The impact of technology and innovation development to banking of thailand in the 21st century

This article aims to present the impact of changes caused by use of technology and innovation in commercial banks in Thailand which is a major change in the banking business, service providers, personnel, customers, and the economy of Thailand as well. The impact of technology and innovation development to banking of Thailand in the 21st Century.

The impact of technology and innovation development now plays an important role in Thailand's financial system. The commercial banks in Thailand then need an adjustment to keep up with financial innovation development. They will need to adjust their strategy and become a digital bank in order that they can compete against competitors in providing more services. Fin-tech (Financial Technology) business will become more active in the Thai financial sector and it is challenging for commercial banks to maintain the customer base and being a leader in providing financial services. The technological driving force that happens rapidly not only disrupts the original form of the products or services but also lifestyle of people and the overall of economy. Major changes which were resulted from technology and innovation development have affected many industries in the world facing with a replacement of new technology and nowadays innovation. The age of globalization has caused a huge change all over the world widely and rapidly. The bank which is considered as a key component in the economy is the one who has confronted such changes.

The technology that is expected to have an impact to economy the most are the mobile internet, automation of knowledge work, internet of things, cloud technology, and advanced robotics. The technologies effects commercial banks close some of their branches. Moreover, the behaviours and lifestyle of consumers has been changing. The technology is recently applied to many financial services and can meet the customer's needs as well. Besides, commercial banks have more efficient cost management. For example, some office branches are closed or moved. There is also an easy access to the services such as mobile banking or internet banking as well as the use of electronic devices which enables customers to make transaction directly on their own. These ways not only can save more time, money, but also it is convenient, and the customer do not need to go to the bank themselves.