3 October 2023 at 19:20 PUBLISHED
According to the head of Citibank Thailand, digitization may spur economic growth in Thailand and boost bank effectiveness.
The nation’s banking sector is evolving into a modern banking enterprise that is supported by the advancement of modern technology. Narumon Chivangkur, Citi’s state head for Thailand, Cambodia, and Laos, spoke now at the Bangkok Post Forum 2023 on the topic of Banking Revolution, The Catalyst for Thai Economic Revival. With digitization, banking services may lessen pain points in the three core areas of transparency, speed and operating cost.
Digitization can significantly increase productivity and efficiency in addition to helping users with their problems. For instance, Citibank individually handled 200 to 300 foreign exchange transactions per day in 1996, whereas this yr 10, 000 similar transactions occur and are managed by only half as many employees, she said.
” With digitization, the banking industry’s landscape has changed from one that was product-driven in the past to the present, with a potential environment driven by technology and solutions.” In the meantime, change is happening quickly in the modern era, according to Ms. Narumon.
As of July of this year, there were approximately 70.9 million personal licenses for modern banking platforms, an 8 % increase over the previous year. Biller ID registrations are at 152, 000, growing 43 %, corporate registration are up 25 %, and PromptPay transactions are 1.68 billion, representing a 35 % increase.
According to Ms. Narumon, Citibank is prepared to assist local and foreign clients with both inbound and outbound purchase and growth as part of its global Citi 95 networks. Thailand is also a popular place for foreign direct investment, and local businesses are eager to grow abroad in search of fresh company prospects.
In addition, Citibank formed a first-of-its-kind collaboration with the World Bank and an importer of ocean purifiers in Vietnam. She expressed the hope that identical initiatives will soon be carried out in Thailand.