SCB to deploy more AI innovations, for big jump in digital revenue

This move is a part of its strategy to establish itself as the premier digital bank in wealth management while delivering a seamlessly integrated service experience across all channels for its customers, SCB said.

“In the evolving landscape of financial services, customer-centricity is paramount for banks to remain competitive,” said CEO Kris Chantanotoke, adding prompt and personalised responses to customers' financial needs were imperative.

He said the bank had successfully introduced three pioneering AI innovations, which would revolutionise customer experiences:  AI underwriting model for the full approval of retail loans,  AI Advisory Chatbot, and My Alert, which would deliver hyper-personalised investment notifications to customers.

He said the bank’s AI adoption aligns with the escalating in usage of the SCB Easy application, which has witnessed a 23% year-on-year expansion.

“Customers are showing a keen interest in purchasing insurance via digital channels, with uptake rates up to five times higher than traditional methods,” he said. “There has been a notable surge in digital investment activity, with transactions occurring up to seven times more frequently compared with non-digital channels.”

Kris added that SCB had implemented AI technologies to streamline work processes across various departments, which enhanced overall operational efficiency. 

“This allows the bank to automate tasks, reduce manual intervention, ensure swift and accurate outcomes, save time and trim management costs,” he said.

He confirmed that employees were still necessary to maintain the bank’s human touch, saying that a comprehensive training programme had been instituted to empower employees to effectively navigate and contribute to the bank's AI-driven initiatives.

“This strategic focus on enhancing digital capabilities is crucial for achieving a balanced income structure conducive to sustainable growth, while also fortifying our position amid emerging competitors leveraging similar technological advancements,” he said.