Krungthai CEO Showcases Digital Innovation at ICIS 2024

Bangkok, Thailand – 18 December 2024 – Payong Srivanich, CEO of Krungthai Bank, took centre stage at the International Conference on Information Systems (ICIS 2024) to highlight the bank’s strides in digital innovation. Held under the theme “Bridging Gaps, Building Future”, the conference convened from 15–18 December in Southeast Asia for the first time, attracting over 1,700 participants from 46 countries, including academics, researchers, and IT professionals.

Driving Digital Transformation

During a fireside chat with Balaji Ganapathy, Chief Social Responsibility Officer of Tata Consultancy Services, Payong outlined Krungthai Bank’s pioneering dual approach to digital development. By advancing both mobile banking in a closed system and open banking, the bank has emerged as a leader in harnessing cutting-edge technologies to modernise banking infrastructure.

Cloud technology has been critical to Krungthai’s operations, allowing the bank to execute high transaction volumes in real time. Drawing inspiration from global leaders like Santander and BBVA in Europe, as well as innovations in China, Krungthai has successfully evolved to accommodate a growing customer base.

Empowering Thais Through Digital Innovation

Krungthai Bank became an integral partner to the Thai government during the COVID-19 pandemic, deploying its digital platforms to connect citizens with essential government services. Using Digital ID technology, the bank facilitated the distribution of financial aid to underserved communities, supported the national vaccination rollout, and aided workers affected by the drop in tourism. These efforts boosted the bank’s user base from 3.5 million to a staggering 40 million within just three to four years.

At ICIS 2024, Payong emphasised Krungthai’s commitment to continuous learning and adaptation. “Empowerment through digital platforms is not just a strategy, but a commitment to the people of Thailand,” he explained.

Tackling the Challenges of Transformation

Acknowledging the risks of a growing digital divide, Payong addressed the importance of equitable access to technological resources. The bank’s initiatives focus on collaboration to ensure inclusivity and reduce social inequality while leveraging technologies such as AI, machine learning, and generative AI to stay ahead of customer needs.

However, challenges remain. “We are not only adapting to technology but are shaping it to serve the needs of our customers and community,” said Payong. He noted that up to 30% of banking roles could be impacted by evolving technologies within the next five to seven years, making reskilling and IT preparation essential.

Sustainability and Innovation

Krungthai Bank’s vision looks beyond immediate gains, applying digital innovation to build a sustainable and inclusive future for Thailand. “Innovation is not just about the latest trends; it’s about creating a sustainable future for all,” Payong remarked.

From modernising infrastructure to equipping its workforce with new skills, Krungthai is creating a banking ecosystem designed to serve both present and future generations, setting a benchmark for emerging economies.

About Krungthai Bank

With over 70 years of banking expertise, Krungthai Bank is one of Thailand’s largest state-owned financial institutions. The bank is a leader in digital innovation, offering seamless financial services that promote growth, inclusivity, and community development. Learn more by visiting Krungthai Bank’s website.