Mr Kris states virtual banks might shift their focus to the upper sections of the underbanked and unbanked populations, developing some overlap with the target sectors of standard banks. Siam Commercial Bank (SCB) is revamping its core banking system, intending to boost its digital banking services and address increasing competitors from virtual banks. Embracing digital improvement is necessary for driving development in the banking sector inspiteof considerable difficulties, stated chief executive Kris Chantanotoke. CORE BANKING REVAMP According to Mr Kris, SCB is modernising its core banking system to supply boosted monetary services to clients as part of its “Digital Bank with a Human Touch” technique, which likewise incorporates synthetic intelligence (AI) innovation. The bank strategies to launch the pilot job for its core banking restructuring at the start of2025 The revamp consistsof both functional procedures and the shift to digital banking services. As part of the reorganizing, the bank lowered around 1,000 handbook operating systems, he stated. “The core banking restructuring will boost effectiveness and lower running expenses. SCB reduced its cost-to-income ratio from 41% in current years to 36.7% now,” stated Mr Kris. “Over the long term, the bank strategies to minimize the ratio to 30%, a level on par with effective virtual banks.” As part of the overhaul, SCB, the nation’s fourth-largest
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