The Digital Transformation in the Banking Industry in Thailand

Abstract

The banking industry in Thailand stands at the threshold of a significant digital transformation, influenced by both global trends and internal factors. This research utilized a methodology involving the analysis of secondary data, under the guidance of Porter’s Diamond Model, to explore the process of digital transformation within the Thai banking industry. This study examined the obstacles, opportunities, and potential outcomes associated with this transformative journey, shedding light on a forward-looking path.
In a world where digitalization is gaining increasing prominence, Thailand’s financial sector is poised to undergo a parallel evolution. However, this evolution necessitates carefully navigating challenges like ensuring data security and adhering to regulatory requirements while embracing innovative practices. The analysis results, rooted in extensive literature reviews, market insights, and statistical data, uncovers a multitude of advantages stemming from digitalization. These benefits include heightened customer engagement, improved operational efficiency, and introduction of innovative service offerings.
Nonetheless, this transformation prompts discussions on issues such as the dynamics of the workforce and ethical considerations. This research adopted a holistic approach, offering a range of strategies designed to enhance digital readiness, empower the younger demographics and bridge the urban-rural divide. These strategies encompass collaborative partnerships, programs centered around inclusivity, and continuous evaluation of ongoing initiatives.
This research contributes to the existing literature by providing a nuanced understanding of the digital transformation landscape within the Thai banking industry. Managerial contributions are highlighted through the identification of effective leadership strategies, decision-making processes, and resource allocation mechanisms that drive successful digital transformation initiatives. Additionally, research contributions encompass the exploration of key trends, patterns, and best practices emerging from the analysis of digital transformation efforts in the Thai banking industry. These findings offer valuable insights for policymakers, industry practitioners, and academic scholars seeking to navigate and leverage digital transformation for sustainable growth and innovation within the banking industry in Thailand.

Keywords: digital transformation, banking, Porter’s Diamond Model

6517190006 Bannabhoga, Advisor: ดร.วรางค์รัตน์ นิติวนะกุล – Dr.Warangrat Nitiwannakul, สารนิพนธ์ (Independent Study), – The Digital Transformation in the Banking Industry in Thailand, นำเสนอในที่ประชุมวิชาการ (Conference), The 16th National and International Academic Conference 2023, Online Conference, ปริญญาโท (Master’s Degree), บัณฑิตวิทยาลัย (Graduate School), Master of Business Administration, International Business Management, Siam University, Bangkok, Thailand – มหาวิทยาลัยสยาม กรุงเทพมหานคร ประเทศไทย