respondents, according to the report.

About 62% of Thai respondents chose mobile apps as a way to improve their digital experience.

About 85% of Thai respondents access financial services via mobile phones, according to a survey of 4,889 respondents in Thailand, Malaysia, Singapore, Hong Kong and the Greater Bay Area.

In addition, Thailand showed a stronger preference for all-in-one digital services than most of the other markets surveyed, with 76% wanting financial platforms to offer one-stop services amid the growing popularity of super apps in the Thai market.

Chulayuth Lochotinan, partner and head of Capco Thailand, said Thailand achieved a milestone in the widespread adoption of digital banking.

“Our survey highlights the growing popularity of mobile banking apps and reveals a strong propensity for consumers in Thailand to share their data in exchange for more individually tailored services,” he said.

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The survey found that 82% of Thai respondents wanted to see more personalized insights for their financial services, with more than half willing to share and have their data collected by service providers, while 30% are open to considering the proposal.

This figure is the highest among the markets surveyed for agreeing to unlock personal data for individually tailored financial products, compared to 29% in the Greater Bay Area, 28% in Malaysia, 22% in Hong Kong and 17% in Singapore.

The top four data sets that Thai respondents would agree to share are social media profiles (50%), fitness or health tests (49%), location (47%) and loan and credit history (45%).

The study also found Thai respondents consider customer support an important factor in improving the online banking experience. Some 69% reported that better customer support motivates them to use a financial service, while 49% want service providers to have chatbots for real-time assistance.

“Digitally savvy, mobile-oriented consumers are playing a key role in reshaping banks’ priorities and the wider banking ecosystem,” said James Arnett, Capco’s managing partner for Asia-Pacific. “New technology gives consumers unprecedented freedom to choose how they communicate with banks, access more personalized services and see a complete overview of all their finances.”

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