New Cloud and AI solutions optimised for scalability, flexibility, and cybersecurity
Digital banking has already become part of people’s everyday life today. In Thailand, its adoption has grown in leaps and bounds. According to the latest 2021 Personal Financial Services Survey by McKinsey & Company, the number of Thai people who access digital banking at least once a month has grown from 36% in 2017 to 90% in 2021. In addition, the healthy growth of fintech innovation is catching up very well with evolving needs of consumers. Such developments are a clear indicator for traditional financial services to adapt and transform to remain relevant and competitive.
Chang Foo, Chief Operating Officer of Tencent (Thailand) Co., Ltd. points out, “The overall growth of digital banking in Thailand, backed by the development of financial technology, is driving financial innovation and services as well as addressing unmet needs of people unprecedentedly. In the meantime, such a strong uptrend also signals increasingly intensified competitions to be seen in the financial services industry (FSI).”
“Thailand’s FSI, especially its banking sector, has undergone a major transformation in recent years,” he recounts. “Nearly all the banks have poured more investment into tech infrastructure, IT talents, and innovation as they built up their capability to deliver a better customer experience, mirroring their readiness to enter the era of digital finance.”
Despite the strong tech infrastructure that they already have, banks need to upgrade their services and develop their new offerings consistently to adapt to rapid changes and the ever-evolving needs of the consumers. To ensure that ability, consider cloud and AI solutions as a service (SaaS), an approach that will be instrumental in adjusting or scaling up their operational and service capabilities quickly and flexibly. Banking executives should keep the following three areas in mind when choosing a provider for their cloud SaaS deployment:
- Scalability: Leaders need to ensure that their network bandwidth and infrastructure are scalable to meet the proliferation of data without any service delays, outages, or breaches that may compromise customers’ experience and safety of their personal data.
- Flexibility: With the potential for new applications and solutions entering the market in the next years, banking executives need to ensure their companies’ IT infrastructures are flexible enough for them or their cloud service provider to integrate new applications into the network easily and efficiently.
- Cybersecurity: Cyberattacks are becoming more complex, sophisticated, and frequent. Companies should work closely with either their IT teams or cloud service providers to ensure that their companies’ security status is at its best.
Moreover, FSIs should also consider investing in the ‘Smart BFSI’ concept which is an integration of cloud, AI, blockchain, and other emerging technologies. By deploying these solutions, it will help FSIs improve their operational efficiency, promptly respond to new customer behaviours, trends, and demands by analysing data generated from the systems and address any potential glitches or outages before they occur to ensure the customer experience isn’t compromised.
Stay at the leading edge of digital finance with ready-to-go cloud solutions from Tencent Cloud
“Tencent Cloud is well-equipped to support banks and financial services providers in their transformative adaptation to improve operational efficiency and respond to new customer demands and industry trends, offering customisable cloud solutions with more than 300 products and services to choose from. Among them, blockchain is emerging strong in the FSI world, thanks to the detailed verifiability and high-security nature of this technology. Tencent Cloud offers Tencent Blockchain as a Service (TBaaS) as a blockchain platform designed to address numerous aspects of financial service operations. It features secured verification using, risk management, mobile banking, digital-only banking, private cloud deployment, big data analytics, and chatbot, just to name a few.
By combining our extensive industry expertise and local market insights with our global infrastructure that currently spans across 70 availability zones in 26 regions, including two data centres in Thailand, we are well positioned to support banking and financial service providers in Thailand. With all these capabilities, Tencent Cloud will help them increase their operational efficiency, ensure business resilience, make advancements in FSI innovation to meet the needs of their users precisely, and be fully ready to thrive in the full-blown digital finance environments,” Chang Foo summarised.
For more information about Tencent Cloud, click here.