When it comes to adopting technology and leveraging it to boost innovation, Thailand’s banking sector may not be the center of attention yet, but it surely is taking giant steps towards becoming one. From selling blockchain-based government savings bonds worth billions, to radically transforming policy to clear the way for digital products and services, the industry continues to push the traditional boundaries.
Cisco has recently worked with some of the leading banks in the country and we believe the future is exciting, especially as they begin to test their limits in hopes of delighting customers with meaningful facilities that are fit for purpose in the new normal.
One of the organizations we worked with, for example, re-architected its infrastructure to not only boost efficiencies and reduce costs but also build in security and intelligence. Now, whether their staff are using the bank’s devices or their own, the organization can be assured that there’s 100 percent visibility and security across the network.
Further, the organization’s IT team can implement policies that protect sensitive data with just a few clicks and automate much of the monitoring and analysis of user actions, traffic, and so on, to ensure that the entire bank toes the line with regards to all the guidelines prescribed by relevant regulators and the ministry. There is no doubt that this is a smart decision – it not only helps the business optimize its IT infrastructure but also allows it to scale with minimal effort through our intelligence-driven platform Cisco DNA Center.
In an age where leveraging technology to deliver ‘work from home’ and ‘return to work’ solutions are key items on the agenda, the bank definitely won a few bonus points with internal stakeholders, especially employees who felt empowered by this particular investment.
Given the fast-paced technology landscape in the country, our client was keen to upgrade its customer-facing mobile banking app to be a one stop solution catering to the needs of all its customers. The infrastructure it developed, has of course helped ensure the delivery of the project – but there’s more. With help from our team, the bank is able to track the performance of its application more specifically, in real-time, allowing it to optimize the experience it provides to customers.
The ability to strengthen its application also allowed the bank to improve the results on other projects aligned to its digital goals, including supporting government-driven e-payment initiatives, implementing QR code-powered solutions for customers, and integrating with partners such as healthcare organizations to co-create solutions for retail customers in the market.
I know we’ve talked a fair bit about this particular client, but there is much more than we have shared. The organization has a technology agenda spearheaded by a vision for a brighter future that serves customers across the length and breadth of the country. To serve them better, the bank has invested in SD-WAN and is looking to overhaul its digital ecosystem to move to a more scalable, robust, hybrid cloud-based model that pushes it closer to its goals.
In the banking industry in Thailand, there is healthy competition driving the change. Customers are informed and leaders want to deliver excellence, time and time again. In our experience, while not every project is digital, they each need a strong digital backbone to support it, deliver it, optimize it, and benefit from it.
Taking a step back, I believe we are doing meaningful work in shaping Thailand’s banking industry – all because the leaders in the country are bold enough to dream of a future that is unlocks the economy through equal parts of ingenuity and technology-centric thinking.