COMPANY PROFILE -Kasikornbank
Business Sector :Banking
Operating Geography :Thailand, Asia
About Kasikornbank :
Kasikornbank is a public sector bank headquartered in Bangkok, Thailand. The bank, formerly known as Thai Farmers Bank, was established on 8th June 1945 with registered capital of Baht 5 Million. Kasikornbank is in terms of assets it is at 3rd position in Thailand with 15.5% of market share. Kasikorn has already established 882 branches at different locations in Thailand, it currently operates with 3 overseas branches in Phnom Penh, Hong Kong and Cayman Islands and has six representative offices in Tokyo, Yangon, Hanoi, Ho Chi Minh, Los Angeles and Jakarta and employees 20,352 people as on July 2019. Kasikorn Bank is listed in Stock Exchange of Thailand under name of KBank and KBank-F with authorized share capital of Baht 30.5 Billion and issued and paid up share capital of Baht 23.9 Billion, with market capitalization of Baht 442 Billion (#2 in Thai banking sector)
Kasikornbank mission statement states that it “Aims to harmoniously combine technology and human resources to sustainably create world-class quality financial services, so as to achieve optimal benefits for all stakeholders.” Kasikornbank vision statement states that it “aims to be a most innovative, dynamic, and proactive customer-centric financial institution that creates sustainability for all stakeholders.”
Kasikornbank Revenue :
Net operating income
Million Baht - 155,483 – FY ending Dec 31, 2018
Million Baht - 156,856 – FY ending Dec 31, 2017
Competitive Analysis of Kasikornbank
The SWOT analysis of Kasikornbank is presented below:
Strengths | Weaknesses |
1. Strong international regional branch network
2. Digital channels in banking for better customer experience
3. “Stable” credit ratings and outlook
4. Efficient human resource management
| 1. Decrease in Coverage Ratio in the Last Year
Increase in Non-Performing Loans
|
Opportunities | Threats |
1. Inclusion of Artificial Intelligence to Provide Better Service
2. Leveraging on Cryptocurrencies to Combat Competition
3. 3-Track expansion in foreign countries
4. Eastern Economic Corridor (EEC)- a key driver for this investment cycle
| 1. Cyber Security Risk Increased due to higher IT usage in Banking
2. Increasing competition due to high number of players
3. Non-conventional competitors in financial space
|
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Detailed SWOT Analysis of Kasikornbank
Strength
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Weakness
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Opportunity
1. Inclusion of Artificial Intelligence to Provide Better Service: Artificial Intelligence or Machine learning refers to next generation services to the customers. AI enables system to analyze recorded data from transaction history, queries, search history, social media etc. which is then used to customize product according to the requirement of the customers. The most important part of machine learning is to understand consumer behavior, understand reaction to different promotions, advertisement shown to them and hence enhancing the overall consumer experience. Apart from this AI also analyses historic data and perform risk analysis of customers and makes a pattern for fraud detection. Further AI can also be used for fraud detection and Anti money laundering as they are difficult to be identified in capital market but application of AI have solved this complexities to great extent. Hence KBank can adopt Machine Learning and AI to provide customers a better experience like never before.
2. Leveraging on Cryptocurrencies to Combat Competition: Four cryptocurrencies have been recently approved by the Thai Securities and Exchange Commission for base trading purpose although they are still not considered as legal tender within the country. Kbank can nevertheless use this opportunity to improve its Cryptocurrency investments in demat accounts. Such facilities will give an edge to KBank as compare to its competitors. However even though for now cryptocurrency is not legal tender but there is high possibility that it will be approved soon and hence KBank should work on maintaining its infrastructure for the same. And so, there is huge opportunity for Kbank and other major banks in Thailand to differentiate themselves from traditional banking practices.
3. 3-Track expansion in foreign countries: 3-Track expansion is one of the most ambitious plans of Kasikorn Bank with objective being ‘Regional digital expansion’ which started at the end of 2018 and will extend till 2021 onwards. This plan is divided into 3 tracks which includes getting full International Banking license for countries including China, Lao PDR, Cambodia, Indonesia, Myanmar and Vietnam in track 1 and expansion using conventional methods in China and other countries. Track 2 constitutes of transactional and digital banking expansion which will extend till end of 2020, this includes initiating tourist visa payments, acquiring businesses in Vietnam, Indonesia and other countries and starting Issuing business. Lastly, track 3 involves providing Industry solutions and development of Ecosystem whose main objective will be Mass customer acquisition and engagement, starting at the beginning of 2019 and completed by mid of 2020, it includes development of Regional Tourist Platforms and Industry Solutions and ultimately achieve Regional Digital Connectivity (Banking + Beyond Banking).
4. Eastern Economic Corridor (EEC)- a key driver for this investment cycle: The ECC project goals include transforming Thailand into Thailand 4.0 – an innovation-driven society. This is to be achieved by increasing investments in ten major industries. Also included within the project are plans to improve the existing transportation facilities and include large investments in the logistics system which will help to convert the the EEC area, covering 13K sqm of three eastern provinces, i.e. Chachoengsao, Chonburi, and Rayong, into a focal point for trade, investment, and tourism. KBank will have great opportunity for growth here as this is expected to cause a major growth within the banking sector.
Threat
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The PESTLE/PESTEL analysis of Kasikornbank is presented below:
Political | Economical |
1. Impact of Political Uncertainty | 1. Foreign Investment in Banking sector
2. Economic Slowdown due to Deregulations and Political Uncertainty
|
Social | Technological |
1. Rapidly ageing society in Thailand
2. Social unrest and protests
| 1. Blockchain technology in banking
2. Using Big Data Analytics to Reduce Disbursement of NPLs
|
Legal | Environmental |
1. Revenue Code Amendment Act (2019)
2. Impact from banking fee waiver scheme
| 1. Impact of change in environment on banking |
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Detailed Pestle Analysis of Kasikornbank
Political
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Economic
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Social
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Technological
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Legal
1. Revenue Code Amendment Act (2019): This law effective from March 2019, stipulates that all the financial Institutions are required to report individual to authorities if he does 3000 or more transactions within a year or 400 of more transactions with combined value of more than Baht 2 Million. Failing to do this Banks shall be fined with not more than Baht 100,000. A report of transactions of previous year has to be submitted to The Revenue Department-Directorate General and he has the authority to order violators to comply with the law within the established time frame provided. This significantly increases reporting requirements for Kasikorn bank and will result in additional costs.
2. Impact from banking fee waiver scheme: The commercial banking sector of Thailand has had its fee and noninterest income in 2H18F severely affected ever since the implementation of the electronic banking fee waiver scheme in March 2018. Operational costs have also gone up. Kasikornbank has been especially affected owing to its fee-based income model which has been hard hit by the cancellation of digital transaction fees. Also, as these moves are conducive to the transformation into a cashless society, it is likely that this will result in some operators gaining a competitive edge. Kasikorn Bank decided to waive off online transaction charges levied by bank, inspired by government’s objective of moving from cash rich society to cashless society which became one of the main causes of decrease in non-interest income by 17.46% in span of 1 year that is from 2018 to 2019. Big banks in Thailand are facing a lot of pressure from Non-Banking Companies as many customers are moving to alternate methods of money transfer which are of low cost and backed by government like PromptPay, Omise and digital wallets like True Money all these factors together lead KBank and others to decision that fees levied on online transactions should be waived off for now.
Environmental
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On purchase the Kasikornbank SWOT & PESTLE Analysis PDF report will reach you within minutes. At rare times, a slight delay not exceeding 1 hour might be caused.
TABLE OF CONTENTS
DELIVERY AND FORMAT
WHY CHOOSE US?
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Check Out Analysis of Other Relevant Companies
References used in Kasikornbank SWOT & PESTLE Analysis Report
1. Kasikornbank Company Profile - https://www.reuters.com/companies/KBANK.BK
2. Kasikornbank Annual Report 2018 - https://kasikornbank.com/en/IR/FinanInfoReports/financialReports/2018_AR_ENALL.pdf
3. Kasikornbank Annual Report 2017 - https://kasikornbank.com/en/IR/FinanInfoReports/financialReports/2017_AR_ENALL.pdf
4. For Savvy Thai Banks its Already Time to Prepare for Ageing Demographics - https://www.iflr.com/Article/3503128/For-savvy-Thai-banks-its-already-time-to-prepare-for-aging-demographics.html
The detailed complete set of references are available on request in the 'Complete report' on purchase.
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Kasikornbank SWOT and PESTLE analysis has been conducted by Divyanshu Bajpai and reviewed by senior analysts from Barakaat Consulting.
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