were not receiving sufficient information on product risks and stability of service
providers, while respondents from every survey group believed that they were not
receiving enough financial news and information.
Corresponding with the nationwide survey, the Bank of Thailand also engaged
McKinsey & Company to benchmark the Thai financial system with international best
practices to determine market-based development options most appropriate for
Thailand’s economic profile and modern sector needs. The report analyzed not only
international trends, but also used focus groups to gather the opinions of financial
experts from local and foreign financial institutions, rural banks, and capital market.
By forecasting the long-term outlook and needs of Thailand’s real economic
sector, the report came out with market-based prescriptions that addressed the root
causes of financial service deficiencies such as dominance of bank lending, fragmented
industry structure, and convoluted supervisory framework that undermined player
performance. The resulting recommendations emphasized the need to reform the
financial infrastructure specifically the rationalization of the roles and types of financial
institutions and implementation of sustainable means to improve access to financial
services for the urban and rural retail segment. At the same time, the report also advised
on the need for improved consumer protection, credit information services, legal
system, and capital market development