Bangkok--4 Jun--Siam Commercial Bank
offering attractive interest rates similar to fixed deposit accounts, and totally overhauls its entire service system in a bid to be the leader in the transactional banking market
Siam Commercial Bank (SCB) is sprinting towards leadership in the transactional banking market by taking advantage of its strength in financial innovation to continuously optimize convenience in every customer segment. SCB has totally overhauled its entire service system, aiming to increase its market share to 20% and be number one in the market in three years. To further that goal, SCB has introduced an “SCB One” business account that breaks all the rules of typical current accounts, offering attractive interest similar to fixed deposit accounts and eliminating fuss over managing funds between accounts.
Talking about the move, SCB Executive Vice President and Head of the Global Transaction Service Division Mr. Trirong Butragaht said, “SCB has a policy of coming up with financial innovations to increase convenience for our customers. We have overhauled our service process from on boarding through after-sale services, and adopted a strategy that taps every customer segment. Our diverse range of financial solutions continuously cater to the needs of every customer segment in order for us to reach our goal of becoming the leader in transactional banking. Today, SCB is pleased to introduce its new “SCB One” business account, which will totally change the routine of typical current accounts. Customers will earn attractive interest similar to fixed deposit accounts, while managing funds between accounts will be even easier and reduce transaction costs.”
Most business owners need to have several accounts for cash management and liquidity management. For example, they need a current account for payments and to receive cheques. Due to the disadvantage of current accounts not paying interest, there is a constant need to transfer any remaining funds in current accounts to a savings or fixed deposit account to earn interest. However, if the balance of a current account runs low, money will need to be transferred back into the account. This can be somewhat of a hardship and lead to penalty fees if a current account balance falls lower than requirements. To eliminate all that inconvenience, SCB has developed the “SCB One” business account featuring interest calculated daily from the balance at the end of the day. The account also offers special interest similar to a fixed deposit account when the account balance meets minimum requirements. The “SCB One” business account breaks all the rules of a typical current account and offers effective and automatic cash management within one account without the need to transfer funds between accounts. The “SCB One” business account comes with more benefits for financial transaction management, including a fee waiver for fund transfers via SCB Business Net, a 50% discount for inter-region SCB cheque collection fees, and a waiver of joining fees and annual fees for the first year when applying for SCB Business Net.
At present, SCB has some 28,000 customers using typical current accounts. For this new “SCB One” business account the bank expects 4,000 business customers of all kinds, big and small, to sign up by the end of the year, with 50% of that number coming from existing customers and the remainder from new customers. Understanding customer needs leads to financial product development that optimizes customers' cash management and convenience. SCB aims to be the transactional banking leader in every customer segment, with a 16% market share this year.
Siam Commercial Bank (SCB) Executive Vice President Mr. Trirong Butragaht introduces a new “SCB One” business account, a revolutionary current account offering high interest similar to fixed deposit accounts while enhancing customer convenience. This new financial innovation emphasizes SCB's leadership in the transactional banking market. The event recently took place at the SCB Head Office.