Krungsri Fortifies Data Governance with Informatica for Digital Leap

In today's rapidly evolving financial landscape, digital transformation is not merely an option but a strategic imperative for banks aiming to stay competitive and relevant. Thailand's Krungsri Bank, a prominent institution in the region, is proactively embracing this shift by significantly bolstering its data governance capabilities. This ambitious initiative is being realized through a strategic partnership with Informatica, a global leader in enterprise cloud data management.

The essence of Krungsri's digital banking acceleration lies in its ability to manage and leverage data effectively. Historically, data within large financial organizations can often be dispersed across various business units, leading to inconsistencies, security vulnerabilities, and difficulties in compliance. Recognizing these challenges, Krungsri embarked on a mission to consolidate and centrally manage its data assets. This critical step is designed to enhance data security, ensure privacy, and rigorously adhere to an increasingly complex regulatory framework.

Laying the Foundation for Data Excellence

A crucial element of Krungsri's digital journey involves a fundamental shift in its technological infrastructure. The bank has transitioned to a hybrid cloud environment, leveraging the robust and scalable capabilities of Amazon Web Services (AWS). This move provides the underlying flexibility and resilience required to support advanced data management strategies and a vast array of digital banking services.

To truly harness the power of its consolidated data, Krungsri has adopted key solutions from Informatica's AI-powered Intelligent Data Management Cloud (IDMC) platform. Specifically, the bank is implementing Informatica's Cloud Data Governance and Catalog, alongside its Cloud Data Quality products. These tools are meticulously designed to provide a holistic framework for managing the bank's critical data assets.

Key Capabilities of Informatica's Solutions

The integration of Informatica's technology addresses several vital aspects of data management:

• Data Discovery: The Cloud Data Governance and Catalog solution enables Krungsri to efficiently discover and understand its data, irrespective of where it resides. This capability is paramount for identifying valuable information and ensuring its appropriate use.
• Metadata Management: By providing comprehensive metadata management, the platform helps Krungsri gain a clear context of its data, including its origin, transformations, and relationships. This transparency is indispensable for regulatory compliance and informed decision-making.
• Data Quality: The Cloud Data Quality product focuses on ensuring the accuracy, completeness, and consistency of data. High-quality data is the bedrock for reliable analytics, effective risk management, and the delivery of seamless, personalized customer experiences.
• Enhanced Trust and Compliance: Together, these tools are set to significantly enhance trust in Krungsri's operations by improving data integrity and facilitating adherence to stringent data security and privacy regulations.

Tul Roteseree, Head of Enterprise Data and Analytics Group at Krungsri, articulated the strategic importance of this collaboration: “Recognising the pivotal role of data in the banking sector, Krungsri strategically adopts these advanced data governance solutions to enhance data quality, accessibility and integrity. With a scalable and robust governance framework underpinning our cloud-enabled, secure technology infrastructure, we are not only helping to ensure regulatory compliance and boosting operational efficiency but also driving customer-centric innovation and superior customer service to reinforce our leadership in the financial industry.”

This statement underscores Krungsri's commitment to leveraging data as a core asset to achieve operational excellence, meet regulatory demands, and ultimately foster a more customer-centric approach to banking. The robust governance framework is envisioned as a foundational element that will enable the bank to innovate responsibly and confidently in the digital age.

Steven Seah, Vice President for Informatica ASEAN, India and Korea, also commented on the partnership, highlighting its broader implications: “Krungsri’s transformation journey demonstrates how strategic data governance, enabled through our partnership, can help large financial institutions to navigate complex data landscapes, accelerate innovation and realise meaningful operational value. With Informatica as a trusted partner, Krungsri is leading the way in making banking in Thailand truly data-driven and AI-enabled.”

Seah's perspective emphasizes how such strategic collaborations empower financial institutions to overcome intricate data challenges, drive forward innovation, and unlock substantial operational benefits. The partnership is positioning Krungsri as a pioneer in developing a truly data-driven and AI-enabled banking ecosystem in Thailand.

Future-Proofing Digital Banking

The collaboration between Krungsri and Informatica serves as a compelling example of how advanced data governance is fundamental to successful digital transformation in the financial sector. By investing in these sophisticated solutions, Krungsri is not only ensuring the security and integrity of its data but also establishing a strong foundation for future innovations. This strategic move is expected to foster greater customer trust, enhance competitive advantage, and pave the way for cutting-edge advancements in artificial intelligence and personalized financial offerings. Ultimately, Krungsri is setting a new standard for secure, compliant, and innovative digital banking services in Thailand.