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How to become a successful digital banker in Thailand

How to become a successful digital banker in Thailand

Digital banking is a rapidly developing field. In Thailand, new opportunities for finance careers are emerging. Here is what you need to succeed.

By In Conjunction

Thursday 14 January 2021, 05:28PM

Boost Your Career as a Digital Banker

The global pandemic has spurred digitization across the financial sector globally, and Thailand is no exception. While the country is yet to see independent virtual banks, digital payments are being provided by local and foreign lenders. The economy is increasingly cashless, and consumers are embracing the convenience of virtual methods. You, too can leverage this trend by becoming a digital banker.

The Budding Market

Thailand has a growing demand for digital banking services. The coronavirus gave this industry the strongest impetus so far. The Bank of Thailand in cooperation with various parties is working to implement electronic lending and other services in 2021. Last year, Singapore’s UOB launched its first mobile-only bank. Named TMRW, it now operates in Thailand. Digital banking will go far beyond basic transfers.

The local population is increasingly interested in digital transactions and money-making systems. For instance, the country has a rapidly growing forex trading sector. Thanks to international brokers like ForexTime, anyone can make money using a laptop or smartphone with MetaTrader 4. Financial literacy is improving.

Since the onset of the pandemic, cashless payments in Asia have increased in scale significantly. To help contain the virus, central banks encourage the local population to choose virtual methods over physical money. As a result, the volume of transactions registered on Unified Payments Interface (UPI) in India reached a peak in October. The potential is undeniable, but how is one to become a digital banker?

Definition of Digital Bank

Conventional banks have physical offices that clients can visit. Virtual banks operate without branches: they offer the same range of financial services, but without a physical centre. Clients have full access to their accounts via online banking and smartphone apps. Such banks embody innovation in the sector. 

Huge well-established banks have traditionally dominated the financial services industry. Now, they have new strong rivals that render the same services remotely. Thanks to the internet and mobile banking, UPI, ATMs, etc., there is no need to visit an office.

What Digital Bankers Do

These professionals help the new generation of banks to acquire new customers. This is done through mobile registration. As a banker, you will be responsible for meeting sales targets concerning activation and use of mobile banking.

These experts take part in product campaigns to boost brand awareness. They make sure their clients have full information about the employer’s services and provide guidance when necessary. Collection of feedback on the products and services is also part of the job. Besides, virtual bankers deal with:

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  • sales of products and services via mobile banking;
  • documentation and KYC in compliance with current standards.

Overview of the Industry 

The recent data shows that an overwhelming majority of consumers have started using digital payments more often. They also expect to continue making cashless payments. Today, consumers around the world can transact at a click or a tap. 

Thailand should learn from the experience of India. In 2020, its Reserve Bank announced its intention to boost the volume of virtual transactions from 10% to 15% by 2021. The Government also wants to see 1 billion transactions daily. 

Education of a Digital Banker

Candidates with a commercial background may need to upgrade their skills with an advanced diploma in banking and finance. Essential subjects for digital banking include Digital Payments, Score-Based Lending, Electronic KYC, Virtual Meetings, Collaborate Office, Cryptocurrency, API Banking, Cyber Fraud, AI in Finance, etc. 

Technical skills are also a must due to the nature of virtual banking. You need to be well-versed in mobile technologies. Besides, a salesperson needs strong interpersonal skills and a talent for persuasion. Digital bankers have a profound understanding of how sales work. They have impressive analytical skills and numeric abilities.

How to Get Hired

The banking sector offers a broad range of roles and positions. Well-established banks need professionals who excel in finance and digital transactions. Fintech companies like Paytm, PhonePe, GooglePay are also in search of talent. A course teaching online banking, digital payments, UPI, digital wallets, etc., will help you get hired by a respectable firm.

How Much You Can Earn

In the finance sector, salaries are generally healthy. This is particularly true for development and project management teams. As you gain experience, your position and remuneration will both rise. Digital banking is a promising field which is guaranteed to provide job security in the future. Graduates in Thailand should consider the opportunities it offers.


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