KBank aims to expand its K-eSavings Account to 2.6 million accounts, as K CHECK ID for identity verification rises to 100,000 locations nationwide

Stocks and Financial Services Press Releases Tuesday February 4, 2020 15:48
Bangkok--4 Feb--KASIKORNBANK

In response to consumer behavior in the new era where customers are increasingly migrating to online services, KBank has set a target of expanding its K-eSavings Account - an electronic saving account service that allows customers to open a saving account anywhere, anytime with immediate transactions upon account opening. More K CHECK ID points are being added to allow clients to self-verify their identity at KBank Service agents, K-ATMs and KBank branches. The Bank also plans to work with partners having an extensive nationwide branch network, including Counter Service at 7-Eleven, Big C Supercenter, Mini Big C, FamilyMart and Thailand Post, as well as other merchants with more than 50,000 KBank's Electronic Data Capture (EDC) machines. K CHECK ID locations are thus expected to reach 100,000 points covering all districts nationwide. KBank aims to see its new electronic saving accounts rise to 2.6 million, bringing the total number of K PLUS customers to more than 14.6 million.

Mr. Wirawat Panthawangkun, KBank Senior Executive Vice President, noted that electronic savings accounts have steadily grown in popularity, in line with other digital banking services. It is a new option for today's customers who are tech-savvy and familiar with digital technology. With the launch of K-eSavings Account, the Bank intends to reach out to new customers who want to open a saving accounts but do not want to carry a passbook. With no minimum deposit required for opening an account, customers will have easy access to this service via K PLUS. Moreover, they can open an account on their own and conduct financial transactions anywhere, anytime, with no need to go to a Bank branch. KBank plans to see K-eSavings Accounts increase to 2.6 million from more than 180,000 accounts at present, thus bringing the total number of K PLUS users to over 14.6 million.

KBank is speeding up expansion of K CHECK ID service locations, an important step in expediting the opening of electronic savings accounts and allowing customers to conduct transactions immediately. Customers simply verify their identity by inserting their national ID card (Dip Chip) into a reader in a machine at any K CHECK ID service location to authenticate the ID data in real-time by comparing the scanned facial features with the photograph on the K PLUS application with Facial Recognition and Liveness Detection Technology, which elevates cyber security standards by closing a loophole for abuse as no data is stored in the device. Currently, customers can verify their identity through various channels such as KBank branches, K-ATMs and KBank Service points. KBank will soon launch the service in cooperation with our leading partners with branches nationwide, namely, Counter Service at 7-Eleven, Big C Supercenter, Mini Big C, FamilyMart and Thailand Post, while increasing the number of stores equipped with EDC. Consequently, KBank will have the largest number of identity authentication service points, at more than 100,000 points nationwide.

K CHECK ID                           Number of service points
KBank branch counter                 886 branches
K-ATM                               KBank targets an increase in the number of service points via K-ATM to 3,500 by the end of 2020.
KBank Service                       KBank targets an increase in the number of service points via business partners having networks nationwide, as follows:
  • Big C Supercenter and Mini Big C
  • Thailand Post
  • Bangchak Retail (Inthanin Coffee and SPAR convenience stores)
  • CJ Express
  • Jaymart
  • Jiffy
  • Boonterm
Merchants with KBank EDC installed   50,000 service points at merchants of KBank's business partners nationwide and card-accepting merchants
Customers can easily open a K-eSavings Account on the K PLUS mobile application, as follows:
1. Download K PLUS and enter your personal information.
2. Verify your identity by inserting your national ID card at a K CHECK ID service point.
3. Take your own photo with your smartphone, and verify that the data received is accurate.
4. Press "Confirm" and accept conditions on K PLUS.
5. The account opening process is complete, and you can immediately begin conducting various transactions with KBank.
To learn more about the K-eSavings Account, please click https://kbank.co/3aZPKS0.

Latest Press Release

PwC named a Leader in the IDC MarketScape for Worldwide Risk Consulting Services

According to client feedback and IDC MarketScape evaluation, PwC is seen to excel at adapting to changing requirements to the risk consulting business model. PwC has been named as a Leader in the IDC MarketScape: Worldwide Risk Consulting Services 2019...

Labuan IBFC's Financial Services Community Band Together to Contribute to the Relief Efforts in Combating COVID-19

Labuan International Business and Financial Centre, Labuan IBFC's financial services and intermediation community have come together to assist local authorities in relief efforts via the pooling of resources. Labuan IBFC's Cross-Industry Group...

TMB has released a support scheme providing liquidity to mutual fund investors with an aim to help customers in every segment from Covid-19 impact

TMB Bank Public Company Limited or TMB announced a liquidity support scheme available to the unit holders of two TMBAM Eastspring’s funds, namely TMB Ultra – Short Bond Fund (TMBUSB) and TMB Aggregate Bond Fund (TMBABF). The aim is to help...

Fitch Rates ICBCTL's Senior Notes 'AAA(tha)'

Bangkok--26 Mar--Fitch Ratings Fitch Ratings (Thailand) has assigned ICBC (Thai) Leasing Company Limited's (ICBCTL, AAA(tha)/Stable/F1+(tha)) upcoming long-term senior unsecured notes a National Long-Term Rating of 'AAA(tha)'. The notes will be issued...

Thai Banking System is ready to provide continuing financial services during the COVID-19 Outbreak.

Pursuant to the Prime Minister's announcement yesterday of the Cabinet's resolution to exercise the Royal Decree regarding Public Administration during Emergencies B.E. 2548 (Royal Decree) to enhance the measures to control the spread of COVID-19...

Related Topics