AI has always been used by the financial industry in work automation and data analysis and is now an important driver of digital strategies amongst banks. In Thailand, Bank of Ayudhya Public Company Limited – commonly known as Krungsri Bank and one of the country’s five largest banks – is leveraging AI to improve its services and enable more efficient and personalised banking.
In the first of a series of interviews with CIOs, senior IT heads and decision makers in our focus on Tech Leaders, iTNews Asia catches up with Tul Roteseree (Fred), Executive Vice President and Head of Data & Analytics, Krungsri Bank at IBM’s annual 2024 Think event in Singapore. Fred oversees data strategy and culture at Krungsri bank and leads the teams across all aspects of data including Data Architecture, Data Engineering, Business Intelligence, Data Management, as well as AI and Machine Learning.
iTNews Asia: How is Generative AI changing the banking industry now?
Fred: While traditional AI has certainly been foundational for us in automating and streamlining existing processes, generative AI is enabling these capabilities to become more dynamic, personalised and advanced.
We are witnessing rapid advancements in technology related to customer experience and operational efficiency, occurring at a pace much faster than before.
iTNews Asia: How critical is AI for Krungrsi bank, and what are the key areas that you’re using AI in your banking processes?
Fred: We're still focused on the 'Technology for People' concept, which means we're committed to making our customers' lives simpler through the use of technology, including AI. We've been using AI to enhance our operational efficiency and customer service, and we plan to continue expanding its usage in these areas.
Additionally, we're beginning to pilot other use cases, including code generation in IT, fraud detection, and leveraging AI as part of the lending process.
iTNews Asia: Do you face challenges, for example in changing legislation, finding talent to do AI or developing the right tools to transform the bank?
Fred: Although there are no official regulations in Thailand yet, we anticipate that some form of regulatory requirements will emerge in the future.
To prepare, we’ve formed an internal Krungsri AI community to gain a comprehensive understanding of the bank’s and organisation’s landscape, share knowledge and experience, and implement best practices.
- Tul Roteseree (Fred), Executive Vice President and Head of Data & Analytics, Krungsri Bank
Additionally, we’re collaborating with key stakeholders and highly experienced global partners to create an AI governance framework that will allow us to effectively leverage AI capabilities while being ready for future regulatory requirements.
Finding talent is certainly a concern, but we’ve been preparing for some time by training and upskilling our resources and forming partnerships with several large solution providers.
iTNews Asia: How concerned are you with the growing use of AI by cyber criminals to penetrate banking systems and exploit loopholes in digital banking?
Fred: The growing use of AI by cybercriminals is a significant concern for us, especially given the increasing sophistication of attacks and the potential impact on both banking systems and customer trust.
We are leveraging AI and advanced analytics to proactively identify patterns and behaviours.
Additionally, we’re employing sophisticated techniques to enhance our fraud detection capabilities and tools.
iTNews Asia: What is the bank doing to protect customers who may not be digitally savvy?
Fred: We’re currently working closely with government agencies to provide more education and offer additional customer support whenever needed.
