SCB Partners with Sunline to Modernise its Core Banking System
Siam Commercial Bank (SCB) has announced a significant partnership with Sunline, a global provider of banking technology services, to modernise its core banking system. This collaboration aligns with SCB’s “Digital Bank with Human Touch” strategy, aiming to enhance customer experience and establish a leadership position in digital banking.
Strategic Partnership and Objectives
The partnership will involve a comprehensive revamp of SCB’s IT architecture, focusing on improving the performance of financial transaction processing for deposits and loans. The initiative seeks to bolster efficiency, stability, security, and scalability, catering to an increasing volume of transactions. The project is expected to span four years, positioning SCB as a full-fledged digital banking entity.
Kris Chantanotoke, SCB’sChief Executive Officer, stated, “We are well aware of changes in the financial landscape and consumer behaviours in the digital age. The exponentially increasing volume of transactions via digital channels reflects this. Our confidence in the enormous potential of digital transformation will help drive business growth and enhance the customer-centric digital banking experience.”
Impact on SCB’s Operations
This modernisation is SCB’s first in over a decade. By upgrading its core banking system, SCB aims to deliver superior financial transaction processing performance and offer tailored financial solutions to both individual customers and corporate clients. Mr Chantanotoke highlighted, “This strategic partnership will enable SCB to quickly offer tailored financial solutions and seamless experiences to individual customers and corporate clients. This will strengthen SCB’s core IT infrastructure and set a new benchmark for the finance industry on both domestic and global levels.”
Sunline, a leading provider of banking IT solutions with over two decades of experience, will spearhead the IT architecture revamp. Avy Lim, CEO of Sunline Technology Thailand and Co-Founder of Sunline Oversea, expressed her enthusiasm: “As a leading provider of banking IT solutions and services, we are committed to creating financial industry-focused solutions for the future world. We are honoured to partner with SCB. This is our first key step as a tech partner from China, partnering with SCB on its core banking system modernisation to enhance its efficiency.”
Anticipated Benefits and Industry Implications
The collaboration is expected to significantly enhance SCB’s operational capabilities. With improved efficiency, stability, security, availability, and scalability, SCB will be better equipped to handle an ever-increasing number of transactions 24/7. The initiative promises to strengthen SCB’s IT infrastructure and set a new industry standard.
Established in 1991, SCB’s consumer finance unit employs around 700 individuals. The decision to modernise its core banking system follows shifts in consumer spending patterns post-COVID-19, highlighting the need for robust digital transformation. As SCB and Sunline embark on this transformative journey, they anticipate setting a benchmark in the finance industry, both domestically and globally.
Conclusion
The partnership between SCB and Sunline marks a pivotal step in the evolution of Thailand’s banking industry. By modernising its core banking system, SCB aims to enhance the customer experience, drive business growth, and lead the industry in digital banking excellence. The successful implementation of this project will undoubtedly reinforce SCB’s position as a digital banking leader and pave the way for future innovations.
