Krungsri joining hands with partners to showcase innovations for business at Krungsri Tech Day 2023: Together Now and Next

Mr. Sayam Prasitsirigul (left), Krungsri Chief Information and Digital Officer and Mr. Pochara Vanaratseath (right), Krungsri Head of Information Technology presided over the opening of "Krungsri Tech Day 2023: Together Now and Next", Krungsri's first largest tech event, reaffirms its leadership in Thailand's digital banking and showcase human-centric innovations and solutions.

Krungsri (Bank of Ayudhya PCL and subsidiaries), reaffirms its leadership in Thailand's digital banking by hosting "Krungsri Tech Day 2023: Together Now and Next". This event serves as a platform to showcase human-centric innovations and solutions, symbolizing Krungsri's readiness to join forces with technology companies, startups, and top-tier experts in the country to move forward with innovations to shape the future financial landscape.

Mr. Sayam Prasitsirigul, Krungsri Chief Information and Digital Officer said, "Today's finance industry has undergone a seismic shift, moving from a transaction-focused model to one that prioritizes customer experiences, often referred to as 'Experience Business,' or 'Banking as a Service.' To align with Krungsri's medium-term business strategy and maintain our position as Thailand's leader in digital banking, we plan to invest more than 11 billion baht to develop and improve our digital technology to enhance customer experience and deliver simplicity through human-centric innovations. Some parts have already been implemented, such as cross-border money transfers and the launch of the Retail CBDC pilot. Krungsri developed the CBDC Krungsri mobile application to test the Bank of Thailand's digital currency usage, and we have applied AI/MI technology to enhance the efficiency of our product and service offerings. All of our success and insights are being showcased at the Krungsri Tech Day 2023, which also featured tech talks and tech showcases from partners that can contribute to the advancement of the banking industry."

Krungsri Tech Day 2023 also highlighted how future technology can shape advances in financial solutions and looks at how Open Banking, Data Oversound, Face Payments, and Artificial Intelligence technology such as Chatbots and Generative AI can be applied. Krungsri will also present a range of products and services that cater to the needs of retail and business customers. In a special project, Krungsri Nimble, a hub for IT solutions, collaborated with the Faculty of Medicine at Siriraj Hospital's Department of Psychiatry to develop an innovative project employing VR technology to support the medical industry, particularly in treating patients with phobias. At the event, Krungsri Finnovate, a corporate venture capital (CVC) arm of Krungsri, also advised participants about investment opportunities in mutual funds and startup ventures, as well as introducing the latest solutions from outstanding startup companies and technology partners from around the world.

In addition to developing financial products tailored to diverse customer needs, Krungsri's Technology and Digital Group places great emphasis on modernizing IT infrastructure in line with evolving technology trends in which the bank has collaborated with technology partners to enhance efficiency in supporting both the bank's operations and customers' businesses. This strategic approach involves nurturing an organizational culture that champions innovation. In the first quarter of 2023, Krungsri relocated its primary data center with an investment of over 1,000 million baht to expand the facility significantly. This expansion provides increased capacity to support the development of various solutions, with the ability to accommodate business growth for up to 20 years. Meanwhile, Krungsri is in the process of upgrading its core banking systems aimed at fostering flexibility and bolstering competitiveness in the digital banking landscape. This transformation will enable quicker responses to evolving customer needs while also streamlining future application development costs.

To foster an organizational culture that prioritizes employees, it is crucial to nurture and empower workers to adapt to evolving technology. Krungsri has established Stellar by Krungsri, a unit dedicated to propelling the organization forward with innovation. The unit collaborates closely with internal teams and external business partners to generate and refine innovative ideas that meet business challenges. Stellar by Krungsri also conducts ongoing research and testing of new technologies to seize opportunities for business growth.

"By elevating in every dimension, including people, processes, technology and collaborating with the strong MUFG network and its global expertise will enhance our capabilities in delivering innovative, secure, and convenient financial products and solutions. We aim to empower businesses to thrive and grow in step with evolving trends, ensuring strong and sustainable growth," Mr. Sayam concluded.