Digitalization and Innovation
Commitment
To develop the Bank’s digital solutions and adapt technology to create a better customer experience through technological transformation, and build capabilities to meet the changing demands of all generations.
Materiality
Disruptive technology has had a substantial impact on people’s lifestyles, the use of financial services by customers, and the Bank’s operations. Digitalization has brought about new opportunities for the banking business by enabling banks to serve a greater number of customers with more speed, yet at a lower cost per unit. It also enables us to better understand and respond to our customers’ needs. The Bank places great importance on technology development and innovation by focusing on developing products and services that meet the needs of customers. The Bank uses technology to increase productivity in the workplace such as by process improvements that save time and reduce human errors. This allows the Bank to create competitive advantages over competitors, either financial or non-financial institutions, while also promoting the Bank’s identity as a trusted partner and reliable close friend standing alongside our customers in every situation.
Management Approach
The Bank’s digitalization and innovation management requires good coordination across three areas: 1. Technology Division, 2. Innovation Department, and 3. Other units, covering business units that provide products and services and support units. We are adopting a digital workplace concept, advanced technology and innovation as well as digital platforms to increase workplace productivity and develop products and services as follows:
Key Activities
Product and Service Development
Our product and service development process begins with a study of market trends and customer needs; designing and defining details; assessing and determining how to manage associated risks, such as risks from money laundering, personal data protection and data security, as well as risks from non-compliance with regulatory standards and regulations; prototyping and testing products and services until further improvements are completed. The Bank conducts testing of newly developed products and services, such as testing prototypes of products and services with specific groups of customers. We also participate in the Bank of Thailand’s Regulatory Sandbox. This is to control risks and unexpected impacts. In addition, after testing products and services the Bank collects opinions and experiences to further improve products and services to better meet the needs of users.
Products and Services
dStatement Service for Requesting and Sending Digital Bank Statements Between Banks
In 2022 the Bank provided the dStatement service to facilitate customers for requesting and sending bank statements between banks on the National Digital ID (NDID) platform. Customers can use dStatement to apply for a loan with the Bank through simplified procedures, with lower probability of lost documents and reduced costs. In addition, the dStatement service uses the highly secure NDID system to verify identity as aligned with international standards. The Bank provides two types of dStatement services: 1. Requesting a bank statement from other banks to be used for applying for a loan with Bangkok Bank, and 2. Sending Bangkok Bank’s statement to another bank for making a transaction.
Google Pay Service via Android Smartphone
The Bank offers a Google Pay service for Bangkok Bank Visa and Mastercard cardholders. Users can connect their credit card to the Google Wallet application via their Android smartphone, so when they open the Google Wallet application, they can select the card they want to use and then touch the smartphone to the contactless payment terminal. By the end of 2022, more than 10,000 credit cards were linked to Google Pay.
New iTrade Service
iTrade is a new digital platform for export and import businesses. This is an easy-to-use web application to digitally manage all international trade transactions end-to-end which provides a full range of export and import services. The system is designed to be easy to use, safe, efficient, convenient and fast. Initially, the Bank launched Documentary Trade services such as Letters of Credit. In future updates, the full suite of iTrade services including all import and export services will be available. Customers will be able to do all types of international business transactions via an international standard security system whereby all transaction data is encrypted and 2-Factor Authentication from registered parties is required for login and approval. Customers can be assured of security when making a transaction using iTrade.
Bualuang iSupply
Bualuang iSupply is an online financial service for supply chains which features online payments and receipt of payment for goods and services as well as provision of short-term loans to finance working capital needs.
The system leverages large operators’ (supply chain sponsors) actual trade transactions transacted via the Bank’s online payment services (covering two aspects: payment for goods to buyers/ dealers, and payment for goods to sellers). Bualuang iSupply can benefit all parties in the business network, especially small trading partners, who often have limited access to a source of funds due to a lack of collateral and insufficient information needed to apply for a loan. Bualuang iSupply facilitates financial transactions and gives businesses a competitive advantage.
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