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Thread: Local Does Well

  1. #1
    Thailand Expat tomcat's Avatar
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    Local Does Well

    ...it's a shame that folks like these are among those given the least important leadership jobs:

    Harvard Grad Lures Silicon Valley Talent to Thailand's Oldest Bank

    By Anuchit Nguyen
    February 15, 2018, 3:00 AM GMT+7


    • Siam Commercial Bank has spun off artificial intelligence unit
    • Robo-adviser for retail customers is among projects underway

    The unit, SCB Abacus, has wooed about 30 Thai technology experts from companies abroad to work on projects like the robo-adviser, which will recommend financial products to retail customers, its Chief Executive Sutapa Amornvivat said.

    "We’re doing a reverse brain drain," Sutapa, a 43 year-old graduate of Harvard University and the Massachusetts Institute of Technology, said in an interview Tuesday in Bangkok.

    Thai banks are trying to devise more sophisticated digital strategies to fend off competition from upstart financial technology providers. The reorientation is a challenge for a sector that tipped toward conservatism in the past two decades following the Asian financial crisis.

    Talent War

    Spinning off the AI unit into
    SCB Abacus provides space to explore ideas and work at a rapid pace, Sutapa said. That’s partly why it’s been able to convince Thai technologists to leave jobs in places such as Silicon Valley and CERN, the European nuclear research organization, to return to Thailand, she added.

    Thai companies are switching on to AI comparatively late and face the task of keeping up with the nation’s rapidly changing consumer lifestyles and preferences, such as an explosion of internet shopping, according to Tanut Sirivarangkul, a Bangkok-based venture capitalist for startups.
    Siam Commercial Bank is investing more in technology to avoid falling behind both domestic and regional competitors, earmarking about 40 billion baht ($1.3 billion) to develop and upgrade technology infrastructure in the three years starting 2017.
    In contrast, Singapore’s DBS Group Holdings Ltd. spent S$5 billion ($3.8 billion) on technology initiatives in the five years through 2016, while United Overseas Bank Ltd.’s outlay was S$1.2 billion in the last four years.
    Siam Commercial Bank’s cost-to-income ratio may converge with other large Thai lenders as investment climbs, Diksha Gera, an analyst at Bloomberg Intelligence, said last week.
    The lender was founded in 1904 by a prince, and the Crown Property Bureau holds an 18 percent stake in the company, according to data compiled by Bloomberg.
    — With assistance by Chanyaporn Chanjaroen

    Majestically enthroned amid the vulgar herd

  2. #2
    Thailand Expat cyrille's Avatar
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    What an abysmally written piece.

  3. #3
    Thailand Expat

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    Quote Originally Posted by tomcat View Post
    "We’re doing a reverse brain drain,
    Nobody's going anywhere?

  4. #4
    Thailand Expat

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    It will still take the banks another 20 years (after the fossils have left by natural attrition) before they reduce their paperwork by even 50%.

  5. #5
    Thailand Expat cyrille's Avatar
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    The fossils were once young guns too.

    So the young guns...

  6. #6
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    Quote Originally Posted by cyrille View Post
    The fossils were once young guns too.

    So the young guns...
    Yeah, but slowly, slowly...

    I have a theory that many of the archaic systems are still in place because no junior on the frontline of customer services ever dares make a suggestion for improvement, despite daily seeing the inefficiencies.
    This is how it's always been done, so this is the way it will be done.

    A few years ago when Mrs M and I opened a joint bank account, they would not accept her passport as ID and insisted she go home and get her Thai ID card. For me, passport was the only form of ID acceptable, for her, passport was not acceptable as the rules stipulated Thai ID card. Go figure.

  7. #7
    Fresh Seaman CaptainNemo's Avatar
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    Quote Originally Posted by uncle junior View Post

    Quote Originally Posted by tomcat View Post

    "We’re doing a reverse brain drain,

    Nobody's going anywhere?


    More like an arse-drain then?


    ...a 43 year-old
    ...said ...Talent War ...Spinning off the AI unit into ...falling behind ...both domestic and regional competitors[/
    Last edited by CaptainNemo; 15-02-2018 at 07:33 PM.

  8. #8
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    can monkeys fly ? don't think so,

  9. #9
    disturbance in the Turnip baldrick's Avatar
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    Quote Originally Posted by tomcat View Post
    which will recommend financial products to retail customers
    what could possibly go wrong ?

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    If left to a robot, probably a more suitable option is suggested.

  11. #11
    Fresh Seaman CaptainNemo's Avatar
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