Mr.Thanapoom Chareonsiri, Chief Executive Officer and Co-Founder of AppMan Company Limited and a member of Thai Fintech Association held a seminar titled “ AI: Next Future in Financial World'', in collaboration with, Mr. Chanond Ruangkritya President & CEO of Ananda Development PCL attended the opening ceremony to welcome honorable guests.
In this seminar guest speakers from various organizations in the financial industry, e.g, Finance, Fintech, Blockchain, and Mutual Fund Brokerage Securities included: Mr. Korn Chatikavanij KLA Party Leader & Former Finance Minister of Thailand, Mr. Prinn Panitchpakdi Deputy Leader & Head of Economic Team, Democrat Party, Mr.Sam Tanskul, Managing Director of Krungsri Finnovate, Mr. Chonladet Khemarattana Robowealth Group CEO and Co-Founder, and Mr. Jirayut Srupsrisopa of Bitkub Group CEO and Founder, were sharing direct experiences, case studies and new trends of adopting Artificial Intelligence (AI) in the financial industry.
The event started with a special speech from Mr. Korn Chatikavanij KLA Party Leader & Former Finance Minister of Thailand stated that the best solution for the reduction of financial transaction costs among the small-sized company, small and medium-sized enterprises (SMEs), and citizen, is to develop and implement finance tools that combine with technology (FinTech) such as Blockchain, AI and Robotech. He mentioned as well the 4 main goals of Thai Fintech Association:
1. Financial Access: Everyone has a right and equal opportunity access to financial capital.
2. Financial Cost: Reduced financial cost by adopting technology.
3. Supported Thai Fintech StartUp able to run business in a way of suitable growth.
4. Supported Thai Fintech StartUp to open new business opportunities to the global stage.
While addressing the gathering, Mr. Prinn Panitchpakdi Deputy Leader & Head of Economic Team, Democrat Party stated that the role of artificial intelligence technology or AI towards changing Thai society. AI will be a key assistant in financial operations and supporting the creation of new careers with the use of technology. AI leads a more comfortable lifestyle to society and helps the nation move to the Thailand 4.0 policy to improve Thailand’s economic progression perfectly.
The seminar proceeded with a panel discussion among guest speakers, agreeing that most companies have adopted AI technology in their business in some way. Throughout the seminar, several relevant applications for AI were discussed and the opportunities AI brings to different industries.
Speaking from Financial and Banking Institutions & Leasing business group point of view, a widely adopting Human-Like Virtual Assistants in call center department and the use of Big Data to analyze, predict trends and create new product & service among different internal organizations such as credit card collection section, underwriter, and personal loans & leasing section, etc. had shown a significant result enabling the business to serve its customers with more speed, convenience, and efficacy.
Furthermore, Blockchain business group adopting AI in the area of onboarding customers, for the Know Your Customer-KYC process for customer identification and verification. Each day Blockchain business must face a massive number of customers and paper works but with help of AI could shorten the service time and increase in productivity and quality in service.
Also, Mutual Fund Brokerage Securities group adopts Algorithmic Trading, one of AI networks, combines with Big Data to analyze and service traders in the securities market.
AI plays the role of the best assistant for Fund Manager and Fund Analyst. The application of AI is capable of providing greater precision and improvement in decision-making at business levels and reduces time spent on data analysis.
The Technology business group shared the most painful point of finance and leasing companies while they worked together. It was a massive paper-based data such as KYC document, claim document and leasing document and the staff must manually type all the data into the database per customer per time. The service was delayed and inconvenient for the customers. The labor cost for hiring manpower was also higher according to the workload. Thus, Optical Character Recognition (OCR) was developed as a tool to convert image files/ documents into text files. It aims to reduce all the problems with paper-based databases.
Finally, the selection of AI technology depends on the business platform, nevertheless, there is one technology that all groups of businesses have implemented, Optical Character Recognition (OCR).
Soon the Personal Data Protection Act (PDPA) and Know Your Customer-KYC will fully take effect on customer personal data. OCR will be the perfect tool to encounter a gigantic number of data. It will benefit in terms of reducing time spent on data verification and analysis, eliminating human error, and increasing employee productivity and quality in an efficient way.
Additionally, AppMan delivers state-of-the-art technology that can fulfill the needs of a variety of industries. AppMan development Optical Character Recognition (OCR) has been recognized as a top-notch technology. It was developed as a conversion tool for image files/ documents into text files for data extraction. It has quickly evolved into a leading solution in terms of accuracy 98% and performance in the market using the highest standards, providing Banking Grade Security, CSA- Star Level2, ISO / IEC 27001: 2013 to protect your customers’ data.
For those who are interested in the seminar film, please visit the link and scroll down to watch the audio (https://bit.ly/3sTnoRl)