SCB Reinvents Consumer Banking with AI
Siam Commercial Bank (SCB) has announced a strategic adjustment to strengthen its core business and streamline its organization for agility and speed. The bank is restructuring its retail banking operations by consolidating five key product and service channel units into a single entity under the “Consumer Banking.” This customer-centric approach aims to position SCB as a trusted financial partner that supports customers’ financial stability and wealth across all life stages. The bank continues to accelerate its AI-First Bank strategy to enhance competitiveness and is pushing forward SCB EASY as the central platform for delivering a smart, seamless, and accessible banking experience. The goal is to become “the most trusted consumer bank for life” by 2028.
Mr. Kris Chantanotoke, Chief Executive Officer of SCB, stated that over the past three years, SCB has navigated significant challenges during a transformative period for Thailand’s banking industry. Guided by its “Digital Bank with Human Touch” strategy, SCB has achieved key milestones, including:
• Delivering a return on equity (ROE) of over 10%, the highest in the industry.
• Maintaining a cost-to-income ratio below 40%, the lowest in the industry.
• Growing digital revenue to nearly 25% of total income by the end of 2025.
• Providing 180 billion baht in sustainable loans, surpassing the 150 billion baht target set for the end of 2025.
Looking ahead, Mr. Chantanotoke noted that the banking sector faces continued challenges from global trade uncertainties, household debt, and emerging factors such as competition from virtual banks, rapid AI advancements, and open banking policies. These trends necessitate strategic and structural adjustments to enhance competitiveness, stay relevant, and deliver comprehensive, effective customer service.
To address these challenges, SCB is implementing a three-pronged strategy in the second half of 2025:
1. Enhancing operational efficiency for instant business agilitythrough cost management and prioritizing digital channels.
2. Accelerating execution with clear goals aligned to evolving business contexts and close performance monitoring.
3. Strengthening core businesses, including corporate banking, wealth management (including life and non-life insurance brokerage), and mortgage lending.
Earlier this year, SCB began reinforcing its retail business by forming the Consumer Banking Group, merging five units into one to deliver integrated, customer-centric services. The goal is to become a financial partner that supports customers from saving for stability to planning for wealth transfer, with the aim of becoming “the most trusted bank for every life stage” by 2028.
Mr. Vitoon Pornsakulvanich, Chief Consumer Banking Officer, explained that the restructuring aligns with modern consumer behavior, which demands convenience, speed, and personalization. SCB is adapting to better understand and meet these needs through a customer-centric approach, integrating five key units:
1. Retail Banking
2. Integrated Channels
3. Wealth, First, and Private Banking
4. Bancassurance
5. Digital Banking
The Consumer Banking is shifting from a product-push model to a customer-first mindset, offering personalized solutions for every life stage through five core strategies:
• Branch Network Transformation: Enhancing its branch network by creating more opportunities to build meaningful customer relationships through branches. The bank is also upskilling its branch staff into financial advisors who can deeply understand and respond to individual customer needs. This transformation focuses on delivering personalized service through the most suitable and cost-effective channels. As part of this initiative, SCB is converting its branches into smart branches, streamlining operations and integrating advanced technologies and AI to boost efficiency in customer service and deliver financial solutions.
• Wealth Management Overhaul: Focusing on long-term, holistic customer engagement and enhancing services for ultra-high-net-worth (UHNW) clients by centralizing UHNW platforms within the SCBX Group and forging strategic partnerships with leading global wealth management partners. These efforts aim to expand SCB’s capabilities in delivering comprehensive and sustainable wealth management solutions.
• People Upskilling: Transforming its workforce from traditional service roles to becoming comprehensive financial advisors who can deeply understand and address customers’ specific and evolving needs. In addition, the bank is actively upgrading its Wealth Relationship Managers (Wealth RMs) to better serve clients with increasingly complex investment and financial planning requirements across different life stages.
• Seamless Channel Integration: Leveraging AI technology to synchronize and connect data across both physical branches and digital platforms, ensuring customers receive consistent and uninterrupted service regardless of their entry point. This integration also enables staff to access customers’ footprints in real time, enhancing the accuracy of financial advice and significantly improving the overall customer experience—making it more convenient, faster, and tailored to individual needs.
• Customer Lifetime Value (CLV) Focus for Performance and Work Culture Transformation: Redefining its performance measurement and work approach to align with its commitment to supporting customers throughout every life stage. The bank is shifting away from traditional short-term metrics and adopting a long-term value creation model focusing on Customer Lifetime Value (CLV). This concept now serves as the foundation for management and performance indicators, reflecting the continuous value SCB delivers to its customers. The ultimate goal is to build sustainable relationships that grow and evolve with customers.
Mr. Pornsakulvanich added, “SCB is committed to growing alongside our customers at every life stage—from saving for financial security to passing on wealth—through three service models reflecting our Digital Bank with Human Touch strategy:
1. Digital-First Advisor: Platforms like SCB EASY and Virtual RM for young professionals, who are just starting their careers and have financial goals such as saving for stability or applying for loans to build their financial foundation.
2. Hybrid Financial Advisory Services (Human-Based x Digital): Integrating financial advisory services with digital platforms to support customers in their career growth phase—those seeking to build wealth and expand their businesses.
3. Strategic Partnership-Based Advisory (Human-Based x Strategic Partner): Collaborating with expert partners to deliver specialized financial advisory services personalized for financially secure clients planning intergenerational wealth transfer.
