In response to ongoing global economic uncertainties, TMBThanachart Bank (TTB) has announced its strategic plan for 2025, branded as 'The MEANINGFUL Change'.

This initiative emphasizes the bank's commitment to facilitating meaningful transformations for its customers, focusing on both personal and business clients by providing structured support aimed at alleviating debt and promoting stable growth.

TTB aims to enhance its digital solutions for greater accessibility and convenience, transcending traditional banking transactions.

Global economic pressures, such as escalating political conflicts and trade wars, continue to place significant financial burdens on both businesses and individuals.

In Thailand, persistent structural challenges have led to a situation described as 'aging but still in debt,' with stagnant income levels juxtaposed against rising living costs.

The country currently faces a household debt level of approximately 16.3 trillion Baht, equivalent to 89% of its GDP. The SME sector has been notably disrupted, with increased challenges in accessing credit leading to a rise in business closures.

These circumstances underscore an urgent necessity for effective measures to help both individuals and businesses regain financial footing.

Pitipat Tantanakesem, Chief Executive Officer of TMBThanachart, stated that the bank has consistently recognized the debt issues faced by many Thais, committing to practical and continuous measures since the economic impacts of COVID-19 became apparent in 2020. TTB has been developing financial solutions designed to assist customers in managing their debt sustainably.

To date, its debt consolidation service has successfully reduced customers' interest burdens by over 2.24 billion Baht, and it has disbursed over 8.8 billion Baht in low-interest organization payroll loans.

Furthermore, TTB's Financial Literacy program has enabled users to assess their financial health online more than 96,000 times, offering free financial education and coaching services.

The recent 'You Fight, We Help' initiative assists customers in restructuring their debts, allowing them a chance to stabilize their finances.

TTB's model to aid all customers in relieving debt and achieving financial stability begins with understanding the financial behaviors of different customer segments, which it categorizes into three main groups:

1. The first group consists of debtors needing immediate assistance.

Those who have fallen behind on payments or accumulated unmanageable debts are being supported through the 'You Fight, We Help' program, jointly facilitated with the Bank of Thailand.

This program provides debt restructuring, includes a temporary waiver of interest, and reduces monthly payments for three years, aiming to provide a lifeline for over 21% of TTB's targeted customers currently enrolled in the initiative.

2. The second group includes creditworthy customers who consistently pay their debts on time.

This group, often overlooked, is targeted with the new 'Pay Well...Reap Rewards' program, offering benefits to clients with good repayment histories, such as low-interest refinance options and rewards including interest discounts and other privileges.

3. The third group seeks to enter the financial system, comprising small business owners who may have been excluded due to various limitations.

TTB is prepared to assist these individuals through financial solutions designed to promote Financial Inclusion.

The strategic plan for 2025 aims to provide a roadmap for TTB to create 'The MEANINGFUL Change' for all customer segments.

The bank endeavors to offer more than just lending services, focusing on tools that empower clients to enhance their financial life significantly and ensure sustainable development.

In alignment with modern consumer preferences for digital transactions, TTB also intends to deliver a more convenient, cost-effective, and rewarding banking experience.

The bank has noted that 92% of its transactions occur through its ttb touch app, which allows customers to evaluate credit limits in just two minutes and apply for loans instantly.

Additionally, it features an AI-driven chatbot available 24/7 for customer inquiries.

TTB’s initiatives in 2023 include various digital products such as free E-statements for visa applications and the no-fee ttb all free digital card.

The bank aims to provide enhanced interest rates for its digital savings accounts and business accounts tailored for specific customer profiles.

A new loyalty program, launching in April, will reward clients for their financial engagement and transactions.

As stated by Thakar Piyapan, Managing Director at TMBThanachart, the year 2023 is positioned as one where the bank is dedicated to helping debtors while promoting sustained financial discipline.

The 'Pay Well...Reap Rewards' program highlights this focus, providing benefits to clients who show responsible repayment behavior.

Various loan products will be accessible under special terms, including home loans with fixed interest rates and substantial discounts on refinancing for car registration loans.

TTB is also advancing its supply chain solutions to enhance SME competitiveness, focusing on providing tools that facilitate business planning akin to larger enterprises.

Its ttb smart shop offering is designed to do more than just process payments, as it includes analytical reports aiding future sales planning.

Additionally, TTB plans to introduce a new digital account specifically for SMEs, which will include extensive features to support business operations.

TTB emphasizes its commitment to creating meaningful, responsible financial practices and aiding businesses in transitioning towards environmentally friendly practices through its Green Transition Solutions.