Pao Sriprasertsuk, Head of Bangkok Bank Innovation Department
Conversational Artificial Intelligence (AI) is the technology that enables chatbots to respond to natural languages, similar to a human. However, unlike humans, chatbots never get tired and can provide round-the-clock support with fewer errors.
A chatbot powered by advanced conversational AI enhances customer experience by increasing customer engagement and improving operational efficiency for businesses.
Bangkok Bank’s innovation programme InnoHub and Singapore-based fintech startup Pand.ai have collaborated to develop TT01, a Thai conversational AI engine. This is the first time a Thailand bank has built such an engine in-house.
Development commenced earlier this year, and the engine was fully developed by October. Bangkok Bank plans to utilize the engine as a digital sales assistant for its sales and relationship managers, with the chatbot set to launch in Q1 2021.
In an interview with e27, Pao Sriprasertsuk, Head of Bangkok Bank Innovation Department, and Shin Wee Chuang, Co-founder and CEO of Pand.ai, shared their insights on topics including developing a Thai conversational AI engine, ensuring the older generation can benefit from new technologies, and future digitalization trends in the banking industry.
Below are edited excerpts from the interview:
What challenges did the team face when creating the AI engine, and how were they overcome?
Chuang: The main challenge was that our data scientists were not native Thai speakers, impacting the efficiency of building a Thai AI engine. Collaboration between Bangkok Bank and Pand.ai allowed for a division of workload based on linguistic requirements, resulting in a successful joint effort.
A screenshot of the jointly developed chatbot (Photo Credits: Pand.ai)
Is digitalization a necessity or a luxury for banks today?
Sriprasertsuk: Digitalization is crucial for banks in the current digital era, driving key competencies expected by customers. Good digital services, facilitated by technologies like automation, data analytics, and AI, allow banks to serve customers at scale efficiently.
How can banks ensure a diverse customer base adapts to technological advancements?
Sriprasertsuk: Empathy is essential in catering to the ever-changing needs of different customer segments. Support from family, friends, and businesses plays a pivotal role in helping the older generation embrace new technologies like e-wallets. Banks must design solutions empathetically and incorporate human elements, like context analysis, into technologies such as chatbots.
What areas of banking will technology impact the most in the immediate future?
Sriprasertsuk: AI and Big Data analytics will revolutionize banking by providing personalized experiences, improving operational efficiency, reducing costs, enhancing security, and strengthening risk management. Distributed ledger technology (DLT) like blockchain is poised to transform financial services by enhancing security, efficiency, and transaction traceability.
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This post was first published on January 4, 2021.
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Image Credit: Bangkok Bank
The article “How Bangkok Bank worked with Pand.ai to develop a conversational AI engine to better service customers” originally appeared on e27.