KASIKORNBANK (KBank) is ready to offer K BIZ – a digital banking platform that can assist small- and medium-sized business operators in their financial management for greater flexibility. K BIZ can reduce commonly found pain points for entrepreneurs while ensuring cost effectiveness, enhanced work flexibility and international funds transfer with enhanced security. The service is now offered with no annual fee. KBank aims to see around 200,000 new customers signing up for K BIZ.
Kasikornbank: Mobile and marketplaces for the next generation
Mr. Pipatpong Poshyanonda, KBank President, noted that SME clients have had to make significant adjustments in the face of COVID-19. Moreover, they must contend with other numerous challenges amid the proliferation of digital technology and changing consumer behavior. To cope with the ever-evolving world, most businesses have to seriously adapt to the uncertain environment. Aside from sales strategy and marketing tactics, business operators have to focus on effective and timely financial data management along with cost reduction.
Meanwhile, digital channels are increasingly used, especially among online merchants. In 2020, the e-commerce market in Thailand grew more than 81 percent, outpacing the projection of 35 percent. Amid the COVID-19 pandemic, financial transactions via digital channels conducted by retail customers who run their own business and SME customers topped 294 billion Baht, an increase of 46 percent compared to the two-year period before COVID-19.
KBank has upgraded its internet banking services, including K-Cyber for SME and K-Cyber, to become a full-fledged digital banking platform under the name of K BIZ. This new service is offered to more than 500,000 retail customers who are business operators and small-to-medium entrepreneurs.
The development of K BIZ is aimed at enhancing business agility amid today’s global interconnectedness and to assist in solving the problems that business owners frequently face, namely: 1) to increase business management capability, including reduction of cash management costs, time and constraints in terms of business premises and equipment (Multi-Device); 2) to develop a system that accommodates multiple users in conducting financial transactions, for greater operational agility (Multi-User); 3) to facilitate cross-border financial transactions, especially international funds transfer service, and thus provide customers more convenience in doing business with their foreign partners; and 4) to fortify transaction security with an identity authentication system based on global standards. KBank expects that 200,000 new customers will sign up for K BIZ.
K BIZ is a digital banking platform that will enhance business agility by offering assistance in cash management. Application is simple, and an annual fee waiver is offered. The platform consists of three main features, as follows:
1) Management of financial transactions for small and large businesses, with lower financial transaction costs than cash-based transactions and no need to visit bank branches:
• Maximum of 10 million Baht of funds transfer/day to other persons’ accounts, and up to 30 million Baht of funds transfer/day to one’s own accounts
• Bulk funds transfer service of up to 10 transactions for each transfer, for more convenience and faster transactions via only a single instruction
• International funds transfer service available in 12 currencies across 30 countries, with convenience, speed and security
2) Business management can be done anywhere, with greater flexibility, and the business management system can be set up for multiple users. The information gained can be used for business and financial analyses and planning with ease.
• K BIZ can be used via many devices such as desktop/laptop computers, tablets and smartphones.
• K BIZ helps enhance management flexibility and accommodate future business growth because multiple users such as maker, authorizer, and administrator can be specified.
• K BIZ users can use their account statements for instant analysis, in PDF and CSV formats.
3) Enhanced security system for all transactions
• Transaction verification or approval on K BIZ can be made for transactions of not more than 2 million Baht/day. Identity authentication can be made via SMS-OTP. If transactions exceed 2 million Baht/day, the K PLUS application can be used for transaction approval.
Mr. Pipatpong added that KBank would continue to develop services and financial management tools with the aim of facilitating customers in running their rapidly changing businesses with greater efficiency.
