Thailand has been quick to embrace digital financial services with the COVID-19 pandemic speeding up this trend. A staggering 93 percent of Thai banking customers say that the availability of online or digital services through their bank is important according to a new report from SaaS cloud banking platform Mambu.
Those who live in Bangkok won’t find that surprising. Everyone from large supermarkets to small vendors at pop-up markets are accepting QR code payments in the Thai capital. However, other parts of Thailand have started to embrace digital financial services. The report found that 73 percent of respondents in the Kingdom made greater use of online banking over the last 18 months.
“We know that Thailand is a frontrunner in terms of digital adoption in financial services, and these survey results validate that belief,” Khun Kiattipong Hanthaiphondee, General Manager Thailand at Mambu, noted. “The vast majority – 93 percent – believe that digital and online banking services are an important offering from their bank.”
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Another notable finding from the Mambu report was how Thailand and its embrace of digital financial services was being driven in part by entrepreneurs. A staggering 72 percent of Thai respondents said they are more likely to start a business now than they were pre-pandemic. This was the highest total of any country surveyed.
Additionally, 83 percent of Thai people asked noted that the availability of SME banking services through their banking provider is important. This was also the single highest response from any country.
Interesting Analysis
Thailand has really begun to embrace digital financial services over the past three years or so. And it’s not just a Bangkok thing. You are seeing them being used throughout the country. Thai banks have done a good job of building mobile apps that support both consumers and SMEs which is another reason why people in the Kingdom are comfortable with online banking.
