With new opportunities on the horizon, the Thai banking industry could ignite new growth and invigorate its profitability by redefining its meaning and purpose, reinventing its traditional role, and making bold and innovative operational changes.
Historically, the Thai banking industry has been critical to the country’s economy and, by extension, Thai society as a whole. In recent years, however, the banking sector has experienced a marked slowdown in growth and a decline in profitability. During this slowdown, followed by the disruption of the COVID-19 pandemic, the industry experienced declining relevance locally and regionally.
Now, with new opportunities on the horizon, the Thai banking industry could chart new frontiers by updating its meaning and purpose, reinventing its traditional roles, and making bold and innovative operational changes. If it can act quickly and decisively, the industry could once again play a leading role in the Thai economy and reclaim its position as a regional banking leader.
To do so, the banking industry could implement a four-pronged transformation that supports the growth of the Thai economy, reimagines business models to become nimbler and more specialized, innovates to meet evolving needs and preferences, and builds future-ready capabilities. An effective transformation along these lines, coupled with inspired and informed leadership, could enable the sector to embrace new growth engines, increase profitability, and accelerate value creation—fueling renewed prosperity and sustainability for Thailand in the decade to come.
