Siam Commercial Bank Digital Transformation Journey

Siam Commercial Bank's digital transformation journey began in 2011 with the launch of its mobile banking app, which allowed customers to check their account balances and transfer funds on the go. This was a major step towards making banking more convenient and accessible.

The bank's digital transformation accelerated in 2014 with the introduction of its SC Mobile app, which offered a range of services including bill payments, fund transfers, and credit card applications. This app quickly gained popularity among customers.

By 2016, SC Mobile had become a key channel for customer engagement, with over 70% of transactions being conducted through the app.

Siam Commercial Bank was founded in 1904 by Prince Jayanta Mongkol, a brother of King Chulalongkorn, who wanted to create a domestic banking system to help Siam's economic development.

The bank started as the Book Club, a name chosen to keep the project under wraps, but it was later granted royal approval to operate as a commercial bank under the name Siam Commercial Bank in 1907.

King Chulalongkorn's vision led to the bank's success, and it was able to open its headquarters in Bangkok's Talat Noi District in 1910.

In 1906, Siam Commercial Bank was founded by Prince Chakri. The bank was initially established to provide financial services to the growing number of entrepreneurs and merchants in Thailand.

The bank's early years were marked by a strong focus on supporting the country's economic development. It quickly gained a reputation for providing reliable and efficient financial services.

Prince Chakri's vision for the bank was to create a financial institution that would cater to the needs of the Thai people. He played a crucial role in shaping the bank's early years and setting it on a path for future success.

The bank's operations were initially limited to Bangkok, but it soon expanded to other parts of the country. This expansion was driven by the growing demand for financial services in rural areas.

Siam Commercial Bank's early years were marked by a commitment to innovation and customer service.

Siam Commercial Bank has a rich history, and one way to understand its evolution is by looking at the milestones it has achieved over the years.

In 1939, SCB changed its name to "Siam Commercial Bank" in English and "Thanakarn Thai Panich" in Thai. This marked the beginning of a new era for the bank.

The bank's commitment to innovation was evident in 1983 when it introduced Thailand's first automated teller machines and established the Thai Bank Museum.

The bank's growth continued in 1993 when it registered as a public company and was henceforth known as "The Siam Commercial Bank Public Company Limited".

Here are some key milestones in the bank's history:

In 1996, the bank moved its headquarters to SCB Park Plaza Ratchayothin, marking a significant step in its growth and development.

Siam Commercial Bank has a well-structured management team in place. Dr. Vichit Suraphongchai serves as the Chairman of the Board and Chairman of the Corporate Social Responsibility Committee.

The bank's leadership is comprised of experienced professionals, with Arthid Nanthawithaya holding the roles of Director, Member of the Executive Committee, and Member of the Technology Committee.

Kris Chantanotoke is the bank's Director and Chief Executive Officer, overseeing the overall direction and strategy of the organization.

Siam Commercial Bank's digital transformation journey was not without its challenges. The bank's data lake was overly complex, making it difficult to maintain and scale.

The amount of data captured by the bank had quadrupled, amounting to over 1 billion rows of data ingested daily. This made it hard to onboard new data scientists, with the process taking two to three months for them to start being productive with the data.

The complexity of the data lake also led to disjointed processes and less collaboration among teams, as some were using different tools and platforms.

Complex data lake issues can hinder digital transformation efforts. Siam Commercial Bank's experience is a prime example of this, where their overly complex data lake held back their shift to digital.

The bank's massive data growth, with over 1 billion rows of data ingested daily, made it difficult to maintain and scale. This complexity also made it harder for new data scientists to onboard, taking up to three months to become productive.

Different teams using different tools and platforms, such as SAS and Teradata, led to disjointed processes and less collaboration. This fragmentation made it challenging for the bank to extract value from their data.

The bank's Chief Digital Banking Officer, Dr. Chalee Asavathiratham, noted that they needed a unified platform that could handle their vast data with speed and at scale.

Siam Commercial Bank (SCB) has successfully implemented a lakehouse architecture solution that has improved productivity and onboarding speed by migrating to Databricks Data Intelligence Platform.

The platform has enabled SCB to rely on Delta Lake as the single source of truth for all its data, establishing unified governance over all its data and AI assets through the use of Unity Catalog.

SCB's ML team uses MLflow to improve operational efficiencies in managing experiments, versions, and deployments.

With a complete view into its customers, analysts at SCB can run queries and deliver visualizations to Power BI that impact decision-making using Databricks SQL.

SCB has also adopted Databricks Workflows to more effectively manage production workflows and reduce bottlenecks.

This lakehouse architecture solution has empowered SCB to power key innovations in banking, including a modernized loan application process that offers instant loan approvals based on predictive analytics.

The bank's use of AI and ML has also enabled it to offer more personalized recommendations on investment strategies and new banking products based on customers' behavior and likelihood to engage and convert.

Siam Commercial Bank has made significant strides in digital banking services. With nearly 15 million digital users, the bank needed to stay ahead of the data curve to provide seamless experiences.

The bank achieved this by migrating to the Databricks Data Intelligence Platform, which allowed it to meet its ML requirements 62% faster than before. This means deploying models 62% faster.

This improvement has directly benefited the end user, with the bank providing truly frictionless banking services. For example, the launch of a new loan product saw the fastest growth in the bank's history, with over 300,000 new customers in seven months.

Seamless digital banking is all about providing a hassle-free experience for customers. Siam Commercial Bank has achieved this by leveraging the Databricks Data Intelligence Platform, which helped them manage nearly 15 million digital users.

Deploying machine learning models 62% faster than before has been a game-changer for SCB. This has allowed them to respond quickly to changing customer needs.

Onboarding new data scientists in just two days is a significant improvement over the several months it used to take. This streamlined process has enabled SCB to scale their data team more efficiently.

By powering an in-house engine, SCB has realized a 30 million THB cost savings compared to outsourcing to an external vendor. This cost-effective approach has helped them allocate resources more effectively.

Siam Commercial Bank's customers have benefited from the improved digital banking services, with over 300,000 new customers signing up for a new loan product in just seven months. This represents the fastest growth in the company's history.

Online banking features have revolutionized the way we manage our finances. Mobile banking apps allow users to perform tasks such as checking account balances and transferring funds from anywhere.

With online banking, you can set up account alerts to notify you of low balances, large transactions, or other important activity. These alerts can be sent to your email or phone, keeping you informed and in control.

Digital banking services often include bill pay features, allowing you to pay bills online or through mobile banking apps. This can save you time and reduce the risk of missed payments.

Some online banking platforms even offer budgeting tools to help you track your spending and stay on top of your finances. These tools can be incredibly helpful in making smart financial decisions.

Mobile deposit features enable you to deposit checks remotely, eliminating the need to visit a physical bank branch. This can be a huge time-saver, especially for those with busy schedules.

Digital banking services also provide access to account statements and transaction history, making it easy to stay on top of your finances.

If you're making an international transfer to a Siam Commercial Bank (SCB) bank account, you'll be asked for a BIC/SWIFT code along with details like the bank address.

Using traditional banks to send money abroad can be slow and expensive.

A BIC/SWIFT code is required for international money transfers to a Siam Commercial Bank (SCB) bank account.

You can try using Wise for fast, cheap and secure international money transfers instead of traditional banks.

Siam Commercial Bank is the oldest bank in Thailand, founded in 1907 by Prince Chakri.

It started as a small bank with a modest capital of 1 million baht and a single branch in Bangkok.

The bank's early success was largely due to its focus on serving the needs of the local business community.

Siam Commercial Bank's first branch was established in 1907 in the heart of Bangkok's commercial district.

The bank's growth was steady and gradual, with a series of mergers and acquisitions that expanded its reach and capabilities.

By the 1930s, Siam Commercial Bank had become one of the largest and most respected banks in Thailand.

Today, the bank operates over 1,000 branches and has a network of over 10,000 ATMs across the country.

Siam Commercial Bank is committed to providing innovative and customer-centric financial solutions to its customers.

The bank's focus on technology and digital transformation has enabled it to offer a range of online and mobile banking services.

Siam Commercial Bank's mission is to be the leading financial institution in Thailand, known for its excellence and integrity.