Choosing your account number isn't just a gimmick of CLICX, but a key differentiator because it's a virtual bank.

A deep dive into CLICX Bank and its customizable account number feature: proving the technological difference made possible by being a virtual bank, unlocking the limitations of traditional banks.

CLICX, the first branchless virtual bank in Thailand, has launched with its first feature, "Customizable Account Number," allowing customers to choose or designate their own account number—a first for a Thai bank. The chosen number can be auspicious numbers based on beliefs, numbers that enhance finances, career, and love, dragon numbers, triple numbers, or auspicious numbers. Customers can even choose an account number that matches the last seven digits of their phone number or the last four digits. CLICX has been accepting account number reservations since June 2nd, before officially launching its banking services on June 19th.

Suporn Suntornohit, Chief Executive Officer, CLICX Bank Public Company Limited (CLICX) revealed to "Bank Finance" It was stated that after opening the option to reserve a selectable account number, the response has been overwhelmingly positive, with many interested individuals reserving accounts through various channels. There is no minimum deposit required for opening an account, and only one account per person is allowed. However, Click will allow customers to open sub-wallets (pockets) under the same account for different purposes.

Suphon explained the origin of the "Choose Your Account Number" feature, stating that it was an idea from the team who realized that normally, anyone wanting a desirable phone number or license plate number has to pay for it. However, they wanted to make desired account numbers accessible to everyone, so they offered the opportunity to choose one free of charge.

Furthermore, the design is tailored to appeal to and understand the needs of Thai people, especially those who believe in the power of numbers and value their meaning. Numbers are carefully selected to promote different aspects of life, such as numbers that boost finances (e.g., 656, representing leadership and prestige), numbers that help with saving money, or numbers for business and investment. These chosen account numbers have received overwhelming interest.

"Statistics since the service opened show that people chose to reserve bank account numbers that promote wealth more than those promoting love."

Suphon further explained that, technically, the ability to choose account numbers is what differentiates traditional banks from branchless banks (virtual banks). In traditional banks, the account numbering system is locked by physical conditions. The first 2-3 digits of a traditional bank account number are usually the "branch code" indicating which branch the account was opened at, or a number that identifies the account type. This prevents the system from giving users the freedom to randomly select or arrange sets of numbers according to their needs.

However, Virtual Bank's system structure was completely redesigned and doesn't require physical branch codes because it's a branchless bank. This allowed the team to create an open backend system, enabling users to search and organize the numbers they need.

“Today, around 90% of the Thai population already has a bank account. As a new player, we need a gimmick to attract customers to open an account with Click. Besides offering customizable account numbers, the Click team believes that if customers can accurately remember their account number, it will make transactions easier and more convenient. This is a strategy for building customer loyalty from the very beginning.”

Suphon revealed that June 19th will mark the first phase of services from ClickBank. Everyone will be able to download the application and open a deposit account. This will be followed by loan services. The rollout will be phased in gradually to ensure the system doesn't experience lag or crashes when a large number of users access it simultaneously.

“We are prioritizing deposits first. The interest rate on deposits at ClickBank is approximately 3-4%, which is a competitive rate. Interest rates for loans will have to be considered later, as those will be offered in a next phase, possibly starting in August.”

Initially, in addition to deposits, customers will be able to use transfer and payment services just like with their existing traditional banking apps. The system has already passed connectivity tests and has begun displaying the ClickZ logo alongside other bank applications. Withdrawals will be possible at Krung Thai Bank ATMs acting as Banking Agents. However, one of the bank's goals as a Virtual Bank is to promote a cashless society in Thailand.

Santi Viriyarangsrit, Editor-in-Chief of the Finance and Banking Journal, and Suphorn Sunthornrohit, Chief Executive Officer of CLICX Bank Public Company Limited.

Leveraging the strengths of 3 partners. Expand upon Clickz.

Suphon further stated that, regarding the shareholding structure of Click Bank, the three organizations jointly established a holding company called Thai Trinity Holding Company Limited to hold shares in Click Bank. Krung Thai Bank is the major shareholder, and AIS is the second largest shareholder. This structure is under the supervision of the Bank of Thailand (BOT).

AIS, with over 46.8 million mobile subscribers, excels in providing data on mobile usage behavior and location, which accurately reflects user discipline and behavior more effectively than traditional financial data.

OR, with data from over 10 million members (loan card system), can observe spending habits such as fuel purchases. The oil business has a broad customer base of 20-30 clients.

Meanwhile, Krungthai Bank has basic financial data and connections with a large customer base through its "Paotang" app, which has more than 40 million users.

         "The core of this collaboration is the creation of a Data Room to aggregate data from all three parties for analysis. However, permission from the data owners will be required before this data can be included."

Suphon gave an example of the collaboration, stating that customers who sign up and open a Clickz Bank account will follow the same standard digital account opening process as traditional banking apps. They will be able to verify their identity (KYC) through the Paotang app or at AIS's network of merchants, which will serve as identity verification (Dip-chip) points.

Furthermore, future collaborations may include offering smartphones at special prices to provide customers with access to secure applications, potentially utilizing loans from Clickz Bank, or partnering with OR to support the creation of ecosystem-specific loans, such as fuel loans or loans for delivery riders.

However, Clickz Bank has a concept of offering deposit returns other than interest. Although a branchless bank may offer higher interest rates than traditional bank savings accounts, when calculated annually, the amount is very small and is subject to withholding tax, which may make customers feel that they are not receiving the full benefit.

Therefore, the idea arose to replace interest with benefits that reduce the cost of living, helping to lower daily expenses. For example, providing privileges such as free coffee or other benefits tailored to lifestyle needs. This concept leverages the existing resources of the partner group to create added value for customers' savings, making them feel that depositing their money is more worthwhile than simply leaving it idle or spending it all.

"One of Virtual Bank's main objectives is to encourage people to start saving. Creating incentives through tangible benefits, such as coffee or discounts, is something the team believes will be more effective in attracting people to the savings system than simply waiting to receive interest."

Suphon also stated that, for lending, Click Bank focuses on using technology and alternative data to reach customer groups that traditional banks could not reach. The bank targets people without salary slips or small-scale borrowers, and expects to disburse loans with an average amount of around 10,000 baht, which is lower than typical personal loans from commercial banks that are around 40,000-50,000 baht.

By utilizing alternative data and offering flexible interest rates, the interest rate adjusts according to the purpose of the loan. For example, borrowing to pay tuition or utility bills will have a lower interest rate than borrowing to purchase luxury goods. Furthermore, the rapid approval process, powered by the new Core Banking system and AI, allows for loan approval in under 5 minutes.

Regarding debt collection and management, the bank prioritizes early screening. If a loan is approved, it means the system has already assessed the risk. For debt collection, the bank uses AI to replace employees in the initial stages, reducing costs and allowing for accurate tracking of who answers the call and their repayment behavior.

For long-overdue or complex debts, they will be referred to an outsourced debt collection company to be handled according to banking standards. The entire process must be transparent and verifiable to prevent inappropriate debt collection practices.

"Clickz aims to help the country reduce the problem of informal debt and propel Thailand towards becoming a cashless society, expecting to have 1 million customers in the first year."

Click Bank Reservations for "Choose Your Account Number" are open from June 2nd to June 17th (12:00 PM) via the Paotang app and myAIS. 

Related news

• June 2nd! Get your checklist ready before reserving your customizable account number for the first time with CLICX Virtual Bank.
• June 19, 69: CLICX launches Thailand's first Virtual Bank, featuring the ability to choose auspicious or aesthetically pleasing account numbers.