Article by Thawipong Anotaisinthawee, country manager, Nutanix (Thailand)
Over the past year, traditional financial services companies have woken up to the possibility of change. Though historically slow to embrace new technologies, the sector has been at the forefront of corporate transformation efforts as it looks for ways to retain and engage customers in the face of lockdowns and a rise in competition from more agile fintech players.
According to the Bank of Thailand (BOT), one of the most prominent advancements in Thai fintech is the development of QR Code standardization for payment via mobile devices. The adoption of biometrics technology to verify identity combined with the development of the National Digital ID (NDID, the central platform to exchange data for identity verification), will allow customers to be able to complete transactions without having to submit multiple documents. They will be able to open a bank account or apply for a loan much more easily, for example.
Matt Young February 03, 2021 09:40
Over the past year, traditional financial services companies have woken up to the possibility of change. Though historically slow to embrace new technologies, the sector has been at the forefront of corporate transformation efforts as it looks for ways to retain and engage customers in the face of lockdowns and a rise in competition from more agile fintech players.
A plus for the industry is that the pandemic has dramatically increased the need for its services digital banking and payments, insurance, and customer support services. The challenge is of course meeting those expectations.
Around a quarter of consumers have abandoned in-person banking, with more than 70% banking digitally every week. There is the sense that traditional institutions will need to become more agile and fast-track innovations to survive this shift. This year we can expect to see a rush to capitalise on emerging technologies to automate manual processes, develop mo