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Financial institutions and banks, which used to collect payment fees, are affected by new financial technology (FinTech) companies that has developed e-Payment service that allow consumers to make online transactions at any time without fees.
Securities companies, which provide securities brokerage services to investors in the stock market, are affected by technology i.e. Robot Trade. This service allows investors to automatically submit orders to buy and sell shares faster and more accurate, which adversely affects the incomes of securities companies. Moreover, there are competitors who offer integrated intelligent platform technology which allows investors to make various transactions on the same platform such as Robot Trade platform, online port application system, share trading platform, function to purchase IPO shares, funds, risk assessment system, e-Transaction system, e-KYC (Khow Your Customer) system, e-CDD (Customer Due Diligence) system, offline data entry system, Data on Boarding, e-Payment system based on Real Time basis and adopting Artificial Intelligence (AI) system to analyze information and business fundamentals, economic situation of Thailand and the world quickly. The platform connects with various world renowned news agencies such as BloomBerg, Router and CNBC. In addition, the platform also utilize AI system that can analyze behavior and moods of investors and the markets, as well as contain researches of securities companies which analyze stocks based on minute by minute basis, submit specific information about these stock analysis to investors quickly, anytime, anywhere without or with very small fees. The AI system can also analyze maximum credit/exposure limit for investors to reduce risk and create satisfaction for investors who use the same platform for multiple transaction simultaneously. If competitors introduce such aforementioned technology and implement business strategy similar to Social Media Platform, search engine platform and Chat platform which are common services in Thailand which are user friendly, convenient and free of charge because they can earn revenues from advertisement, sales and management of information and others. This will inevitably have significant impact on revenues of securities companies which will be greatly reduced.
Newspapers, publications, magazines, journals, TV programs are also affected by social media technologies that allow consumers to access information and news content more quickly without costs.
Modern trades, department stores and convenience stores have to adapt themselves from the impact of e-Commerce platform technology which have adverse effect on revenues as it allows consumers to buy products at lower prices, more conveniently and received products within 24 hours after placing order.
The above cases are examples of technology disruption which has severe impact on the business in a wide range due to technology and inability to adapt to changes, causing loss and lower profits and serious impact on workers in the industry as they may lose their jobs.
Netbay Public Company Limited realizes the above changes. With more than fifteen years of experience and knowledge accumulated over the years, the Company commits to create and develop more than 30 applications of Digital Business Technology Platform & Digital Business Services Applications and provide uninterrupted service to customers. NETbay also has a dedicated research and development team to create new technological innovations continuously and monitor technological trends that emerge at all times. Presently, NETbay has gained trust and confidence from both private sector and government agencies to change transactions in traditional analog format into digital format. At this time, the Company’s R&D team is emphasizing on advanced research on technological innovations such as Big Data analytics, utilization of artificial intelligence (AI), computer vision and Hybrid Block Chain, the Internet of Things (IOT) technology and others. The Company realizes that technology disruption will become more intense due to improved efficiency of internet communication, 5G system, mobility, cloud computing, fast processing system and several times larger memory capacity. Currently, people-to-people, people to device, device to device communications are more effective and can be made quickly, anytime and anywhere. The Company has vision and mission to commit to developing new technological innovations under clear directions and objectives and contribute to drive the economy and business of Thailand so that we do not have to bear high investment in buying overseas innovation and technology as well as allow the government and private sectors to be able to compete using innovations that are developed by Thai operators. Presently, Thailand has officially entered digital economy and implemented Thailand 4.0 policy. Every sector therefore needs to prepare for rapid changes and must urgently adapt to the digital transformation in order to survive with stability and sustainability.
Prof.Dr. Pairash Thajchayapong
Mr. Pichit Viwatrujirapong