Innovation and Digitalization
Commitment
To effectively manage all material risks, including ESG risks, and instill a risk culture throughout the Bank to support its resiliency to crises and to achieve sustainable growth
Materiality
The evolution of innovation and advancements in digital technology have significantly transformed customers’ lifestyles and the way they use financial services. The appropriate application of digitalization and innovation enables us to develop products that better meet customer needs, provide faster services, and reduce operational costs. On the other hand, if we fail to appropriately integrate technology, we may lose our competitive capabilities. We recognize the importance of continuously developing innovations and applying both innovation and technology to deliver products and services that meet customer demands, improve work processes to enhance speed, while reducing errors, minimizing resource waste, and promoting a business ecosystem that not only creates economic value but also generates positive impacts on the environment and society. Furthermore, we place great emphasis on managing information technology risks and cybersecurity, which have become increasingly critical in an era where digital technology is an integral part of daily life. We also regularly disseminate knowledge about cyber threats and prevention methods to customers, employees, and the public to reduce risks and enhance confidence in using the Bank’s financial services.
Management of Digitalization and Innovation
The management of digitalization and innovation is a cross-collaboration between the Technology Division, the Shared Operation Division, the Innovation Division, the business units responsible for products and services, and other related units. The Technology Division is responsible for developing and enhancing the digital infrastructure to support operations and the development of products and services. The Shared Operation Division leads the integration of technology to improve the Bank’s operational efficiency. The Innovation Division is tasked with researching, developing, and managing technologies that can be applied to the Bank’s business, as well as seeking business partnerships to enhance the Bank’s competitiveness through collaborative innovation and the creation of a digital ecosystem. Collaboration between these various units serves as a catalyst and driving force for creating a user-centric work culture, focusing on the needs of employees within the organization and customers. In addition, we have established Bualuang Ventures to support funding for high-potential SME and startups in Southeast Asia. Bualuang Ventures invests in a wide range of digital technology businesses, including fintech, e-commerce, healthcare services, and agricultural technology, to strengthen and promote the sustainable growth of these businesses, as well as to explore opportunities to enhance the Bank’s technological capabilities in the future.
Technology Initiatives and the Transformation of Working Practices
Increasing competition in the banking sector in the digital era means traditional styles of working can erode the competitiveness of a business. Therefore, we have transformed our working systems and technology capabilities to enhance efficiency and support the development of new products and services as follows:
- Improved the Bank’s core systems, including the transformation of processes and data sets to be interconnected and standardized across the organization, leading to an integrated workflow that is more efficient and cost-effective.
- Transformed the working model to be more agile and efficient, such as adopting an agile approach that focuses on work outcomes, reducing workplace hierarchy, and promoting a Test and Learn culture among employees. This includes encouraging cross-functional collaboration with employees from different units to work together as one team to rapidly and seamlessly develop new products and services.
- Adopted systematic Design Thinking processes to gain a deeper understanding of diverse customer needs and seek optimal solutions to respond to the unique needs of each targeted customer group.
- Created a digital ecosystem in collaboration with our partners and developed digital platforms to connect the Bank with customers, which will lead to the creation of products and services that meet the evolving needs of customers.
- Integrated digital technologies and innovations, including digital applications and platforms, into various divisions of the Bank to enhance operational efficiency, reduce human errors, shorten processing times, and lower costs. This includes the use of Robotic Process Automation (RPA), Optical Character Recognition (OCR), Cognitive Machine Reading (CMR), Artificial Intelligence (AI), and the Microsoft Power Platform.
- Used artificial intelligence technology and big data analytics to analyze customer behavior and to better understand their needs in order to develop customized financial products and services that meet individual or group-specific demands, as well as identifying new business opportunities.
- Modernized digital payment systems to support the rapidly growing cashless society.
We have initiated the Operations of the Future (Ops of the Future) project to enhance operational efficiency, reduce the time required for tasks, and strengthen the digital technology capabilities of business units. We aim for excellence in five key operational areas:
Product and Service Development
We recognize the importance of adopting digitalization and innovation to develop new financial products and services which enables us to explore new business opportunities and expand our customer base. The process of developing new products and services begins with studying the needs of target customer groups, defining objectives and goals, designing and specifying the details of the products and services, and assessing and managing related risks, such as risks associated with personal data protection, cybersecurity, and non compliance with regulatory standards and regulations. This is followed by the development of product and service prototypes, testing with specific customer groups, gathering customer feedback after trials, addressing errors, making improvements until completion, and finally, launching or officially making new products and services available to the market.
In addition, we launched the Tech Adoption Challenge project for the fourth consecutive year to drive the organization’s digital transformation, develop solution developers, and integrate AI technology to enhance operational efficiency and meet customer needs. The initiative also aims to build the capabilities of developers through idea exchange, experience sharing, and consultation with expert mentors within the Bank, transforming innovative ideas into practical solutions. If the projects from Tech Adoption Challenge Season 4 are implemented, they are expected to generate the following business impacts: 1. 84 percent improvement in work efficiency; 2. Reduction of 3,351,673 sheets of paper, equivalent to cutting down 285 trees or reducing greenhouse gas emissions by 19 tonnes of CO2; and 3. Reducing the expense of hiring external developers by approximately Baht 10 million per year.
Product and Service Development
Bangkok Bank Mobile Banking
We continually develop and add new features to the Bangkok Bank Mobile Banking platform to suit customers’ lifestyles and enhance the user experience, while strengthening the security of financial transactions. New features of Bangkok Bank Mobile Banking in 2024 included:
- Expanding QR code scanning services abroad at merchants displaying the Weixin Pay QR symbol, allowing payment for goods and services in China. Weixin Pay is more commonly known as WeChat Pay outside China.
- Implementing QR code payments with credit cards for goods and services, whereby customers continue to enjoy the same benefits as using a physical credit card.
- Introducing prepaid bill payment and top-up services so that customers can conveniently plan their payments in advance, ensuring they avoid the risk of forgetting to settle their bills.
- Adjusting the transaction limit for face scanning, helping customers control risks when using the service.
- Providing a service to lock and control credit card usage, such as adjusting the daily credit limit, transaction limit per item, the number of transactions allowed per day, as well as locking and unlocking cash withdrawals from the credit card.
- Offering a widget, or payment scan button, on the phone screen, enabling customers to make transactions without accessing the Bangkok Bank Mobile Banking application. This reduces the steps and time required to access services such as transfers, top-ups, and payments through QR code scanning. Customers must confirm transactions with a password or fingerprint scan for security purposes.
- Introducing a service for applying for a credit card or personal loan online through the Bangkok Bank Mobile Banking app.
Cross-Border QR Payment
We offer payment services for goods and services through QR code scanning at merchants abroad via Bangkok Bank Mobile Banking (Outbound), which is available 24/7. Payments are deducted from the Thai Baht deposit account linked to Bangkok Bank Mobile Banking, using the exchange rate at the time of the transaction. Users receive an e-Slip confirming the transaction immediately upon successful payment. Conversely, merchants in Thailand can receive payments via QR PromptPay from international tourists instantly (Inbound). This service is currently available in Vietnam, Indonesia, Malaysia, Singapore, Laos, Cambodia (Inbound only), and Hong Kong
BeMerchant NextGen
BeMerchant NextGen is an application designed to facilitate payments via QR code, which is suitable for small retailers such as shopfront stores, market vendors, and food cart businesses. This application enables store owners to track payment history and supports QR code payments with no minimum transaction amount. It includes QR PromptPay (with no transaction fees), QR codes linked to credit/debit cards such as Visa, MasterCard, UnionPay, and TPN, as well as QR codes for WeChat Pay and Alipay, to accommodate both Thai and international customers. In 2024, there were over 1.2 million BeMerchant NextGen merchants and more than 107 million transactions completed.
dStatement
We offer digital account statement data transmission (dStatement) via Bangkok Bank Mobile Banking to assist customers who require account transaction information (Bank Statement) as supporting documentation for various purposes, such as loan applications. The Bank can directly transmit this information to another financial institution based on the user’s consent to disclose the data. This service streamlines processes, mitigates the risk of document loss, and reduces associated costs. Additionally, it ensures robust security in compliance with international standards, utilizing digital authentication and identity verification through the National Digital ID (NDID) platform.
e-Bank Confirmation on Blockchain
We provide electronic financial status certificate issuance services and deliver them to auditors via a blockchain platform. This service helps reduce the burden of generating paper-based financial status certificates, alleviates the process of submitting certificates to auditors, and enables auditors to conveniently manage electronic financial status certificates through the platform.
iCash
iCash is our new cash management platform that enables businesses of all sizes, from small enterprises to large corporations, to conduct comprehensive financial transactions online. This includes payment services, liquidity management services, and account services. Users can execute financial transactions and access various reports quickly, with support for both website and mobile application transactions. The system is modern, user-friendly, and equipped with internationally recognized security standards. It supports login and payment approvals through token application and provides notifications of pending approval transactions via SMS, push notifications, and email.
Bualuang e-Guarantee
We provide an electronic letter of guarantee service that enhances convenience, speed, and security, as follows:
- e-Guarantee for Customs Allows import businesses to conveniently and quickly provide customs duties guarantees online. This service ensures smooth business operations, timely receipt of imported raw materials, and reduces the risk of losing business opportunities.
- e-Guarantee for Government A solution that uses blockchain technology to connect businesses with government agencies through the Controller General’s Department system. This service ensures transparency in procurement processes, reduces incidents of corruption, and allows registered businesses in the Electronic Government Procurement (e-GP) system of the Comptroller General’s Department to conveniently and securely request guarantee issuance.
- • e-Guarantee for Business Offers a comprehensive range of electronic letters of guarantee across nine categories: 1. LG Contractor Performance 2. LG Electricity 3. LG Goods Payment 4. LG Bid Bond 5. LG Advance Payment 6. LG Maintenance Warranty 7. LG Retention 8. LG Infra-Structure for Real Estate 9. LG Loan. Applicants can request an Electronic Letter of Guarantee via the Bank’s website and receive notifications of a letter of guarantee issuance and expiration dates of electronic letters of guarantee via email. This service enhances business management efficiency, streamlines processes, reduces the burden of guarantee letter storage, and saves costs associated with paper-based guarantee letter submissions.
Bualuang iSupply
Bualuang iSupply is a comprehensive online financial service for trade networks that integrates payment/ receiving payments for goods with revolving credit. The service leverages a high security standard, incorporating 2-Factor Authentication for enhanced convenience and flexibility. It uses actual transaction data from large entrepreneurs or sponsors as a reference. This service covers both dealer finance and supplier finance, creating mutual benefits for all involved parties. It offers greater opportunities for large entrepreneurs or sponsors to expand operations with partners while reducing the cumbersome paperwork involved in financial transactions. Additionally, it helps promote access to funding for SME among their supplier/dealer partners, who often face challenges in accessing financial institutions due to a lack of collateral or insufficient credit history. This service enables these businesses to access capital under favorable terms, fostering sustainable growth.
iTrade
iTrade is a digital banking service that supports international trade transactions for import and export businesses. It is user-friendly, convenient, and fast, with internationally recognized security standards, including 2-Factor Authentication for identity verification. Customers can quickly apply for letters of credit, check their status, and update information with ease. This service reduces the administrative burden of paperwork without any additional costs. Initially, the Bank is providing services exclusively for letters of credit. In the future, the Bank plans to fully launch the new iTrade system, which will enable the completion of all types of international trade transactions.
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