The president and CEO at Krungthai Bank, Payong Srivanich, discusses the bank’s digital reinvention to enhance customer experience by improving service delivery; investment in technology as well as support for the community and small businesses
November 09, 2020 | Foo Boon Ping- Krungthai implements the ‘carrier’ and ‘speedboat’ banking models for the transformation of its core businesses and introduction of new capabilities
- The bank continuously upgrades its technology stack and invests over $600 million to drive fintech innovation
- It introduced the Pao Tang G-wallet app to enable Thai consumers to access financial services without having a bank account, and support the tourism sector during the pandemic
Krungthai Bank (KTB), the largest state-owned bank in Thailand and the fourth largest commercial bank by assets, has accelerated its digital reinvention to increase revenue and enhance value-added solutions for customers. The bank’s total assets stood at THB 3,171 billion ($101.51 billion), as of the first half of 2020.
The bank serves 40 million of the country’s total population of almost 70 million. Ten million customers currently use the Krungthai NEXT mobile banking app, and the bank aims to increase that number to 12 million by end of the year.
The bank’s regional network straddles mainly Indochina countries such as Cambodia and Laos, as well as China, India and Singapore. It has wholesale banking branches in Kunming, Los Angeles and Singapore. Its domestic branch network, largest in Thailand, was consolidated to 1,113 nationwide at the end of March.
In October, the bank set up a new technology subsidiary, Infinitas, to serve as research and development (R&D) hub for newly digitised financial products.
Payong Srivanich, president and CEO at Krungthai Bank, said it is necessary to implement digital reinvention to take advantages of advancement in technologies such as artificial intelligence (AI), data analytics, cyber security, blockchain, as well as open banking. The innovation in technology brings new organisational competencies and expertise in banking. It also leveraged its Pao Tang G-wallet app to support the government's efforts...
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Keywords:Digital Banking, Technology, Data Analytics, Blockchain, Open Banking