The Electronic Transactions Development Agency (ETDA), also called the Ministry of Digital Economy and Society, together with the Thailand branch of a multinational technology company organized a workshop on AI for Financial Services on 29 January 2020.
The aim of the workshop was to equip financial business executives with the knowledge and understanding of how to apply Artificial Intelligence (AI) in their operations.
Applied in the proactive work, the technology has the potential to enhance the development of a modern financial service strategy plans and keep pace with the world and the rapidly changing technology (often called, Disruptive Technology).
The aim is to promote an organizational culture that is open to new innovations and that pushes all sectors to advance into the era of AI-based keeping in mind ethics and responsibility.
The event was led by the Director of the Digital Development Agency for Business at the ETDA. The opening remarks were given by the firm’s International and National AI expert. There was also a lecture on AI in Financial Services.
The Deputy Managing Director Business sector, government and education sectors, at the firm, gave a lecture entitled “Introduction to Microsoft AI Business School”.
In addition to the training for the those from the financial sector, ETDA and the firm will also provide lectures for executives in various business sectors throughout the first half of 2020 on topics such as AI and Sustainability, AI Business.
Embracing AI in finance
Various players in Thailand’s financial sector are steadily embracing AI in the operations, thereby, reaping the benefits that the technology brings (such as increased efficiency and greater accuracy).
In November 2019, the Thailand branch of United Overseas Bank (UOB) announced that it is leveraging artificial intelligence to launch what it claims to be an industry-first financial planning solution.
The bank launched Mighty Insights to better track customers’ savings and expenses in order to improve financial planning.
The new solution will leverage data analytics, machine learning and pattern recognition algorithms to determine the best course of action, accounting for the various life stages, needs and lifestyle priorities of the user.
Users no longer have to worry about duplicate charges, whether refunds have been made, paying for a subscription that has been forgotten or why accounts have less money than usual.
Instead of having to call the bank or to go down to the branch, the bank’s customers can rely on Mighty Insights’ daily prompts to track their finances with greater peace of mind and to have better control in the way in which they spend and save.
Thailand committed to digital transformation
Thailand’s plan to transform into a digital hub is outlined in its Thailand 4.0 policy an earlier OpenGov Aisa report noted.
It is an effort that the government is making to not only gain technological capabilities to support residents but also involves a series of programs to help companies in the country accelerate their journey to digital.
As a result, the country has begun to gain attention from commercial giants across the world who are looking for big-ticket investments opportunities.
Efforts to increase expenditure on R&D are expected to expand the country’s economic growth rate in the next 5 years, as well as significantly help increase per capita income.
Thailand’s strategic location is expected to help the country in its aspirations to get more traction as a digital hub, especially when competing with peers in the region, including Malaysia, Hong Kong, and Singapore.
