We are creating some awesome events for you. Kindly bear with us.

Thai Digital Bank Launches Biometric Tech

Thailand Digital Bank Biometric Technology

A mobile-only bank in Thailand recently announced that it has enabled fingerprint and facial biometrics to make it speedier and safer for customers to open their TMRW accounts.

In doing so, TMRW claims that it is the first bank in Thailand to offer both forms of biometrics to enhance the account opening experience. TMRW customers are able to use the enhanced biometric capability at all 350 TMRW authentication kiosks, located in high foot-traffic areas across Greater Bangkok.

The Head of Retail Digital at UOB (Thailand) stated that TMRW is committed to making banking simpler, more engaging and transparent for Thailand’s digital generation.

The bank is welcoming customer feedback so that it can determine which areas to improve in so as to provide better service.

For example, a small percentage of customers using fingerprint biometrics to authenticate their account at TMRW kiosks found the experience not seamless enough; the bank then enhanced this with the latest facial recognition technology to ensure a smoother account opening process for all.

TMRW’s augmented biometrics capability is part of a suite of new features that the mobile-only bank has rolled out to enhance the customer experience. To do so, the Bank conducted surveys with more than 4,000 customers to understand more deeply how they engage with TMRW. TMRW then used those insights to improve its app so that it continues to be relevant to its customers’ needs and priorities.

For example, customers will be able to enjoy a refreshed user interface customised for Thailand’s digital generation. This includes streamlining the information that customers receive on their home page as well as reducing the number of steps required for customers to pay their bills and to manage their credit cards in real-time.

The bank’s unique data-driven business model puts the customer at the centre of all operations and processes. To create an experience that is always engaging for customers, the bank will continue to learn from the data insights it gathers from transactions. As customer needs and demands change over time, so will the way in which the bank engages with them.

Increased Use of Biometrics in Banks

In October 2019, OpenGov Asia reported that The Bank of Thailand (BoT) would be moving forward with a test of biometric Know Your Customer (KYC) technology.

During Phase 1 the bank will use biometric technology to verify a customer’s identity when opening a savings account.

If the implementation is successful, banks and other financial institutions can adapt the technology to other aspects of their services without having to seek for BoT’s permission to enter the sandbox project again.

What kind of biometric technology will be deployed during the test was not indicated. Other financial institutions have made use of a variety of different technologies, including facial, voice, and behavioural biometrics.

The move is otherwise in keeping with Thailand’s recent enthusiasm for biometric technology.

The Bank of Thailand has constantly been aware of the latest tech trends and how it can adapt the technology to provide better services.

In August 2018, the bank Thailand’s Central bank also announced a project that focused on the development of digital currency (CBDC) for use in domestic wholesale funds transfers.

The exploratory pilot entailed the development of a proof-of-concept prototype for the use of the central bank-backed currency across R3’s Corda platform.

The project incorporated key payment functionalities such as a liquidity saving mechanism and risk management into the design and build.

The project participants aim to further develop the capabilities of the prototype for broader functions including third party funds transfer and cross-border funds transfer.

The Thai central bank’s efforts are part of a wider programme of private and public sector applications currently underway in the country.

It is evident that the bank is working to push forward its innovation, thereby pushing forward Thailand 4.0.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

Send this to a friend