webfact Posted September 8, 2019 Share Posted September 8, 2019 Tie-ups with 24-hr convenience stores help banks flourish By The Nation Commercial banks are going ahead with using convenience stores as agents after achieving up to 25 per cent growth monthly via 3 million transactions and Bt16 billion worth of deposits. Preedee Daochai, executive director for Kasikorn Bank, said that using convenience stores to handle financial transactions has become very popular among the bank's clients. "More than 80 per cent of our transactions were done through 24-hour convenience stores such as 7-Eleven and Family Mart," he said. "Since the start of the second quarter, these banking agents have been responsible for 3 million transactions, with a total deposit of Bt16 billion. In August alone, the use of convenience stores spiked to 1.2 million transactions with Bt5 billion in deposits." Preedee further elaborated that transactions via banking agents has risen exponentially since May, when the bank first started collaborating with 7-Eleven, Thailand’s largest convenience store chain. “In May we only saw 300,000 transactions via banking agents, before it doubled in June, hit 900,000 in July and eventually 1.2 million transactions in August," he said. The executive director added that the reason behind this is the convenience of being able to complete transactions any time of the day or night. “Their 24/7 availability fulfills the needs of street merchants, who usually deposit their earnings after markets close at night,” he said. “Kasikorn Bank is partnering with 7-Eleven, Family Mart, Bangchak petrol stations and Amazon Cafe, creating more than 15,000 banking stations nationwide,” Preedee added. Aphiphan Jaroen-Anusorn, general manager at Siam Commercial Bank, said the bank has more than 20,000 agents offering "SCB Service" via a collaboration with 7-Eleven, Thailand Post, Tesco Lotus and The Mall. “This year the bank has seen over 3 million transactions via banking agents, with deposits amounting to Bt15 billion," she added. "On average, the number of banking agents is growing at 25 per cent per month in terms of transactions, and have completed more than 3 million transactions with deposits worth Bt15 billion," she said. Phayong Sriwanich, general manager at Krungthai Bank, said that though pushing for transactions via banking agents is not part of the bank's main agenda, Krungthai may eventually follow this trend in the future to offer its clients a wider scope of services. “Unlike other commercial banks, most of our branches are upcountry,” he said. “If having banking agents helps us extend our services to remote areas, it will benefit both clients and the bank. This way transactions can be completed any time of the day or night and we will not have to open a new branch." “Krungthai is now talking with private operators who can offer 24/7 services, and hopefully we will see more channels of KTB very soon.” Source: https://www.nationthailand.com/news/30375911 -- © Copyright The Nation Thailand 2019-09-09 Follow Thaivisa on LINE for breaking Thailand news and visa info Link to comment Share on other sites More sharing options...
RichardColeman Posted September 8, 2019 Share Posted September 8, 2019 Yes, I'll have a 1000 baht petrol, a doughnut and the contents of the safe please Link to comment Share on other sites More sharing options...
prakhonchai nick Posted September 8, 2019 Share Posted September 8, 2019 So I have picked up 2/3 items in 7/11 and make my way to the cashier (just one available ) and find horror of horrors a customer doing his banking, booking tickets on Air Asia etc, whilst I and others behind me are waiting to pay for our drinks etc, which the whole convenience store concept was designed for. There should be one always manned desk solely for financial transaction and another always available for traditional sales. Link to comment Share on other sites More sharing options...
Crusader Posted September 9, 2019 Share Posted September 9, 2019 A good idea that seems to be working, but I got stuck behind a "banker" a couple of months ago whilst piking-up a few items for work early in the morning. Lesson learned - don't go to 7/11 on the way to work, get supplies ahead of time. Link to comment Share on other sites More sharing options...
cmsally Posted September 9, 2019 Share Posted September 9, 2019 I guess 7-11 employees are cheaper than bank tellers. If I were a bank employee I would be very wary of job security. In the next 10 years I would imagine many bank employees will be made redundant. It used to be one of those "jobs for life". Also I would imagine 7-11 don't provide pensions. Link to comment Share on other sites More sharing options...
PremiumLane Posted September 9, 2019 Share Posted September 9, 2019 Cheap labour for the banks Link to comment Share on other sites More sharing options...
30la Posted September 9, 2019 Share Posted September 9, 2019 Probably in the future 7/11 will be the new target for thieves! I can't imagine how they want to serve all customers, payments of all kinds, play with the smart phone, cash in and now also banking? The staff is not able to work properly! Link to comment Share on other sites More sharing options...
madmitch Posted September 9, 2019 Share Posted September 9, 2019 And as from next year, TM30, TM28 and 90 day reports can all be done at the 7-Eleven. Sorry, that's fake news. Please don't report me................at the nearest 7-Eleven??? Link to comment Share on other sites More sharing options...
LukKrueng Posted September 9, 2019 Share Posted September 9, 2019 22 minutes ago, cmsally said: Also I would imagine 7-11 don't provide pensions. 7-11 doesn't provide any of the bank services. They only represent the banks who offer the services and I guess (never used 7-11 for banking) that they only provide the simpler services such as deposits and withdraws. That said - I don't think I'll ever use a 7-11 for my banking activities such as deposit/withdraws which I can do through ATM / automatic deposit machines mainly due to privacy issues. Link to comment Share on other sites More sharing options...
Bundooman Posted September 9, 2019 Share Posted September 9, 2019 I'm sure it's a good idea and I wish it success. However, this IS Thailand and I'm afraid that I would never, ever, trust anyone serving in a convenience store with anything to do with my personal finances. I don't even trust the banks here by either banking online or the guaranteed safety of my hard-earnd cash by doing Credit card transactions with a Thai card. On the other hand, I have no reservations doing exactly that in my native country. Link to comment Share on other sites More sharing options...
Percy P Posted September 9, 2019 Share Posted September 9, 2019 25 minutes ago, cmsally said: I guess 7-11 employees are cheaper than bank tellers. If I were a bank employee I would be very wary of job security. In the next 10 years I would imagine many bank employees will be made redundant. It used to be one of those "jobs for life". Also I would imagine 7-11 don't provide pensions. The same thing is happening with online use .I haven't been physically in my Bank for years. All transactions are done online.Banker unwanted. Link to comment Share on other sites More sharing options...
Gracas Posted September 9, 2019 Share Posted September 9, 2019 I think I will wait for banks to start selling drinks and chips. Link to comment Share on other sites More sharing options...
wgdanson Posted September 9, 2019 Share Posted September 9, 2019 What can I do in a 7-11 which I cannot do with my on-line banking? Link to comment Share on other sites More sharing options...
zydeco Posted September 9, 2019 Share Posted September 9, 2019 4 hours ago, RichardColeman said: Yes, I'll have a 1000 baht petrol, a doughnut and the contents of the safe please Not at my nearest 7-11. It's right next to the police station. Oh, what am I thinking? Never mind. Link to comment Share on other sites More sharing options...
Pib Posted September 9, 2019 Share Posted September 9, 2019 37 minutes ago, wgdanson said: What can I do in a 7-11 which I cannot do with my on-line banking? Deposit "cash." Link to comment Share on other sites More sharing options...
Bantex Posted September 9, 2019 Share Posted September 9, 2019 1 hour ago, cmsally said: I guess 7-11 employees are cheaper than bank tellers. If I were a bank employee I would be very wary of job security. In the next 10 years I would imagine many bank employees will be made redundant. It used to be one of those "jobs for life". Also I would imagine 7-11 don't provide pensions. Bank staff have nothing to worry about re job security as their skills are now transferable to new jobs in 7-11. Link to comment Share on other sites More sharing options...
Srikcir Posted September 9, 2019 Share Posted September 9, 2019 5 hours ago, webfact said: Commercial banks are going ahead with using convenience stores as agents An already outdated idea for an outdated store concept. Enter the 7/11 Unmanned "X" store: https://www.taiwannews.com.tw/en/news/3352033 Link to comment Share on other sites More sharing options...
Assurancetourix Posted September 9, 2019 Share Posted September 9, 2019 57 minutes ago, Gracas said: I think I will wait for banks to start selling drinks and chips. Open 24/24 and 7 days a week ... We can always have a dream Link to comment Share on other sites More sharing options...
Jimbo53 Posted September 9, 2019 Share Posted September 9, 2019 1 hour ago, 30la said: Probably in the future 7/11 will be the new target for thieves! I can't imagine how they want to serve all customers, payments of all kinds, play with the smart phone, cash in and now also banking? The staff is not able to work properly! I dont think this concept will survive,after a few of the convenience stores get robbed at night or early morning,when they are full of cash,and employees get threatened or killed with guns and knives. Link to comment Share on other sites More sharing options...
wgdanson Posted September 9, 2019 Share Posted September 9, 2019 23 minutes ago, Pib said: Deposit "cash." However, in my situation, I never need that facility. But I can see others do at the end of a Hard Day's Night!. Link to comment Share on other sites More sharing options...
wgdanson Posted September 9, 2019 Share Posted September 9, 2019 12 minutes ago, Bantex said: Bank staff have nothing to worry about re job security as their skills are now transferable to new jobs in 7-11. Yep, you deposit a wad of cash and they ask if you want it waving! Link to comment Share on other sites More sharing options...
Longcut Posted September 9, 2019 Share Posted September 9, 2019 2 hours ago, prakhonchai nick said: So I have picked up 2/3 items in 7/11 and make my way to the cashier (just one available ) and find horror of horrors a customer doing his banking, booking tickets on Air Asia etc, whilst I and others behind me are waiting to pay for our drinks etc, which the whole convenience store concept was designed for. There should be one always manned desk solely for financial transaction and another always available for traditional sales. Just wait until they start selling lottery tickets too! Convenience will be a lost concept. Link to comment Share on other sites More sharing options...
Longcut Posted September 9, 2019 Share Posted September 9, 2019 1 hour ago, cmsally said: I guess 7-11 employees are cheaper than bank tellers. If I were a bank employee I would be very wary of job security. In the next 10 years I would imagine many bank employees will be made redundant. It used to be one of those "jobs for life". Also I would imagine 7-11 don't provide pensions. Have all these 7/11 employees been vetted? Link to comment Share on other sites More sharing options...
Pib Posted September 9, 2019 Share Posted September 9, 2019 I can see the next service coming. Instead of receiving change for your 7-11 buy....like buying something for Bt80....handing them hundred baht note...and getting Bt20 in change.......instead, you tell them just to deposit the change directly into your bank account. Call it the 7-11 Savings Program. Link to comment Share on other sites More sharing options...
lagavulin1 Posted September 9, 2019 Share Posted September 9, 2019 52 minutes ago, Pib said: Deposit "cash." Neck a crafty beer without her indoors knowing ???????? Link to comment Share on other sites More sharing options...
Vacuum Posted September 9, 2019 Share Posted September 9, 2019 1 hour ago, wgdanson said: What can I do in a 7-11 which I cannot do with my on-line banking? Buy beers? Link to comment Share on other sites More sharing options...
ajarnmarc Posted September 9, 2019 Share Posted September 9, 2019 2 hours ago, prakhonchai nick said: So I have picked up 2/3 items in 7/11 and make my way to the cashier (just one available ) and find horror of horrors a customer doing his banking, booking tickets on Air Asia etc, whilst I and others behind me are waiting to pay for our drinks etc, which the whole convenience store concept was designed for. There should be one always manned desk solely for financial transaction and another always available for traditional sales. That would be logical and we know Thai's are anything but logical... I remember when they used to all shut down to eat lunch at the same time, those were the days, especially in Phuket, where you had to wait out morning traffic, and by the time you was able to travel reasonably, you would just get to the business before they informed you that you need to come back after lunch break and a nap time, so say 2pm should work...but I certainly like your logic and think that would be great idea. Though we still have to wait for the locals to hand over their phones so the popup can be performed by the cashier, as it's to much trouble to take the cards outside, scratch off the decal hiding the number, dial up the number and enter in the code, or even better still would be to use the ATM machine to popup the mobile, wow amazing Thailand... Link to comment Share on other sites More sharing options...
paulbrow Posted September 9, 2019 Share Posted September 9, 2019 1 hour ago, wgdanson said: What can I do in a 7-11 which I cannot do with my on-line banking? Deposit cash? Link to comment Share on other sites More sharing options...
neeray Posted September 9, 2019 Share Posted September 9, 2019 2 hours ago, wgdanson said: What can I do in a 7-11 which I cannot do with my on-line banking? You can't deposit funds using online. Link to comment Share on other sites More sharing options...
neeray Posted September 9, 2019 Share Posted September 9, 2019 1 hour ago, Jimbo53 said: I dont think this concept will survive,after a few of the convenience stores get robbed at night or early morning,when they are full of cash,and employees get threatened or killed with guns and knives. Reported on this forum about a month or two ago, two or three 7-11 were robbed within an hour or two. Memory says it was in Phitsanulok. (but watch this space, another member will post a link soon to correct my memory) Have you ever heard of a "drop safe"? There is no need for large amounts of cash on hand. Employee deposits cash through compartment into drop safe. No access after that. This can be done every 5 minutes if necessary. Link to comment Share on other sites More sharing options...
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