NEC worked with Avaloq, an NEC company providing wealth management technology, and BlackRock, a leading provider of financial technology, to develop a dashboard that enables efficient asset management by providing risk level assessment to allow their customers to make more informed portfolio decisions based upon satisfactory return estimates.
A direct result of this collaboration, the concept of "Embedded Finance" will be introduced to allow consumers to access various kinds of financial services such as payments, loans, insurance, and investments without having to leave the platform or application they are using. This model offers consumers a seamless and convenient way to manage their financial activities through a Financial-Service-as-a-Platform, which is powered by blockchain technology.
Mr. Ichiro Kurihara, President of NEC Corporation (Thailand) Ltd., said, "NEC is committed to helping Thailand's financial institutions of all sizes to embrace digital technologies to reshape the future of their financial services."
He added, "Although the global investment in fintech in 2023 is lower due to the economic slow-down, fintech investment still remains positive in the long term and its market is expected to grow, especially in the Asia region."
According to a payment statistics report revealed by BoT, online payments through mobile banking, Internet banking and e-Wallets in Thailand have seen continuous growth in 2022, achieving 92.4 % of the total payment transactions. The figure indicates that online financial services are playing an increasing role in people's financial activities.
Mr. Kurihara said, "The arrival of 'Virtual Banking' that BoT plans to grant a license for in Thailand is also regarded as a significant step to help improve financial inclusion. This allows underserved customers who never have had access, or have limited access, to experience the full suite of banking services."
More information about the solutions
Wealth Management Solutions (by Avaloq)
This is an intelligent automation platform designed to allow wealth managers to organize, track and analyze the investments of their clients to achieve investment goals with features covering portfolio building and discretionary mandate management.
Sales Engagement Module
This increases communications efficiency between consultants and their clients through a secure, seamless, and encrypted conversation via online channels such as LINE, WhatsApp and Facebook Messenger. With this system, the clients can ensure that their conversation data will be protected and can be tracked back at all times.
The solution also helps enhance sales efficiency, enabling investment consultants to improve their sales presentations and make marketing progression when they approach clients. Customers' fundamental data can be utilized for developing more effective sales plans and efficiently closing deals.
For financial organizations that are not providing Wealth Management services but require customer database management, NEC offers a support system that streamlines the process of sales presentations and marketing as well as enhances customer database management by allocating the lists of prospects to the sales teams for follow up. The system can be applied to manage databases of loan customers, insurance customers, and deposit customers with no need to install an additional CRM system.
Universal Lending Platform
This platform aims to improve loan management and help financial organizations offer loan services more productively.
The platform modernizes the entire loan offering process from front-end to back-end systems, including the submission of loan applications; the automatic consideration of credit limits from the collateral; preliminary risk assessments; the calculation of credit rates; the checking of remaining credit limits; and the automatic issuance of invoices, payments, and receipts.
The platform can connect to external databases such as the Blue Book system for used-car value assessments and other credit databases, including KYC databases and the database from Credit Bureau.
NEC's innovative solutions are on display at the BOT Digital Finance Conference at Booth C1, 2nd floor, Bank of Thailand Learning Center building.
About NEC Corporation (Thailand) Ltd.
NEC started official activity in Thailand in 1962 by establishing a liaison office, and established NEC Thailand and NEC Communications Thailand (NCOT) in 1987 and 1988 respectively.
NEC Corporation (Thailand) Ltd. was formed in 2003 by merging these 3 entities to provide professional consultancy in IT technologies and professional service in Thailand. We have expertise and experience in a wide range of industries, superior professional service and support and solutions in the areas of customer experience, unified communication, cybersecurity, network infrastructure design, digital transformation solution and platform, manufacturing, enterprises platforms, retails solution, and designed solutions for sustainable society. In addition, NEC Corporation (Thailand) aims to connect all people equally and create long-term sustainability in our society.
For more information: https://th.nec.com