Customer-centric Innovations in Thailand: Shaping the Future of Finance
In the dynamic landscape of modern banking and financial services, institutions are continuously innovating to meet the evolving needs of their customers and stay ahead in the digital age. This collection of insights highlights the transformative initiatives undertaken by Bangkok Bank, Kiatnakin Phatra Financial Group, Krungthai Bank, and Ngern Tid Lor (TIDLOR) to revolutionise their operations and enhance customer experiences in the financial sector through
Simplified financial services for SMEs
Improved customer personalisation and experience
Streamlined back-end operations for financial services
Offering simplified solutions for SMEs with offline and online channels, such as Bangkok Bank’s SME All-in-One Package offering simplified solutions for SMEs. Sorawan Supapa Tamrongtamratn, Vice President, Bangkok Bank also shared about how a digital onboarding process and proactive customer service for smooth adoption and convenience
Privilege - Mobile Application for SME - Bangkok Bank's SME All-in-One Package integrates offline and digital models to streamline sales, execution, and after-sales service. Developed from customer insights, it offers simplified solutions for busy SMEs, enabling convenient payments and collections via digital and physical channels. The digital onboarding process and dedicated customer service ensure swift and smooth adoption, with a dedicated customer service team that proactively assists them to use the digital channels smoothly and conveniently.
Revolutionising loan approval processes, Kiatnakin Phatra Bank's "Thinker" platform replaces paper-based systems with real-time decision-making using decision trees, reducing errors and enhancing efficiency. Philip Tan, President, Kiatnakin Phatra Financial Group, highlighted how the platform provides tailored campaigns, improves customer experience, and continuously evolves through machine learning for better adaptability and performance.
In response to technological advancements, Kiatnakin Phatra Bank (KKP) modernised its loan approval process by developing the "Thinker" platform. This digital solution replaces the inefficient paper-based system, reducing processing times and human errors. Thinker uses decision trees for real-time lending decisions, allowing salespeople to check applicants’ scores and authenticate instantly. This logic-powered application speeds up processes for both sales and verifiers, working in parallel. The platform streamlines the approval process, provides tailored campaigns, and enhances customer experience by eliminating redundant questions and lengthy workflows. Data-driven and adaptable, Thinker offers real-time dashboards and continuously improves through machine learning, resulting in a faster, more efficient loan approval process. The data-driven system provides adaptability and dynamic data for machine learning projects in the future, continuously improving for better customer experiences.
Offering seamless financial solutions for businesses, Krungthai Bank’s Krungthai BUSINESS portal enhances accessibility, UX/UI, and features, providing services from payments and payroll to trade finance and loan management. Usavan Suwongs, SVP, Internal Digitisation Team Lead and Acting Head of Cash Management Products, Krungthai Bank, emphasised the portal's tailored solutions for each segment's needs, upgrading from the previous Krungthai Corporate Online platform for the digital era.
Krungthai Bank has advanced their digital transaction banking journey with the Krungthai BUSINESS portal, designed for seamless, convenient financial solutions tailored to each segment's needs. Services include intra- and inter-bank payments, bill payments, payroll, QR code payments, direct debit, and comprehensive financial dashboards. It also supports trade finance and loan services like term loan payments, LG/e-LG issuance, invoice financing, and e-promissory notes. Krungthai BUSINESS significantly upgrades the previous Krungthai Corporate Online platform, offering better accessibility, consistent UX/UI, simpler navigation, and more business-suitable features for the digital era.
Personalised solutions driven by data analytics and AI for Thailand’s insurance sector at Ngern Tid Lor focuses on personalised solutions driven by data analytics and AI, setting a new standard for customer engagement and operational efficiency, shared by Pakamon Tulyapizitchai, Head of Digital Transformation, Ngern Tid Lor Public Company Limited.
heygoody - Ngern Tid Lor Public Company Limited (TIDLOR) embarked on a strategic digital transformation to meet evolving customer expectations and market dynamics in Thailand's financial sector. Aiming to surpass traditional insurance sales methods, TIDLOR focused on delivering effortless, customised solutions, accelerated by increased online engagement during the Covid pandemic. Central to this transformation is the use of data analytics and AI to provide personalised, empathetic service, enhancing customer satisfaction and operational efficiency. TIDLOR's approach sets a new standard for customer engagement and financial risk management, underscoring a commitment to innovation and a tech-driven future.
The transformative power of technology and data in today's business environment is evident. Strategic digital initiatives can drive significant operational improvements and customer-centric innovations. From predictive sales models and customer personalisation to enhancing staff productivity with generative AI, these examples set benchmarks for others to follow. The challenges encountered and the solutions devised offer a roadmap for businesses embarking on their digital transformation journeys. As we look to the future, it is clear that embracing digital transformation is not just an option but a necessity for businesses aiming to achieve sustainable growth and maintain a competitive edge in the digital age.
We will be delving deeper into data and AI applications for Thailand’s Digital Economy at the upcoming AIBP Conference & Exhibition Thailand this 16 July in Bangkok - feel free to reach out to us via direct message or at aibp@industry-platform.com.
This article was originally written and posted by Valerie Tan
