In the age of digital dominance, the battleground for banking supremacy is no longer confined to brick-and-mortar establishments. Instead, it has shifted to the palm of your hand — the smartphone. As neobanks and digital financial platforms disrupt traditional norms, the importance of Customer Experience (CX) has become more pronounced than ever. Join us on a journey as we explore the state of Thailand’s banking landscape, the pivotal role of banking apps, and a sneak peek into our upcoming report, “Driving Exceptional CX: Top 7 Thailand Retail Banks to Ace Digital App Experience.”
Traditional banks in Thailand: A digital crossroad
Thailand’s banking sector has long been characterized by stability and reliability. However, the digital transformation wave is reshaping the industry, prompting traditional banks to rethink their strategies. The Thai economy’s robust growth, coupled with a tech-savvy population, has set the stage for a new era in banking, where innovation and exceptional customer experiences take center stage.
In today’s digital landscape, a bank’s mobile app is no longer just a tool for transactions; it’s a customer’s daily companion. From checking balances to transferring funds and exploring financial products, the app is the gateway to a seamless financial journey. Its design, functionality, and user-friendliness are critical factors in shaping the overall customer experience.
As neobanks and digital disruptors raise the bar, traditional Thai banks must embrace change to stay relevant. A subpar app experience can lead to customer dissatisfaction and, potentially, a migration to more innovative alternatives. Conversely, a superior app can foster customer loyalty, engagement, and positive word-of-mouth, becoming a strategic asset for the bank.
Growth opportunities for App-based banking in Thailand
Recognizing the challenges and opportunities in the Thailand retail banking landscape, we present our report, Twimbit CX Banking App Benchmarks 2023 – Thailand
Framework and methodology
In this report, we meticulously benchmark the digital app experiences of the leading traditional retail banks in Thailand. Our comprehensive analysis dives deep into the strengths and weaknesses of each bank’s app, evaluating parameters such as mobile app experience, customer onboarding experience and customer service experience.
Twimbit Digital App Experience (TDEX) Score of Thailand’s top 7 banks
#1 Mobile app experience
The mobile app experience parameter refers to the assessment of user-friendliness and effectiveness of a bank’s mobile application. We evaluate three sub-parameters to gauge the mobile app experience offered by seven prominent Thailand banks.
| Mobile app experience |
| Mobile application availability and capabilities |
| App activation convenience |
| App security and Privacy |
Among seven banks, Bangkok bank emerged as the leader due to its exceptional features and capabilities within its mobile app.
Top 2 best practices by Bangkok bank includes:
- App-enabled MPIN (Mobile Personal Identification Number) and Face ID setup during account opening: Bangkok bank app excels by enabling users to establish an MPIN and face ID as part of the account opening procedure. This feature not only adds a layer of security but also streamlines the onboarding experience, eliminating the need for a separate step to set up the MPIN later.
- No separate app registration process: Bangkok bank app demonstrates a superior approach by eliminating the need for a distinct app registration process. Customers can seamlessly transition into the app’s functionalities during the account opening process.
#2 Customer onboarding experience
The customer onboarding experience parameter refers to the evaluation of how user-friendly, informative, and efficient a bank’s process is for welcoming new customers and helping them open accounts. We evaluate five sub-parameters to assess the onboarding experience.
| Customer onboarding experience |
| Discovery Journey |
| Clarity of products or services |
| Ease of account opening |
| Activation convenience |
| Debit card application |
Among these banks, TMRW emerged as the leader due to its outstanding features and capabilities within its onboarding process.
Top 3 best practices by TMRW includes:
- Clear steps for account opening journey with document requirements: TMRW’s onboarding process shines by providing clear and concise information about the four steps involved in opening an account. The bank informs customers about the necessary documents needed at each step. The transparency ensures that customers are well-prepared and easily understand the account opening process.
- Comprehensive information about different account types with benefits: TMRW excels in offering comprehensive information about several types of accounts available, coupled with cross-product benefits. This empowers customers to make informed decisions about the type of account that best suits their needs.
- Convenient features and services during account opening: The bank’s onboarding process offers valuable features such as the option to backtrack to a previous step and auto-save of information filled. The process also enhances customer experience by offering chatbot support at various steps.
#3 Customer service experience
The customer service experience parameter refers to the assessment of how effectively a bank caters to its customers’ inquiries, concerns, and issues, ensuring a seamless and supportive interaction. We evaluated four sub-parameters to gauge the customer service experience.
| Customer service experience |
| Customer support channels |
| Time taken to response to query |
| Self-service potential: FAQs |
| Self-service potential: IVR (Interactive Voice Recognition) |
Among these banks, TMRW stood out as the leader due to its exceptional features and capabilities within its customer service offerings.
Top 2 best practices by TMRW includes:
- Multiple customer support channels and chat options: The bank’s customer service experience is bolstered by offering customers a range of support channels (Email, Live chat, chatbot). These channels cater to different preferences, allowing customers to choose their preferred mode of interaction.
- Tia! AI-Chatbot with categorized services: TMRW’s customer service experience includes an AI-powered chatbot named Tia! which offers categorized services to assist customers efficiently. This chatbot provides quick responses and guidance for a wide range of queries, further optimizing the support process.
By dissecting the digital app experiences of these prominent banks, we aim to provide valuable insights into their current mobile app CX strategies, shed light on areas for improvement, and offer actionable recommendations for enhancing app experiences in line with the evolving customer expectations.
To gain detailed insights on each customer journey for the top 7 banks
In conclusion, the digital era has ushered in a paradigm shift in banking, necessitating a renewed focus on customer experience. The report not only serves as a mirror reflecting the current state of affairs but as a blueprint for a future where customer-centricity reigns supreme.