SIAM Commercial Bank (SCB) yesterday officially put SCB Abacus to work as a wholly owned subsidiary that leverages on artificial intelligence (AI) technology to enhance SCB’s business operational efficiency and service quality.
The new company, which has registered capital of Bt10 million, is positioned as an AI-powered analytics company. SCB aims for it to be in the forefront of the deployment of AI in Thailand's banking and financial sector, enabling the group to offer products and services that meet customer needs in a more customised, secure and faster manner, SCB Abacus chief executive officer Sutapa Amornvivat said.
Arthid Nanthawithaya, SCB president and chief executive officer, said the crucial roles of technology and innovation in the banking and financial sector are becoming more visible. SCB has been aware of this trend and has continued to improve customer service to keep up with the digital evolution.
Arthid said SCB Abacus was expected to launch products and services in the next six months.
SCB Abacus has already started development of some projects for SCB. These include a recommendation engine for product and service offerings integrated within the existing SCB Easy mobile banking application.
Another project under study is a service that will adopt Internet of Things and AI technologies in the design of personalised insurance products that promote healthy lifestyles by motivating customers to engage in physical and healthy activities.
SCB Abacus is also working on the integration of AI into the SCB call centre to enable the system to predict customer call issues in order to connect people to the right contact point, which will boost service quality and customer satisfaction, the company says.
“We also look forward to forming partnerships with public and private organisations to drive the innovation culture in Thailand towards the Finance 4.0 era and to generate sustainable growth in the future,” Sutapa said.
Among SCB Abacus’ strengths is that its team of professionals can draw on experience gained at world-class organisations and at partners such as the Massachusetts Institute of Technology in the United States.
The members of SCB Abacus's advisory panel include leading business gurus and veterans from various industries such as Pailin Chuchottaworn, a former chief executive of PTT, and Dr Thaweesak Koanantakool, a senior adviser to the director of the National Science and Technology Development Agency.