In this regard, banks have to embrace and employ technologies not only to improve their organisation’s own competitiveness, but also to be able to provide more efficient and lowercost financial services to Asian businesses and households. Regulators also need to establish an ecosystem that encourages financial innovation, competition, and efficiency improvement. In my view, there are at least two areas that banks and financial institutions could help improve productivity. First, digitization will certainly enhance productivity in financial services. In Thailand, electronic payment and digital banking are becoming increasingly widespread. Under the national e-payment program, businesses, households, and the government will significantly benefit from the cost reduction of financial services both in terms of money and time saved. Many initiatives under the national e-payment program, for instance, the new faster payment system or “PromptPay” and electronic government payments will provide foundation for many new add-on applications that will improve productivity across different segments of the Thai society. Thai banks have definitely played significant roles in hatching out these initiatives, starting from ideas and all the way through to implementation. Second, financial connectivity, particularly within our region, will also play a key role in enhancing productivity. Regional cooperation amongst Asian countries, not only in trade and investment, but also in finance has a potential to expand much further. I strongly believe that improved financial connectivity in Asia will be mutually beneficial to all.

It often requires several pre-conditions to be in place, it requires having the enabling environment and the different parts of the public sector to come together to act cumulatively to deliver the results. Frequently, this synchronisation does not happen. Strong convictions on the cause, reinforced by the capabilities and supported by the perseverance increases the potential to produce results that makes the difference. Finally, and most importantly is the ability for continuous reinvention. The changing environment is more globalised, more competitive, more uncertain and ambiguous, more technologically driven, more prone to crisis, and is subject to greater scrutiny and demands for greater transparency. This more difficult operating environment demands new skills and abilities to manage these new challenges. Indeed, the role of leadership is dynamic and has changed considerably. Reinvention is to support the ability to creatively respond to change. Building effective organisations To strengthen our ability to manage the new challenges arising from the changed environment, equally important is building effective organisations with the capabilities that will deliver results. This will involve organisational reviews and the continuously modernising of the organisation so that it can continue to best serve the nation. Such endeavour will require periodic environmental scans and envisioning to revalidate the strategic thrust of the organisation. Modernisation efforts then need to be supported by a blueprint of the strategic steps and initiatives that need to be taken. Women that have the capability must be brought in at the leadership levels to participate in this process.