A leading digital bank in Thailand, Krungthai Bank provides end-to-end digital banking services covering all customer groups, industries and sizes including individual business owners, SMEs, large corporations and government entities.
Focusing on non-retail clients, Krungthai Bank has been investing in digital transformation to create innovative platforms such as Krungthai BUSINESS, a corporate portal that makes managing finances easy and efficient, and enables Thai businesses to enter the digital financial era.
For launching a platform that not only boasts of a user-friendly interface, but also offers robust features to meet customer needs, Krungthai Bank won the award for the Best Domestic Bank in Cash Management in Thailand at the Global Transaction Banking Innovation Awards 2024, hosted by The Digital Banker.
A Digital Boost
Krungthai Bank says it leveraged its digital capabilities and expertise to create value-added services such as Krungthai BUSINESS that enhance the efficiency, security and convenience of cash management for its customers.
Krungthai BUSINESS offers business customers seamless access to a comprehensive suite of transaction banking services. With real-time data updates and cross-device synchronization, customers can manage their finances easily and securely from any device. The platform’s focus on visual data presentation enhances user experience and makes financial management easy and straightforward, while its internationally standardized security systems and reliable environment ensure that all transactions are protected, providing customers with a trustworthy and versatile financial management solution.
One of the Bank’s success stories is the electronic tax service. Leveraging its strength as the government’s main collection bank, Krungthai Bank extends its service offerings on Krungthai BUSINESS to cover straight-through processing of tax submission, eliminating paper-based invoice and receipt documents. This service enables Krungthai BUSINESS to provide businesses with end-to-end payment solutions, helping them reduce costs and simplify financial management while enabling SMEs to have better access to financing.
Another success is the addition of the self-onboarding platform, Krungthai BUSINESS Onboarding, which allows business customers to effortlessly open an account and subscribe to Krungthai BUSINESS online. It employs sophisticated KYC technology through Krungthai’s Paotang Pass verification system and connects with government bureaus to retrieve essential business data. This onboarding platform significantly reduces the time and paperwork associated with traditional onboarding processes.
Krungthai Bank’s cash management solutions are also applied to healthcare. One of its significant projects is the healthcare reimbursement claims for Thailand Government officers via ‘Health Wallet’ – which eliminates manual processes with an accurate and secure interface to the centralised database.
A Competitive Edge
To complement its cutting-edge corporate portal, the Bank has also built related digital platforms, one of them including Cloud Enterprise Resource Planning (ERP) as a service, which seamlessly integrates with Krungthai BUSINESS via open banking API technology.
Forging a strategic partnership with a local ERP provider to build exclusive and complete suites of ERP modules for Thai businesses, Krungthai Bank aims to target SMEs starting their businesses or existing businesses wanting to grow sustainably.
This integration allows customers to manage sales activities such as quotation preparation, purchase order issuing, generating tax invoices, exchanging data online and connecting with their partners. Its powerful backend processing supports intra-bank and cross-bank transactions through Thailand’s National Common Infrastructure called ‘PromptBIZ’.
The Bank says its Cloud ERP solution is a major differentiation from traditional ERP package marketing partners, as it leverages digital technology to help businesses manage their operations more efficiently, while staying competitive in the digital economy.
For its innovative thinking and efforts to stay steps ahead of the competition through the launch of the Cloud ERP integration, Krungthai Bank was highly acclaimed by The Digital Banker, under the category of Best ERP Integration Initiative, at the Global Transaction Banking Innovation Awards 2024.
