Bridging the digital divide: Innovations and challenges in Thailand's banking

The Thai banking sector is experiencing transformative change, propelled by digital disruption and the impending introduction of virtual banks. This shift, driven by changing customer behaviours and expectations, underscores the urgent need for banks to enhance their customer experiences to stay competitive. As the regulatory environment evolves, the Bank of Thailand is actively facilitating the emergence of these digital-only banks.

Despite the clear directives and regulatory support, banks face significant hurdles in accelerating their digital transformation. These challenges include the integration of cutting-edge technologies with legacy systems, addressing data security and privacy concerns, and responding to rapidly changing customer demands. Additionally, the technical and operational complexities associated with transitioning to cloud-based platforms can impede swift implementation.

This roundtable will explore the multifaceted challenges banks encounter as they adopt new technologies and strive to enhance operational efficiencies. We will explore strategies to overcome these obstacles, share best practices from the top 100 digital banks, and examine how strategic collaborations can drive innovation and enhance customer service in the banking sector. Insights will also be drawn from global trends such as the increasing reliance on data analytics and artificial intelligence to personalise banking services and manage risks more effectively.