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Tie-ups with 24-hr convenience stores help banks flourish

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Tie-ups with 24-hr convenience stores help banks flourish

By The Nation

 

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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

 

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-- © Copyright The Nation Thailand 2019-09-09

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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.

 

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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.

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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.

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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!

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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???

 

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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.

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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.

 

 

 

 

 

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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.

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I think I will wait for banks to start selling drinks and chips.

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What can I do in a 7-11 which I cannot do with my on-line banking?

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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.

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37 minutes ago, wgdanson said:

What can I do in a 7-11 which I cannot do with my on-line banking?

Deposit "cash."

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