The bank of Thailand revealed today, September 28, that the organization is setting up a study group to examine the process and the possibility of launching ‘Virtual Banking’ legitimately in Thailand, driven by rapidly changing consumer behavior.
‘Virtual Banking’ is a bank that offers banking services through only electronic channels without branches. All services of virtual banks can be performed online, including opening an account, making deposits, taking out loans, and performing other banking transactions via a mobile app or through the website of the virtual bank. It significantly helps save customers’ time without having the need to visit a bank.
The study group will focus on how Virtual Banking should be launched in Thailand and how to make it approachable for everyone in the country by focusing on study cases in Europe, Singapore, Malaysia, and some other countries in which the service has previously been operated.
Ronadol Numnonda, the Deputy-Governor of the Financial Institutions Stability Bank of Thailand, told the press that there is a high possibility of establishing Virtual Banking in Thailand as the services of various commercial banks in their branches begin to decline while mobile banking and internet banking began to take place.
The deputy-governor stated: “The Bank of Thailand has to study such guidelines of the service thoroughly and to contemplate whether the service would answer the needs of the Thai people or not.”
“At the same time, we also have to consider how financially applicable it would be for everyone in Thailand because, at the moment, the digital banking services are only easily accessible for people living in the city. To provide electrical services nationwide, Virtual Banking must be functional for those living in both urban and rural areas in order to successfully accomplish our goal of launching the online service,” Ronadol concluded.
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