Thai bank uses machine learning to develop innovative new offerings and deliver financial services to the unbanked, while delivering personalized services 60% more efficiently with AWS
BANGKOK—November 28, 2023— Amazon Web Services (AWS), an Amazon.com company, today announced that Bank of Ayudhya Public Company Limited (Krungsri), one of the five largest banks in Thailand, is digitally transforming with AWS to further enhance the customer experience, drive financial inclusion, and unlock operational efficiencies. With AWS, Krungsri is creating an innovation culture in the company, enabling three entities of the group (Bank of Ayudhya, Ayudhya Capital Services, and Krungsri Auto) to collaborate using data analytics, machine learning (ML), and artificial intelligence (AI). As a result, Krungsri can deliver personalized services and customized offers 60% more efficiently, while cost savings realized with AWS can be reinvested to develop innovative new products.
Krungsri’s auto loans, credit cards, and asset management departments traditionally collected and analyzed data in silos, which made it challenging to have a holistic view of individual customers’ needs and to meet the company’s goal of expanding their customer base to 15 million in three years, with 12 million expected to be on digital banking platforms. As Krungsri’s on-premises IT infrastructure was not flexible or scalable enough to support these new digital services, the bank is now using Amazon Elastic Compute Cloud (Amazon EC2), a web service that provides secure, resizable compute capacity in the cloud, to scale workloads on demand. Additionally, Krungsri has also implemented a self-service business intelligence (BI) solution using Tableau, hosted on Amazon EC2. This setup empowers the Krungsri workforce with easy access to data analytics and visualization tools, facilitating informed decision-making across the organization. To give all departments a 360-degree understanding of its customers, Krungsri has successfully implemented a comprehensive data platform on AWS. This platform is specifically designed to provide a 360-degree view of retail customers, while focusing on efficient data storage and management, enabling a holistic understanding of customer behaviors and preferences. Using Amazon Simple Storage Service (Amazon S3), a cloud object storage service, the platform stores data from its individual customer base of 9.8 million, including account information and transactions from the bank’s departments, in a secure and compliant way. AWS data analytics services, like AWS Glue, a serverless data integration service, helps Krungsri use data from its platform to develop new digital services, like personalized investing accounts.
Krungsri’s cloud data platform also enables the bank to pursue ML projects to further drive the customer experience. With Amazon SageMaker, a fully managed service to build, train, and deploy ML models, Krungsri can optimize delivery routes for vehicles transporting cash to the bank’s more than 6,000 ATMs across Thailand. Using ML to predict heavy traffic and cash demand in each location, Krungsri saves in fuel costs and transportation time, while improving cash availability for customers. In Thailand, approximately 7.5% of the Thai adult population is either unbanked or underbanked, as they lack easy access to a bank branch and may not be aware there are services to help those with no or limited credit history. To help address this, Krungsri plans to leverage ML to automatically assess loan risks for customers who either do not own property or cannot provide financial documentation, like pay slips. Krungsri will promote the use of generative AI in its entities and plans to drive innovation with AWS generative AI capabilities, including Amazon Bedrock, a fully managed service that makes foundational models available via an API, to drive productivity and uncover new ways to serve customers.
“Our digital transformation into an AI-driven bank with AWS is helping us better serve our growing base of digitally savvy customers while also helping our underserved communities build financial resilience,” said Tul Roteseree, head of Data and Analytics Division at Bank of Ayudhaya PCL. “Our enterprise data platform on AWS brings all our subsidiaries together and helps them build digital and more inclusive financial services using data analytics and machine learning. The reliability of AWS’s world-class infrastructure has also transformed the way we bring solutions to market to deliver the most accurate and up-to-date services for our customers. We’re particularly excited about collaborating with AWS to pursue generative AI projects to unlock efficiencies, optimize costs, and drive product innovation.”
“Lenders in Thailand are digitally transforming to better serve a broader base of new customers using cloud and AI technologies,” said Vatsun Thirapatarapong, country manager at AWS Thailand. “With AWS’s generative AI and machine learning capabilities at the forefront, Krungsri can make faster business decisions, deliver more compelling services for its Thai customers, and help the unbanked become more financially secure and included.”
AWS has a long-term commitment to customers and local communities in Thailand, pledging to invest more than $5 billion over 15 years and training more than 50,000 Thai individuals in cloud skills since 2017. Transitioning to renewable energy is one of the most impactful ways to lower carbon emissions, and in 2022, 90% of the electricity consumed by Amazon was attributable to renewable energy sources. As the largest corporate purchaser of renewable energy in the world, Amazon has announced more than 400 renewable energy projects worldwide and is on track to powering its operations with 100% renewable energy by 2025. A 2021 report by 451 Research, part of S&P Global Market Intelligence, showed that moving computing workloads from on-premises data centers to the cloud can improve energy efficiency for companies in the Asia-Pacific (APAC) region and reduce their carbon footprint by more than 78%.
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