9 November 2023
Mr. Pairote Cheunkrut (2nd from left), Krungsri Chief Strategy Officer and Mr. Natwut Amornvivat (2nd from right), Chairman of the Board, True Digital Group Co., Ltd. together with executives announced strategic cooperation to enhance Krungsri's capabilities and drive the business forward by utilising advanced Big Data Analytics and Artificial Intelligence (AI) platform technologies, including improvements to operational systems and the continued development of financial services to meet customer needs and enhance the quality of life.
Bangkok (9 November 2023) – Krungsri (Bank of Ayudhya PCL and its subsidiaries) announced the signing of a strategic cooperation memorandum with True Digital Group Company Limited, a leader in integrated digital services. This collaboration aims to enhance Krungsri's capabilities and drive the business forward by utilising advanced Big Data Analytics and Artificial Intelligence (AI) platform technologies, including improvements to operational systems and the continued development of financial services to meet customer needs and enhance the quality of life. This partnership represents a significant milestone in Krungsri's pursuit of modernisation and sustainable business growth.
Mr. Pairote Cheunkrut, Krungsri Chief Strategy Officer, said, “We know that effective data analysis and management are critical to the success of a financial institution, and this has become even clearer in the digital transformation era where good data management underscores the potential of each organisation as it enables organisations to harness vast databases and provide optimal benefit to business operations. This involves utilising data for precise analysis to deliver the right services and experiences tailored to the diverse needs of our customers. The collaboration between Krungsri and True Digital empowers us to meticulously strategize by using True Digital's cutting-edge, high-performance digital data platform and ecosystem, and we are confident that this collaboration will significantly enhance Krungsri's potential and elevate the entire business value chain.”
Mr. Natwut Amornvivat, Chairman of the Board, True Digital Group Co., Ltd. said, “The strategic partnership between True Digital and Krungsri is an important collaboration between two industry leaders in the telecom-technology and financial sector which will raise the bar for Thailand’s financial industry with cutting-edge digital technologies. This reinforces True Digital’s commitment to enabling digital transformation, encouraging and supporting businesses to fully digitize and giving them the opportunity to differentiate and gain a competitive advantage, while also increasing business efficiency for sustainable growth. True Digital will contribute its expertise in data analytics, Artificial Intelligence (AI) technology, and complete digital ecosystems to support Krungsri’s data intelligence and big data-driven business operations and also the highest data management and protection measures with the international standards to protect the privacy and the value of the data. This is in order to transform its financial services with the capability of gaining an in-depth and precise understanding of customers' behaviour, empowering Krungsri to innovate service design and development to meet its customers’ needs and raise the level of personalised services beyond expectation while reducing costs and enhancing risk management efficiency of its financial services. Our partnership marks a significant step forward for Thailand's financial industry in the digital era, and we will continue our cooperation to deliver more benefits and value to both True and Krungsri customers.”
This collaboration represents a crucial milestone for Krungsri as it transforms its business and delivers modern financial services that use advanced technology to understand more specific customers' needs. It also extends Krungsri’s commitment to promoting its internal AI centre of excellence and its goal to develop, support, and implement ethical AI which is Explainable and Responsible within the financial services sector. This aligns with the principles outlined for the creation of a sustainable financial ecosystem.
Mr. Phonganant Thanattrai, Krungsri Head of Retail and Consumer Banking, said, “Krungsri is committed to providing the finest financial services and experiences for our customers. We understand that every individual, SME, or corporate customer has unique financial service needs and limitations, and this means effective and efficient data analysis plays a pivotal role in our service processes and serves as a crucial element in shaping financial products and services that enhance the quality of our customer's lives. The collaboration with True Digital, a leader in data analytics platforms, presents a significant opportunity for Krungsri, and in addition to strengthening our business, this collaboration also creates more business opportunities for the bank and improves resource management by enabling us to analyse data with more precision and efficiency. It also helps improve Krungsri's financial products and services to meet customer’s needs. Another pivotal objective of this collaboration with True Digital is to enhance accessibility to credit and financial services, promoting financial inclusion to create sustainable business opportunities and enhance the quality of life for our customers.”
This collaboration also propels the organisation with digital innovation. The Information Technology and Digital (ITD) business unit, led by Mr. Sayam Prasitsirigul, Krungsri Chief Information and Digital Officer, plays a key role in supporting and aligning three core pillars: ASEAN growth, sustainable management, and innovation. The focus is on creating innovations that provide competitive advantages and can be adapted on a regional scale. Initiatives include developing a hybrid data platform using cloud technology to enhance stability, support growth, and employ modern tools suitable for the business. Under this partnership, Krungsri and True Digital are studying the feasibility of expanding cooperation to enhance the data analysis system. This involves implementing automated recommendation processes to support Insight Engines, enabling data linkage and analysis to yield new insights that inform the bank's decision-making, all within the confines of relevant regulatory guidelines.