Digital technologies in Thailand are rapidly revolutionizing people’s daily lives, work environments and leisure experiences. Businesses who recognize these emerging trends can use them to their competitive advantage.
Thailand 4.0, an ambitious industrial transformation policy of the country, promotes digital infrastructure, e-commerce and AI technologies. Some new digital technologies in Thailand that could make an impactful debut by 2023 include an e-books app, telemedicine platforms linking patients and doctors, and online shopping platforms. This Blog Will Show You About The New Digital Technology in Thailand
Mobile Banking Apps
Thailand is seeing mobile banking apps gradually replace traditional bank branches, necessitating banks to form partnerships to remain competitive. To remain relevant in Thailand’s competitive environment, banks must devise effective strategies and partnerships in order to remain ahead of competition.
Thailand still enjoys an intense attachment to cash, yet consumers are quickly adopting mobile payment services such as AIS Money, DTAC Truemove and TrueMove apps as the top downloaded apps in Thailand.
Thailand is now leading the world in electronic payment transactions per capita, according to We Are Social and Hootsuite, while it also boasts the highest concentration of mobile banking users globally. Some banks in Thailand have waived service fees on their respective apps such as Kasikorn Bank KPLUS, KBZ BK Easy and SCB EASY; each offers biometric authentication features as well.
Digital Payment Systems
Digitalization of financial services has rapidly advanced over the past several years. Digital payment systems provide convenience, ease of use and security while being easily integrated into mobile-first platforms.
Over the past several years, Thailand’s e-payment transactions have seen tremendous growth. Their banking system has been modernized while millions more people use e-wallets.
Banks in local economies have also joined in on the digital revolution. PromptPay, for example, has been an impressive success since it first debuted in 2017. This system uses recipient National ID numbers, e-wallet IDs and phone numbers instead of detailed account data to connect their bank accounts – thus making identifying money laundering risks simpler.
Artificial Intelligence (AI)
AI is already disrupting businesses across industries, from manufacturing to retail. Industrial robots that were once programmed solely for one task now work collaboratively alongside human workers completing multiple parts of the workflow process. Banks are employing AI-powered assistance with customer service and compliance costs reduction as well.
Bank risk teams must assist the C-suite in evaluating AI’s impact on their business and asking pertinent questions about it. Credit risk management and anti-money laundering are two specific use cases where AI offers clear value, while generative AI stands out for its ability to increase model accuracy.
However, the rapid pace of AI development poses several obstacles. Governments often struggle to create laws to regulate AI systems quickly enough while talented employees may become harder and harder to come by, further hindering organizations from adopting and benefiting from them.
5G
5G wireless technology delivers faster speeds and greater reliability at lower costs per bit compared to prior generations of mobile networks.
4G LTE technology employs millimeter-wave frequencies that travel at 1000 times faster than 4G. However, these frequencies don’t travel very far before being absorbed by cement, raindrops, plants or rainwater – increasing public exposure to radiofrequency radiation.
Ericsson’s 5G network solution utilizes massive MIMO technology and mid band frequencies, offering high spectral efficiency with low energy consumption, leading to lower cost-per-bit. Ericsson can support new services that require ultra-reliable connections with low latency and expanded capacity, such as connecting “factories of the future”, or supporting services like telemedicine distribution or remote robotic surgery.
The Digital Divide
Thailand is home to an ever-evolving digital landscape, from revolutionizing E-commerce to improving healthcare services. Businesses looking to tap into its market can explore new technology by continuously monitoring digital trends and adapting accordingly to consumer behavior.
Thailand’s digital landscape may be flourishing, yet the country still faces several hurdles to digital innovation and commerce. Rural communities lack internet access and digital infrastructure – this gap must be closed through education about digital literacy as all Thais can take part in its benefits. Promoting cybersecurity awareness as well as soft skill enhancement initiatives will strengthen Thailand’s competitiveness in global digital economies – leading to even more responsiveness towards emerging technology and innovations for years to come.
