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Bank of Ayudhya Public Co Ltd. - Digital Transformation Strategies

Publisher GlobalData
Published Dec 27, 2022
Length 24 Pages
SKU # GBDT17666625

Description

Bank of Ayudhya Public Co Ltd. - Digital Transformation Strategies

Summary

Bank of Ayudhya Public Co Ltd (Krungsri), a subsidiary of Mitsubishi UFJ Financial Group Inc, offers personal, small and medium enterprises (SMEs), and corporate banking services. Personal banking offers deposit products, investment products, loans, cards, bancassurance, payment solutions, money transfers, remittance, forex, and merchant services.

Krungsri Unicorn is an internal startup program under Krungsri Group. The program aims to help employees of Krungsri to convert their ideas into fast-growing products and services through a three-stage venture builder program: Pony, Centaur, and Unicorn stages.

Krungsri RISE project is a collaboration between Krungsri and RISE, a startup accelerator. The project accelerates the digital development and innovation of fintech startups through investments, resources, and expert advice.

In October 2022, Krungsri has established the Krungsri Innovation x Chiang Mai. The hub aspires to be a knowledge center for the tech community and a venue for individuals to build creative digital financial solutions in order to advance Thailand's aspirations for the digital economy.

This report provides insight into Ayudhya's digital activities, including its digital transformation strategies, its innovation programs, its technology initiatives, its estimated ICT budget, and its major ICT contracts.

Scope
  • Krungsri and IBM launched an open API platform. The open API platform developed by IBM enabled anywhere, anytime banking-as-a-service experience, which helped Krungsri to connect to facilitate business and information interchange, and product development.
  • Krungsri intends to enhance its Decentralized Finance (DeFi), Web3, and metaverse capabilities through investment in blockchain and fintech firms. In June 2022, Krungsri Finnovate, the corporate venture capital arm of Krungsri has announced its intention to invest more than 1 billion baht ($290 million) in Web3, blockchain, DeFi, GameFi, and Metaverse through the Finnoverse fund.
  • Krungsri partnered with Murex, a provider of trading, risk, and processing solutions for capital markets, to enhance its IT transformation. Krungsri deployed Murex’s MX.3, a platform that enables banks to meet trading needs and manage risks.
  • Krungsri leveraged AI virtual agent, Manow, for non-voice customer service. Manow uses data analytics to identify, prioritize the type of business, and analyze customer information, which allowed the bank to respond to customers’ inquiries 24/7 and reduce customer waiting time
Reasons to Buy
  • Gain insights into Ayudhya's tech operations.
  • Gain insights into its digital strategies and innovation initiatives.
  • Gain insights into its technology themes under focus.
  • Gain insights into various product launches, partnerships, and acquisition strategies.

Table of Contents

24 Pages
Overview
Digital Transformation Strategy
Accelerators & Incubators
Technology Focus
Technology Initiatives
Investments
Partnership & Investment Network Map
ICT Budget & Contracts
Key Executives
About GlobalData

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