The majority of Thai consumers want a better digital banking experience, with more than half willing to share and have their data collected by service providers to improve their experience, according to a recent survey.
The "Bank of the Future" report conducted by Capco, a technology consultancy, found 89% of 890 respondents residing in Bangkok and surrounding areas want more efficient online banking services.
The figure is the highest among five markets in Asia-Pacific, compared with 87% in Malaysia and 77% in Singapore.
Accessibility, personalisation and customer support are among the determining factors for Thai respondents, according to the report.
Some 62% of Thai respondents chose mobile apps as a way to improve their digital experience.
Some 85% of Thai respondents access financial services via mobile phones, according to a survey of 4,889 respondents in Thailand, Malaysia, Singapore, Hong Kong and the Greater Bay Area.
Additionally, Thailand showed a stronger preference for all-in-one digital services than most of the other surveyed markets, with 76% wanting financial platforms to provide one-stop services amid the surging popularity of super-apps in the Thai market.
Chulayuth Lochotinan, partner and head of Capco Thailand, said Thailand achieved a milestone in the widespread use of digital banking.
"Our survey highlights the rising popularity of mobile banking apps and reveals a strong propensity for consumers in Thailand to share their data in exchange for more individually tailored services," he said.
The research found 82% of Thai respondents wanted to see more personalised insights for their financial services, with more than half willing to share and have their data collected by service providers, while 30% are open to considering the proposal.
That figure is the highest among the markets surveyed in terms of agreeing to unlock personal data for individually tailored financial products, compared with 29% in the Greater Bay Area, 28% in Malaysia, 22% in Hong Kong and 17% in Singapore.
The top four data sets Thai respondents would consent to sharing are social media profiles (50%), fitness or health tests (49%), location (47%) and loan and credit history (45%).
The study also found Thai respondents deem customer support a significant factor in improving their online banking experience. Some 69% reported better customer support incentivises them to use a financial service, whereas 49% would like service providers to have chatbots for real-time assistance.
"Digital-savvy, mobile-oriented consumers are playing a key role in reshaping banks' priorities and the wider banking ecosystem," said James Arnett, Capco's managing partner for Asia-Pacific. "New technologies grant consumers unprecedented freedom to choose how they engage with banks, access more personalised services, and see a complete view of all their finances."
