Krungthai, Accenture to Accelerate its Digital Innovation Strategy

Krungthai Bank, through its subsidiary Infinitas, and Accenture (NYSE: ACN), a leading global professional services company, established a joint venture in November called Arise by Infinitas to accelerate the bank’s digital innovation strategy.

The new company, majority owned by Infinitas, will drive rapid transformation and change management within the bank, with a focus on enhancing its talent development and long-term growth in Thailand and across the region. It will leverage Accenture’s leading technology expertise and digital transformation as well as talent and organization capabilities. These capabilities will help Krungthai adopt a cloud-first approach to digitize its business processes and create a shared infrastructure to improve efficiency and profitability.

Arise by Infinitas will develop talent and innovative financial solutions to help bolster innovation and collaboration across the bank’s business units, create operational efficiencies, contribute to the bank’s sustainability efforts and enhance the customer experience – to support the bank’s ‘Growing Together for Sustainability’ vision.

Payong Srivanich, the President ofKrungthai Bank, said: “We set up Infinitas in October last year to serve as a digital innovation engine for the Bank, and deliver better financial products and services that meet the needs of our customers as well as all Thai people. Arise by Infinitas builds upon the positive and strong relationship that the Bank has with Accenture and reflects the growing synergies between our two organizations to close the digital divide and make banking more intuitive across all segments of society in Thailand and overseas markets.”

Divyesh Vithlani, Southeast Asia market unit lead at Accenture said: “Krungthai Bank strives to create more inclusive and intuitive digital banking experiences for its customers, and digital transformation has become an essential element for the Bank to respond quickly to ever-changing customer expectations and market conditions. Accenture’s broad technology and talent expertise will help the Bank significantly progress its digital transformation, build the necessary digital talent and expand in the market.”

Accenture and Krungthai Bank have a long history of jointly developing financial innovations and solutions that provide financial inclusivity to Thai people. This includes the PaoTang mobile application, which enables the government to distribute pandemic financial support efficiently and transparently to the general population and provides easier access to healthcare services and investment options.