Siam Commercial Bank SWOT and PESTLE Analysis

Strength

1. One of the biggest banks in Thailand with established connections in the market: SCB is a prominent universal bank authorized over 110 years ago by Royal Charter as the earliest Thai bank and is engaged in providing expert financial solutions in Thailand. It is a foremost bank offering deposits and loaning a broad scale of other services and products. The services are sponsored by a comprehensive banking network and persistent technological modernization. Alongside, their retail services comprise personal credit, home loans, credit cards, debit cards, car hire purchase, ATM cards, insurance and investment products, currency exchange facilities and overseas money orders. SCB Group covers three crucial subsidiaries providing special financial benefits, besides proffering comprehensive services for their SME and corporate customers.

2. Nifty digital ecosystem offered by the bank: Massive volume of digital transactions were witnessed during the pandemic which eased business for consumers. Over 18 million users at Siam Commercial Bank were digitally active in the third quarter of 2021, a 46% YoY growth. Siam Commercial Bank partnered with corporations to allow greater third-party integrations on credit cards. It also created applications to allow ease of making payments online such as FINNIX, a digital-lending application in Thailand that currently has more than 3.5 million customers. Helmed by a partnership between Siam Commercial Bank and Abakus in 2020, the FinTech company extends loans using machine learning and artificial intelligence. Such timely partnerships and extended digital base allowed the bank to be accessible to its customers during lockdowns.

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Weakness

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Opportunity

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Threat

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Political

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Economic

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Social

1. Thai consumer spending habits changed since the Covid-19 Pandemic: Citizens of Thailand are gradually shifting their spending habits towards a new direction as per the survey conducted by global Card giant Visa. 60% of Thais are preferring cashless transactions and approximately 69% of Thai intends to use digital transactions even after the pandemic is over, even though the necessity was born due to the pandemic. Cost consciousness has also increased considerably among the Thai people, paying more attention to prices, looking out for bargain and discount sales. Overall, 79% of Thais believe that they need to proactively manage their finances. There is also an increase in online transactions owing to the higher number of consumers choosing e-commerce as their source of common needs. These trends mark the importance of procuring consistent online banking support by major banks like Siam as disruptions during transactions can negatively affect consumer confidence. Also, constant development in providing proper and easy to understand period-wise analytical data on transactions, mostly spending and earnings, can help Siam bank earn good reputation among the users of online banking, hence providing an opportunity to increase its customer-base.

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Technological

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Legal

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Environmental

1. Pressure on ESG bonds & sustainable growth: SCB is devoted to managing business leadership for the wellbeing of society focusing on building up the financial and banking structures of the Kingdom of Thailand, alongside operating the economy to profitability and stability scaling up the nation’s standard of life. By combining environmental, social and governance (ESG) contemplations inside the financial decision-making procedures, Siam is making way for expansive long-term investments into viable economic activities and also help in reducing financial perils springing from resource depletion, climate change, environmental degradation, and social issues. SCB has adopted a sustainability strategy to conduct its business outlook along with operations and its treatment of employees to become the ‘Most Admired Bank’ by guaranteeing holistic growth alongside helping to brace the United Nations Sustainable Development Goals (SDGs).

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