Kasikorn Business Technology Group (KBTG), a subsidiary of Kasikornbank (KBank), plans to integrate artificial intelligence (AI) technology into the bank's mobile app with the aim of upgrading to a real digital bank in the next three years.
The company aims to introduce a new feature called K Plus AI-Driven Experience (KADE), a more advanced AI than the one currently used, to its mobile app this year.
KADE will be applied to two products -- machine commerce and machine lending service -- to provide personalised services and products, said KBTG chairman Somkid Jiranuntarat.
With the in-depth data analytics of each individual customer under KADE, the bank will offer financial services that meet the demands and lifestyle of each user of K Plus and K Plus Shop, Mr Somkid said, adding that this will enable K Plus to become a real digital bank within the next three years.
K Plus Shop is a mobile app that lets merchants provide QR code payment service to customers.
"To facilitate our goal in developing the mobile app into a real digital bank, all financial solutions will be adopted on a digital and open platform to allow all people to access the financial services," Mr Somkid said.
KBank's digital transactions account for about 80% of the bank's total transactions.
A number of people are unbanked because of limitations on financial service accessibility via traditional banking channels.
Digital banking is expected to open opportunities for all people, including unbanked and disabled customers, to access financial services.
KBank, the country's fourth-largest lender by assets and the industry's No.1 digital banking service provider with 8 million K Plus users, aims to raise the number of K Plus users to 10 million by the end of the year and 20 million in the next five years.
K Plus Shop users now number 1 million shops with payment volume of 10 million baht per month after the mobile app was launched last year.
Mr Somkid said KBTG will focus on adopting AI technology for the mobile banking app this year. The company plans to recruit additional data scientists to bring the total to 100 by next year, up from 40 now.
The bank launched machine lending based on AI technology last November for personal loans to the bank's existing customers via K Plus.
With this development, the conversation rate with machine lending increased by 300% by February.
KBank has also launched machine commerce under the e-marketplace platform, but specific goods are offered directly to specific buyers rather than displaying all goods on the online platform.
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