Thai Commercial Bank has revealed its digital banking service development strategy by incorporating AI in service provision, upgrading operational processes, and enhancing bank employees’ skills.
Mr. Krissana Jantanothok, CEO of Thai Commercial Bank, shared insights on this year’s global financial industry trends, stating that over 80% of customers are seeking new financial innovations. The bank itself must improve customer experiences, combat fraudulent activities, and compete with emerging service providers from other industries with cutting-edge technologies. Thai Commercial Bank aims to generate 25% of its total revenue from digital sources by 2025, currently standing at 9.9%.
Therefore, AI technology serves as the all-encompassing solution and will be the New S-Curve of the bank. The current AI-First Bank approach of Thai Commercial Bank consists of two main axes: the Disruptive axis introduces new innovations to customers, such as the recent launch of AI Advisory Chatbot for investment advice and AI Daily Monitoring for real-time portfolio analysis and recommendations based on market fluctuations.
Another part of the Disruptive axis is the use of AI to evaluate and approve Small and Medium-sized Enterprise (SSME) loans entirely, reducing documentation time when using an SCB account, with approval within 10 minutes and interest rates tailored to individual risk profiles. AI is also employed in the debt collection process, determining the best strategies for each customer.
The other axis focuses on the daily tasks of bank employees, utilizing AI to enhance work efficiency in areas like CRM and legal document summarization, with the goal of providing all 19,000 bank employees with AI learning opportunities for maximum benefits.
TLDR: Thai Commercial Bank integrates AI in digital banking services to enhance customer experience, combat fraud, and increase revenue from digital sources. AI is used for investment advice, loan approvals, debt collection, and to improve daily tasks of bank employees.
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