Tencent Cloud Introduces Financial Institutions to Improve Financial Services with Cloud Solutions and artificial intelligence (AI) to empower and fulfilling the efficiency of providing customer service to the point Responding to consumer demand for digital financial services that are likely to increase, raising the success of WeBank, a central digital bank from China. To deploy cloud technology from Tencent in business. This makes it possible to overcome limitations and become fully ‘Smart BFSI’ (BFSI: Banking, financial services, and insurance).
“Cloud technology And artificial intelligence (AI) is, therefore, an important factor in helping to enhance the potential. And filling in the gaps in customer service for financial institutions Entrepreneurs should look for technology. or intelligent cloud based digital banking solutions that will enhance business operations. Overcome limitations, Ready to raise the level of creating a good experience for customers. To eventually become “Smart BFSI.”
Overview of the banking system
Fintechs are expected to enhance the efficiency of financial services where conventional technology cannot meet the limitations of technological expertise, organizational culture, traditional service concepts, or unacceptable rules. It must be followed as a financial institution. Each country has developed fintech in different dimensions. according to a different environment.
One of the most noticeable developments is the emergence of emerging fintech companies. Also known as FinTech Startups that develop financial products and services, Its strengths are expertise in technology and a new business model that can close the gaps that arise for customers. by focusing on specialized services and having high flexibility. As a result, there are many fintech companies around the world. For example, In the UK, there is a Fintech Company 1, 600 companies focus mainly on developing products and services for payments and remittances (Payments and Remittances) and banking and financial services app development (Financial Software). Singapore has 500 fintech companies that mainly focus on product development. And Wealth Management, Alternative Lending, and Payment Services. While Indonesia has 260 fintech companies, the focus is on developing mobile payment and alternative lending products.
Fintech is becoming an integral part of everyday life that is almost indispensable. One of Thailand’s most prominent developments in fintech is Developing QR Code Standards for Payments that increase the choice of payment via mobile phone (Mobile Payment) to be more convenient and faster, especially For small and medium-sized merchants, payments can be made via electronic channels. It is an expansion of payment channels. To facilitate customers, This makes the store lower costs.
Moreover, Citizens can also access financial services on their mobile phones (Mobile Banking) without the hassle of remembering usernames and passwords. By applying technology to use personal identifying information or Biometrics that simply scans a fingerprint or face. Users can then verify their identity to access Mobile Low code ISV Banking and financial services. Commercial banks are also starting to use Biometrics to open deposit accounts. To increase credibility and the accuracy of customer verification, It is an addition to the review by employees, with the use of biometrics data technology that will play an increasingly important role in the future, the development of National Digital Identity (NDID) systems. Infrastructure for digital authentication and authentication It is a central platform for exchanging customer authentication information between agencies.
In a highly secure way, it allows financial service users to conduct financial transactions without submitting multiple documents such as evidence. Opening an account and applying for a loan with a new service provider is more convenient. By using the principle of verifying information with a trusted agency or service providers who have already known the identity of the applicant, In addition, other new services can also be expanded, such as Digital Lending or Bio-Payment (such as face and fingerprint payments).
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