Human focus is the key to winning customers’ hearts with AI-based customized financial services. Krungsri, a leading bank in Thailand, shared its vision at the Techsauce Global Summit 2024.
Techsauce Global Summit 2024 stands as the largest tech summit in Southeast Asia. This year’s event, hosted under the theme “The World of Tomorrow with AI,” spotlighted AI-based solutions poised to steer the world towards a brighter future. At the summit, Krungsri unveiled its innovative AI solutions that amplify performance and efficiency, driving the bank towards its ambition of becoming a future technology leader.
At this esteemed event, Tul Roteseree, Krungsri’s Executive Vice President and Head of the Data and Analytics Division, joined other premier investors and technology experts as a speaker. On the “Fintech Stage,” Tul illuminated his vision on “AI at the Core: Reimagining Financial Services for Inclusion.”
In Thailand, major banks provide similar services, harnessing potent data and AI innovations to deliver financial services. However, these databases typically cater to customers with steady incomes or monthly salaries. It’s worth noting that a significant segment of Thailand’s 70 million-strong population comprises freelancers and independent workers—individuals not covered by conventional databases—thereby presenting a vast opportunity for banks to enhance services for this majority demographic.
“Banks typically request bank statements, salary payslips, or employer reference letters. But the world has evolved, and so must we. We need to explore alternative assessment methods. AI offers a solution. This technology allows us to efficiently evaluate and approve loans for individuals without fixed and regular incomes, unlocking immense opportunities for banks in the future,” Tul explained.
He further elaborated, “Krungsri has implemented AI for some time, predominantly in the back office, augmenting employee performance and service efficiency. However, customers often remain unaware of these enhancements. For instance, we utilize AI for property assessments, such as condominium and house valuations, thus eliminating the need for physical inspections. This streamlines assessments and significantly reduces costs.”
“We also leverage AI to determine the optimal amount of cash to stock in each ATM, ensuring a well-calibrated balance that prevents cash shortages and elevates the customer experience while cutting operating costs.”
“Another advantage lies in data analytics. By synthesizing data from diverse sources within our bank—ranging from deposits, investments in mutual funds and securities, to home loans, personal loans, credit cards, auto loans, and insurance—we gain a holistic view of our customers as unique individuals rather than product-specific clients. This comprehensive perspective, termed Customer 360, enables us to refine and innovate new products and services with a customer-centric vision,” Tul emphasized.
He remarked that financial institutions are often at the forefront of adopting AI technology and sees vast, untapped opportunities where AI can lend support.
Guided by the mantra “Make Life Simple,” Krungsri pledges to continue developing AI-driven innovations that enhance customer convenience. With a customer-centric approach, insights into customer behavior, and the capacity to deliver tailored products, Krungsri remains committed to ensuring its customers can effortlessly access and enjoy the right services.
AI is great for making banking more efficient, but what about the risks? Isn’t there a possibility of AI making biased decisions?
I agree, there’s always a risk of bias. However, AI can also remove human bias if it’s programmed correctly.
AI can only be as unbiased as the data it’s trained on. If the data is biased, the decisions will be too.
Exactly, Arthur. We need strict regulations to ensure AI systems don’t inherit biases from flawed data sets.
Freelancers will finally get the recognition they deserve in the financial system! This is a huge step forward.
It’s a step forward but implementing it properly is the main challenge. Will AI really be able to assess freelancers accurately?
If AI can look at a wider range of data, like contracts and transaction history, it could work. But it’s not foolproof.
Yes, John. AI needs to consider all aspects of freelancing, not just questionable credit scores.
Are we sure this isn’t just another way for banks to collect more data on us?
AI-powered predictions for ATMs sound cool, but I wonder if it will work well in rural areas.
Good point! Rural areas often have different needs and less frequent cash withdrawals.
True, CountryGal, but it might actually help optimize cash availability better in those areas too.
Agreed, Urbanite23. Let’s hope they consider all variables to make it efficient everywhere.
AI in property assessments is a game-changer, but I worry about the accuracy without physical inspections.
AI can be very accurate with the right data, but there will always be exceptions where a human touch is needed.
That’s precisely my concern. Exceptions may end up being overlooked by a machine.
Customer 360 seems like a marketing gimmick. All banks say they know their customers well.
True, but AI could potentially offer more personalized services than a human ever could.
Maybe, but I fear it could also invade our privacy too much in a bid to know us better.
It’s beneficial as long as they use data responsibly and transparently.
Great to see Krungsri focusing on technology, but how will it really differentiate from other banks?
That’s the challenge every bank faces. AI might give them an edge if they innovate consistently.
Agree, let’s hope they maintain their momentum and don’t just rest on these developments.
Maybe they need to focus more on customer service rather than just technology.
This all sounds very futuristic, but will it really make a difference to the average customer?
I think it will! Streamlined services and quicker loan approvals could be a big help.
Possibly, but it also sounds like more ways for banks to cross-sell their products.
That’s a fair point, Skeptic123, but advancements like these are inevitable.
Using AI to stock ATMs seems like a small thing, but it could be incredibly impactful.
Wonder how Krungsri plans to tackle data privacy. AI needs a lot of data and that’s risky.
If AI can streamline a traditional bank like Krungsri, imagine what it could do for crypto services!
AI is cool and all, but shouldn’t banks focus on getting the basics right first?
This is really a wake-up call for other banks. Fall behind in AI, and you will lose customers.