TMB-Thanachart Bank (TMB-TBank) aims to transfer its wholesale commercial customers onto a digital banking platform next year, a move that should help clients save about 60% on their operational costs.
The bank on Tuesday launched its digital banking platform offering — Business One — which is available to both corporate and small and medium-sized enterprise (SME) businesses.
The innovative service is designed to offer more than regular digital banking services, covering both financial and non-financial services. These include loan withdrawal, fund transfer (locally and internationally), cash flow management, foreign exchange management, human resource management, as well as providing a data analytical system in a dashboard format.
Senathip Sripaipan, the bank’s chief commercial banking officer, said apart from offering greater convenience, simplicity, speed, and security, the platform would help corporate firms and SME business operators to improve their business efficiency. For businesses in the commercial customer segment that have a large volume of transactions, the digital platform would help these companies to reduce their traditional working processes by 60% and save about 60% on their operating expenses on average.
About 30,000 of the bank’s wholesale and SME clients are adopting the Business One platform from among its 100,000 commercial customers. The bank is aiming for all its commercial customers to adopt the digital banking platform in 2021.
“Apart from digital technology development, Covid-19 is another key factor encouraging digital banking transactions and people’s digital lifestyles. With this scenario, Business One would be a solution helping customers to manage their businesses better amid this difficult situation,” he said.
With access to big data on the Business One platform, commercial customers could forecast aspects of business management, such as cash flow management over a period of the next one to three months.
The bank would also develop new features for the digital banking platform in response to customers’ additional requirements, Mr Senathip said.
In addition, Mr Senathip said TMB-TBank will provide financial assistance to both corporate and SME clients in their efforts to manage the current crisis though the provision of debt relief measures.
More than 50% of TMB-TBank’s commercial clients applying for the Bank of Thailand’s debt relief scheme have been able to resume normal repayment of debt since the measures expired on Oct 22.