Siam Commercial Bank (SCB) has recently won Debit Card of the Year, Best Financial Inclusion Initiative, and Best Payments Innovation Awards at the Global Retail Banking Innovation Awards 2020 ceremony organized by The Digital Banker, a global financial website. This global recognition reflects SCB's potential in leveraging its technological capability and advanced financial innovations in developing new financial products and solutions that perfectly cater to customer needs, as well as its focus on customer experience - to solve their pain points with better financial experiences and to keep up with the ever-changing demands of retail customers in the digital world.
SCB Senior Executive Vice President and Chief Retail and Business Banking Officer Auraratana Jutimitta said, "Digital technology is now playing a prominent role as the key driving force in financial business operations and accelerating changes in consumer behavior. SCB is determined to leverage digital technology to continuously develop innovative financial solutions. We also place importance on customer experience, which is key to business operations. We always start from studying customer pain points to gain insights, and then develop new financial products and services based on data to better offer a seamless customer experience. We also explore financial innovations for the betterment of business and society. All these efforts have brought us the three awards from Global Retail Banking Innovation Awards 2020 organized by The Digital Banker, a globally trusted news, business intelligence, and research partner to the worldwide financial services sector."
The three awards are as follows:
- Debit Card of the Year in recognition of PLANET SCB card, under a "Borderless Foreign Currency Exchange" concept. The card allows customers to convert and top-up to 13 foreign currencies wallet at very competitive FX rates and use the card to shop in baht or in any other currencies with no 2.5% foreign currency conversion fees. All transactions can be managed conveniently via SCB EASY app 24/7.
- Best Financial Inclusion Initiative in recognition of "Mee Tang": SCB is the first bank in Thailand offering financial innovation for employees receiving salaries via SCB Payroll, allowing them to receive advance pay any day they want via the SCB EASY app without waiting for pay day. The "Mee Tang" concept is "instant money in your pocket without waiting for pay day." The product offers a new option for employees with financial emergencies, allowing them to use their own salaries without relying on loan sharks.
- Best Payments Innovation in recognition of "International remittance via the SCB EASY app": This is a new service in partnership with Ripple, a leading US-based global payment and remittance solution provider. With Ripple Blockchain technology, the service offers international remittance across an extensive network of 12 major countries around the world. Through the blockchain cross-border payments network RippleNet, customers can conveniently make real-time international remittance transactions 24/7 via the SCB EASY app. Funds are available for recipients in a matter of seconds or up to 5 days, depending on the remittance system at the destination country. The service offers value transactions without fees charged by destination banks, so recipients receive funds in full amounts.