Dr. Benjarong Suwankiri, Head of ME by TMB, said that in the past 7 years ME by TMB has proved to be a true digital banking service provider for digital-age consumers, with the impressive operating results. To date, more than 360,000 accounts have been opened. The number of ME SAVE accounts grew 22% on an annual average in the period. Thanks to the high interest rate, which is 4.5 times above general savings rates, the accumulated interest returns offered to clients have been tuned at Bt4,490 million.
ME by TMB 3 products and services on offer specifically for digital-age customers. ME SAVE, a digital savings account, hands out 1.7% per year in interest rate, which is 4.5 times above market savings rates. Starting from 2018, customers could open ME SAVE accounts through "Electronic Know Your Customer" (EKYC) system, whereby customer identification could be identified through ME application and they no longer needed to show up at the bank's branches. In mid-2018, ME MOVE was launched with the "Balance Sweep" feature that allowed the automatic transfer of balances to high-interest ME SAVE accounts. The new service won warm responses, drawing 48,000 new accounts which were above the 40,000 target. It also boosted ME transactions by 70% compared to the previous year. Meanwhile, ME SURE was launched as Thailand's first life insurance through mobile application, was launched and its first endowment policy, "More Savings 10/5".
"Our strategy this year will emphasize new experiences, to further promote ME by TMB. We are also set to improve our services to better satisfy customer preferences, which includes the Personalization of the services which will eventually offer customers Digital Experiences. Customer behaviors will dictate our product offering and our operations will no longer need support from the branch network" Dr. Benjarong said.
With Personalized services to suit customers' lifestyles, ME by TMB strategically plans to extend Digital Experiences to 3 customer groups as follows.
ME Love You: targets ME accounts which show regular movements or more frequent deposits than withdrawals as well as customers who have subscribed to all 3 products. On offer to this group are products and services plus privileges that meet their lifestyles, on expectation that positive relationship of the customers and the brand will spread words of mouth.
ME Miss You: covers accounts that have little to no activities, targeting to encourage transactions through new experiences that will enhance service convenience and make ME part of their digital lifestyles.
ME Need You: targets new customers, who will account for 20% of existing customers. "Gen D and Gig worker or freelance workers" are on the radar, based on a research that shows digital experiences are part of Gen D's lifestyles. While social media is part of their life, Gen D also gives importance to management of spending for saving and management of investment portfolio according to their risk appetite.
The research also pointed that Gen D's had the money to keep for the shot-term goal, such as for traveling, for buying items as targeted, less on long-term goal. ME wants to support this generation by targeting to assist them on saving and spending tips which ME will help to achieve short-term goals faster and also make their money to grow easier, in order to reach long-term goals without infringing their lifestyles, all through digital channel.
At present, 80% of ME customers are in the working age and prefer flexibility. They are comfortable with the Internet and keen in self-service. They seek higher returns but prefer not to visit bank branches. Of total, 73% are living in Bangkok and the rest are in provinces.
Dr. Benjarong added that ME strives to develop more products and services with features that add on customer privileges. For example, the Balance Sweep feature for ME MOVE that transfers automatically account balance to ME SAVE that offers higher interest and convenience in transaction making; the QR payment feature of ME MOVE; new products that offer greater returns; investment accounts that seek to "Grow customers' money"; ME SURE that allows insurance policy purchase with immediate protection through an application and transfers returns to ME SAVE for good returns. These features and innovation that offer greater convenience will help them reach their goals more quickly and fulfill their digital experiences. Another strategy is to boost the number of application users from 70% to 80% of all customers. ME is also experimenting the sand box, ready to launch the second phase of full EKYC whereby new accounts can be opened simply with an ID card through Android and iOS smartphones. The new feature is expected to be in service within the second quarter of this year, to welcome new ME customers through the real-time application anywhere any time.
Dr. Benjarong asserted that Thailand's digital banking, particularly mobile banking, has expanded exponentially to become the World's most adopted mobile banking nation following the launch of PromptPay and commercial banks' transaction fee waivers. New products and special features primarily focus on money receiving, transfer and withdrawal.
"We believe that new digital deposit accounts will further grow Thailand's digital banking industry and truly become digital choices for consumers. The recognition of ME brand will strengthen in this context, as the digital banking leader for 7 years. ME is Thailand's first digital banking model which offers accounts for saving, spending and investment that come with greater returns. These products are designed to grow your money. Meanwhile, we remain committed to facilitate the usage of digital channels that fit customers' lifestyles. Customers will no longer need to go to bank branches as they can do anything on the digital platform from the start," he said.