James Cronk, global director, Financial Services Industry, at US-based Cisco, said the banking and financial-services sectors were now “transferring their legacy environment into digital transformation to support digital payment”. Cisco’s comprehensive economic analysis estimates that digital innovation in retail banking will drive US$405 billion (Bt14.4 trillion) in value globally from 2015 to 2017. Last year, financial services as a whole captured just 29 per cent or $117 billion of that opportunity. Meanwhile, the Bank of Thailand has reported that there are currently around 12.9 million users of mobile banking in the Kingdom. The Thai Bankers’ Association’s Payment System Office has agreed on a new fee structure, which will lower the cost of digital banking.

Source: The Nation Bangkok November 18, 2016 18:07 UTC