Reliability, security, and innovation lead to digital experiences. They are all important factors for the growth of Thailand’s financial services industry.
- 80% of Thai consumers agree that Bank digital transaction system This gives them more time to do other important things, and 61% of respondents said they were satisfied with a company that offers digital money transactions.
- 85% of respondents accept contactless payments. Despite distrusting the system, only 60% believe that the information they use with their financial service providers is safe.
- The Thai financial environment needs to build a secure digital foundation to accelerate innovation. Consumers surveyed have high trust in the technology of the future. This includes artificial intelligence (70%), 5G (81%) and facial recognition (74%).
VMware Inc. (NYSE: VMW) reports that Thai consumers are rapidly adopting digital financial services. But for long-term success, financial service providers in Thailand must build stronger and more secure foundations to overcome critical gaps in the digital experience and build consumer trust.
The VMware Digital Frontiers 3.0 study reveals that consumers in Thailand were most satisfied with digital products and services over the past year, with 80% of respondents saying they managed their time better as they use financial services that Quality saves time The survey results also lead other countries. In Southeast Asia surveyed: Singapore (55%), Philippines (62%), Malaysia (60%) and Indonesia (57%).
Interesting information from the report is as follows:
- 61% of respondents are satisfied with transactions with digital financial services companies.
- 64% will switch to another brand if their digital experience doesn’t meet expectations. Especially in the highly competitive market of digital transactions.
- 85% of respondents accept contactless payments and cut down on cash.
- 72% of Thai consumers surveyed are satisfied with using a banking app instead of going in person at a branch. Growth-focused financial service providers need to rapidly adapt to change to deliver superior digital experiences that meet the needs of today’s consumers.
- 65% of respondents feel that financial service providers offer a better digital experience. Compared to retail, healthcare, government and education businesses
- While 30% still feel that financial service providers are unable to adapt to changing markets.
However, consumers in Thailand remain focused on the key fundamentals that enable great digital experiences:
◦ Easy to use and efficient applications (48%);
◦ High level of security and protection of consumer data (45%).
◦ Support for easy operation on all devices (45%)
Ekpawin Sukanan, Country Manager, VMware, Thailand, said, “Over the past year, Thailand’s financial services business has developed tremendously. from the birth of a new service provider as well as the rapid adoption of digital channels due to the pandemic. with these It is evident that innovation is driven by cutting edge technology.
such as cloud technology will be the key to accelerating innovation while and creating a smoother and more secure digital experience that will satisfy customers. to meet rapidly changing demands A strong and reliable digital foundation is critical to creating digital experiences and accelerating innovation that delights consumers. We remain committed to partnering and delivering reliable solutions to help financial service providers take full advantage of cutting-edge technology and digital transformation.”
Preparing for the digital banking foundation in Thailand last year Consumers in Thailand are turning to new technologies. Even more:
- 70% of respondents trust artificial intelligence.
- 56% are more willing to use an app to help them make investment decisions than get advice from someone who works for a bank.
- 57% of respondents are satisfied that banks have access to accurate information about their daily lives. to get better financial advice and management
- 79% of respondents said their phone was more important than their wallet when conducting financial transactions. compared to the Southeast Asian average of 64%.
Khun Tawan Chittawet, Managing Director of Kasikorn Business-Technology Group (KBTG), said, “The epidemic of COVID-19 This creates a huge demand for new types of services from consumers and is also an important engine that drives innovation in the financial services business. KBTG’s vision initially was “Leading the change by embracing new technologies in digital banking.
At the same time, we build a digital first culture. (digital-first) within our organization as well as to drive quickly into a new financial business Not only will this be an important moment for our KASIKORNBANK. but also to forward-looking organizations. to drive and transform the future of the financial business by taking advantage of next-generation technologies such as the cloud.”
The advancement of technology continues to grow. But safety and trust remain the most important concerns.
Consumers in Thailand expressed satisfaction with using state-of-the-art technology, with 74% of respondents trusting facial recognition technology and 5G (81%) when it comes to the technology of the future. Consumers are positive about their digital experience, with 44% believing that 5G will boost bank operations. as well as a faster application credit check process.
Although we see a positive trend among consumers towards emerging technologies. But safety is still a priority.
- 83% of respondents consider safety their top priority when choosing a financial service provider.
- 63% of Thai consumers surveyed There is concern that organizations may track and record what they do when they use their personal devices. It accounted for the highest number of countries surveyed in Southeast Asia: Singapore (57%), Philippines (56%), Malaysia (58%), and Indonesia (51%).
Of course, it is something that financial service providers must take into account while delivering cutting-edge innovations. It is important to provide a secure and privacy-focused digital experience in order to gain the trust of Thai consumers.
Growing ethical needs extend to the financial environment.
Meanwhile, Thailand’s digital journey is positive, with 86% of Thai consumers identifying themselves as “Digitally conscious” or “digital explorer”? The report also revealed other factors. that consumers in Thailand consider choosing a service from a financial service provider as follows:
- 61% of respondents will stop engaging with organizations that do not publicly disclose their ethics policies.
- 87% of respondents also expect technology to improve financial services in the next ten years. This is slightly higher than the countries of Southeast Asia: Singapore (81%), Philippines (85%), Malaysia (83%) and Indonesia (84%).
Technology as a driver of economic growth and recovery moving into 2021, VMware has identified key priorities that will strengthen the transformation of Thailand’s innovation-led financial ecosystem:
- Empowering financial services to build multi-cloud and future-ready applications: Unlock the multi-cloud of the future with app-driven innovation. Increase mobility and safety to the environment which helps to create continuous innovation
- Innovative and empowering remote workers: Solutions that support the workforce of the future will provide a smoother and safer digital workforce experience. and accelerating better business results
- There is a true security system that is always ready for emerging innovations: the true security approach for enterprises. That will be another layer of shield to protect critical operating systems. and infrastructure for rapid business innovation and flexibility.
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