Digital disruption has forced one of Thailand’s biggest banks to keep implementing new services to cope with the threat of digitisation.
Bank Ayudhya, Thailand’s fifth-largest commercial bank by assets, will reconsider the range of services it offers as it struggles to cope with the increasing complexities of the global financial ecosystem, now fuelled by digitisation.
The Bangkok-based bank, which is branded as Krungsri, has already revamped its e-business accordingly to tackle the influx of new technology, with consumer group head Thakorn Piyapan pointing to the speed of innovation as the most difficult hurdle.
“New financial technology is coming and we risk not catching up with it,” he said.
“The point is that banks and financial institutions are looking for technology to help reduce their operating costs, as it is not comfortable for banks to manage their costs amid very low interest rates.”
Piyapan said the bank has been shaken by the rapid pace of development of fintech and has decided to shift its business focus to digital banking through the restructuring of its e-business unit.
Krungsri also recently opened its digital banking and innovation unit, which will focus on new technology, adapting to trends, collaborating with fintech start-ups and engaging with alternative finance players.