This IDC Financial Insights report provides an update on the banking industry in Thailand — the dynamics, challenges, and opportunities that exist. Thailand's improving economic fundamentals and favorable demographics hold significant growth opportunities for the country's banks. The positive outlook has been reflected in solid bank earnings, strong CASA and loans growth, and improved operational efficiencies. The competitive landscape has been changing too, driven by a spate of acquisitions, which has resulted in a growing foreign presence — a testament to the positive impact felt by the Financial Sector Master Plan (FSMP).
But what is happening on the ground? What strategies are being deployed by banks to address changes in the competitive landscape, evolving customer expectations, and emerging growth segments?
"Armed with a growing awareness of opportunities afforded by industry liberalization and changing consumer interaction preferences, Thai banks have invested in deepening their cross-channel distribution capabilities while refining their application of data-driven analytics for customer engagement and risk management," observes Shawn Yip, Asia/Pacific senior analyst at IDC Financial Insights. "This has been borne out by an improved appetite for technology-related spend, marked by a notable number of business transformation initiatives currently underway."
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IDC Financial Insights: Asia/Pacific Banking IT Strategies , IDC Financial Insights: Asia/Pacific IT Benchmarking Strategies
Integration Automation & Control Pty Ltd., The Siam Commercial Bank Public Company Limited, Bangkok Bank Public Company Limited, General Electric Company, Industrial and Commercial Bank of China (Thai) Public Company Limited, Q-PARK NV, Exprivia SpA, HSBC HOLDINGS PLC, Taiwan Exim Bank, Krung Thai Bank Public Company Limited, Thai Union Frozen Products PCL, Thanachart Bank Public Company Limited, STANDARD CHARTERED PLC, BTS Group Holdings Public Company Limited, CIMB Group Holdings Berhad, Kasikornbank Public Company Limited, Gemalto N.V., AMERICAN INTERNATIONAL GROUP, INC., Citigroup, Inc., Bangkok Metro Co Ltd, SCIB Public Company Limited, CIMB BERHAD, TMB Bank Public Company Limited, MASTERCARD INCORPORATED, Bank of Ayudhya Public Company Limited, CIMB Thai Bank Public Company Limited, THE BANK OF NOVA SCOTIA, UNITED OVERSEAS BANK LIMITED
Applications, Broadband, Customer relationship management applications, Data warehouse platform software, Disaster recovery, Disk-based data protection, Failover and failback, Financial resource management, Governance, risk and compliance infrastructure, Routers, Sales operations, Software, Wireless LAN infrastructure, eCommerce