Automation, data analytics, and cloud solutions will futureproof the Thai financial institution in the digital banking landscape.
Krungsri (Bank of Ayudhya PCL) is the fifth largest financial group in Thailand in terms of assets, loans, and deposits, and one of Thailand’s six Domestic Systemically Important Banks (DSIBs) with 78 years of history in the country. Krungsri is a strategic member of the Mitsubishi UFJ Financial Group (MUFG), Japan’s largest financial group and one of the world’s largest financial organizations.
The financial institution recently announced a five-year partnership with Kyndryl. The five-year partnership will hinge on the offerings of Kyndryl’s industry partnerships with AWS and Microsoft to transform Krungsri’s customer service abilities beyond its home country.
Kyndryl will bolster the bank’s ability to adapt to market changes, fortify its legacy systems, and enhance its customer-centric digital banking services through the implementation of data analytics, cloud solutions, and automation.
This latest collaboration with the Thai-based bank reaffirms the huge role that Kyndryl has played since 2019, where it has set the stage for a steady digital transformation journey for the bank.
In 2019, Kyndryl pioneered the transformation to a Software Defined Network, effectively improving Krungsri’s operational performance metrics. In 2020, Kyndryl executed several projects such as cloud modernization and improving customer experience metrics via IT helpdesk solutions. These contributions validate the IT company’s role as a strategic partner for the next phase of Krungsri’s digital transformation journey.
“The banking industry is undergoing a profound transformation due to a confluence of factors, including technological advancements, evolving customer preferences, regulatory changes, and the rise of innovative financial models. These factors are leading us to a tipping point where traditional methods need to be re-evaluated and reshaped,” said Pochara Vanaratseath, Krungsri Head of Information Technology Group.
“At Krungsri, we are striving to expand regionally, which involves not just extending our reach beyond Thailand, but also harnessing the synergies across the parent company Mitsubishi UFJ Financial Group (MUFG) network to enhance our customer services. To succeed, we need a resilient, flexible, and scalable IT infrastructure. This is where we see our partnership with Kyndryl taking shape, serving as experts with deep domain knowledge to effectively modernize our IT infrastructure so that we can move forward with our vision, wherein customer-centricity and personalized product suites take center stage.”
Enabling Krungsri to drive its digital transformation agenda, Kyndryl will support the financial institution in data center relocation, cloud adoption automation, mainframe modernization, and modern workplace solutions as well as tap its partnerships with industry leaders like AWS and Microsoft to deliver multi-region solutions. This will allow the financial institution to apply data management capabilities to service customers beyond Thailand, enhancing its ability to operate and collaborate seamlessly and securely across different markets.
As part of the partnership, Krungsri also looks forward to Kyndryl’s expertise in managing intricate IT landscapes, providing unfaltering service delivery as a reliable and adaptive solutions provider, and catalyzing digital transformation and capital efficiency initiatives to meet the needs of its mid-term business plans. The immediate outcomes of this partnership include operational streamlining and cost optimization through automation and digitalization, whilst bringing invaluable growth to the top and bottom lines of the business.