Bank of Ayudhya Public Co Ltd - Enterprise Tech Ecosystem Series

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. SME banking offers guarantee services, term loans, value chain solutions, securities services, and custodian services. Corporate banking offers investment banking, credit facilities, international banking, cash management, and trade services. The bank offers its products and services through a network of branches in Thailand, Laos, and Myanmar. Krungsri is headquartered in Bangkok, Thailand.

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. In the Pony stage, teams that get selected consists of three employees each, get trained in business building and product creation and get mentoring from entrepreneurs, executives, and startup creators at the national level. In the Centaur stage, each startup team receives funding from Krungsri in the amount of 2-4 million baht to continue developing startup businesses for 10-12 months.

Krungsri RISE Fintech Accelerator (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. Krungsri RISE also provides various platforms through strategic collaboration with the bank and joint venture partnership. The platform connects startups with customers, analysts, funds, and experts in various fields to enhance their growth.

This report provides insight into Bank of Ayudhya's fintech 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 Krungsri Mobile Application (KMA) by leveraging AI, big data, and open banking APIs. In 2019, Krungsri allocated over 800 million baht to enhance KMA under three core strategies- acquisition, services, and marketing. The acquisition strategy features included the digital opening of savings account, fund account, and securities investment account via the KMA platform. Services strategy aimed to enhance the online shopping experience by offering various payments options such as Facebook Pay and QR code pay.
• 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. The platform helped Krungsri to improve its regulatory and reporting transparency. MX.3 allowed to connect trading products to Krungsri’s digital channels and enabled front office users to manage the entire trade lifecycle.
• 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 Bank of Ayudhya's tech operations.
• Gain insights into its tech strategies and innovation initiatives.
• Gain insights into its technology themes under focus.
• Gain insights into various product launches, partnerships and investment strategies.