Post by account_disabled on Dec 24, 2023 3:30:00 GMT
PwC points out that Thai financial services business Need to accelerate the development of digital skills for employees Upgrade the skills of bank-insurance employees and adjust strategies before banks are left with less than half of the market share. Bangkok, 12 November 2020 – PwC Thailand recommends that Thai financial services businesses accelerate the digital upskilling of personnel, from senior executives to operational employees. To be ready to work with financial technology Ready to invest or form digital partnerships with tech companies and startups to expand business models. It is expected that if there is no adjustment, the market share of the banking group may drop to less than 50% within the next 3-5 years. Miss Wilaiporn Thaweelapphanthong, Consulting Business Partner and Head of Financial Services Business Group, PwC Thailand, revealed that although in the past 10 years, Thai financial service providers have been led by commercial banks.
And insurance companies There will be awareness and investment in technology to develop businesses and support financial ecosystems affected by digital disruption, but the overall ability of people to use technology remains. at a low level and still lags behind non-financial service providers or non-banks and technology startups. This is considered an urgent mission that executives Telegram Number Data must seriously resolve. Under the situation of the spread of the Covid-19 virus That makes consumers and employees change their behavior to a new way of life (New Normal) by relying more on the use of technology. “We will see that in the past Bank and insurance group Technology is used the most when compared to other business sectors, but we cannot deny that The readiness of tech companies and non-banks that are now coming to take market share from legacy groups is greater. and is more flexible Which is one important reason? Lack of readiness in digital skills among employees in the financial services group.
Therefore, if financial institutions do not upgrade their skills today Banks don't upgrade their skills, insurance companies don't upgrade their skills, more and more people will turn to using banks, for example in the retail segment. And it may cause the bank's market share to drop to less than 50% in the next 3-5 years because the product and service formats are not as diverse, inconvenient, and not as responsive to customer needs as Non-Bank," Ms. Wilaiporn said. This is in line with results from The Upskilling Imperative for Financial Services Firms report, part of PwC's 23rd Global CEO Survey, which found that the financial services industry still lags behind other industries in terms of Upgrading employees' digital skills and abilities. It was found that only 17% of CEOs surveyed said that Their organizations are well-equipped to improve the technology literacy of their employees and executives. (Compared to 20% of CEOs across all industries surveyed), while only 16% of CEOs said they The skill gap has been effectively reduced and the problem of skills not matching the needs solved. (Compared to 20% of CEOs from all other industries surveyed) Important obstacles Ms. Wilaiporn continued that the management system and traditional business concepts Including the limitations of rules and regulations of the regulatory agencies that are many.
And insurance companies There will be awareness and investment in technology to develop businesses and support financial ecosystems affected by digital disruption, but the overall ability of people to use technology remains. at a low level and still lags behind non-financial service providers or non-banks and technology startups. This is considered an urgent mission that executives Telegram Number Data must seriously resolve. Under the situation of the spread of the Covid-19 virus That makes consumers and employees change their behavior to a new way of life (New Normal) by relying more on the use of technology. “We will see that in the past Bank and insurance group Technology is used the most when compared to other business sectors, but we cannot deny that The readiness of tech companies and non-banks that are now coming to take market share from legacy groups is greater. and is more flexible Which is one important reason? Lack of readiness in digital skills among employees in the financial services group.
Therefore, if financial institutions do not upgrade their skills today Banks don't upgrade their skills, insurance companies don't upgrade their skills, more and more people will turn to using banks, for example in the retail segment. And it may cause the bank's market share to drop to less than 50% in the next 3-5 years because the product and service formats are not as diverse, inconvenient, and not as responsive to customer needs as Non-Bank," Ms. Wilaiporn said. This is in line with results from The Upskilling Imperative for Financial Services Firms report, part of PwC's 23rd Global CEO Survey, which found that the financial services industry still lags behind other industries in terms of Upgrading employees' digital skills and abilities. It was found that only 17% of CEOs surveyed said that Their organizations are well-equipped to improve the technology literacy of their employees and executives. (Compared to 20% of CEOs across all industries surveyed), while only 16% of CEOs said they The skill gap has been effectively reduced and the problem of skills not matching the needs solved. (Compared to 20% of CEOs from all other industries surveyed) Important obstacles Ms. Wilaiporn continued that the management system and traditional business concepts Including the limitations of rules and regulations of the regulatory agencies that are many.