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"We expect fee income from the internet banking business will double next year from around 60 million baht this year," said Adisorn Sermchaiwong.
Users of the bank's internet banking services will climb to 800,000 by the year-end and rise to about 1.5 million to 1.6 million next year, he said.
SCB also targets 80 million internet banking transactions this year, rising to 100 million in 2010.
The ambitious expansion in internet banking next year would be achieved through the provision of new products and services, as well as building on the current low base, said Mr Adisorn.
"Business transactions via our online channel are lower than 10 million, compared to 50-60 million transactions done at the counters," he said. "At the moment, internet banking accounts represent only 10 percent of total deposit customers of 8-9 million accounts. So, we have more room to grow our internet banking business."
SCB plans to develop financial products sold via the internet next year -- in particular, bancassurance and mutual funds, said Mr Adisorn.
The bank will also upgrade mobile banking services to include SMS banking for money transfers and bank balance updates. The rise in users and business transactions will increase the bank's fee income.
SCB's revenue from its online business is only 60 million baht per year, a small fraction of its total fee income of about 10 billion.
The bank has also launched the "Widget by SCB Easy Net" service to enhance online banking services and financial transactions. Customers only need to download and install the widget on their desktop computers or mobile phones for easy access to SCB's financial services.
SCB shares closed yesterday on the Stock Exchange of Thailand at 88 baht, up three baht, in trade worth 846.76 million baht.
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