Archives: Articles & Interviews

Bank Rakyat Indonesia has won accolades for its commitment to offering digitally connected solutions.

As one of the largest state-owned banks in Indonesia and Southeast Asia, Bank Rakyat Indonesia (BRI) has a long history of developing the banking sector and focusing on micro, small and medium enterprises (MSMEs). The bank has also strengthened its plans to digitise its financial services in order to provide comprehensive, accessible, fast, secure and affordable financial access to its customers.

It thus comes as no surprise that BRI has been recognised as the winner of the Best Current Account Offering category at the 14th Annual Retail Banker International Asia Trailblazer Awards.

Prioritising customer satisfaction

In the banking sector, where time and quality of service are of utmost importance, BRI has prioritised improving its service offerings.

The Transaction Banking division is leading the way in the bank’s efforts to digitise and aims to become the preferred partner for clients in transaction banking. The division offers digitally connected solutions and superior services for clients and their cash management and trade requirements.

BRI has further improved customer satisfaction by reducing wait times and improving service delivery. As a result, the lender has seen a considerable increase in its current account balance, with an almost 59 per cent year-on-year increase and a nearly 42 per cent year-on-year increase in the number of accounts.

Managing cash flow

Despite the growth of digital payment methods in Indonesia, cash remains the primary payment instrument for low-value transactions. About 77 per cent of all point-of-sale purchases were made in cash in 2020, according to a Worldpay Global Payments Report.

With the increasing amount of money in circulation, managing cash flow has become a pressing issue for banks and retailers in the country. There is clearly a significant opportunity for lenders to absorb funds resulting from cash transactions and provide cash deposit facilities to merchants.

To that end, BRI has taken steps to improve its cash deposit collection process, making it easier for customers to deposit cash directly from their offices through a third party. In addition, the bank has also enhanced its digital safe machine, a system similar to a cash deposit machine and which is equipped with a real-time recording system that credits deposits directly to the merchant’s account.

As a result, with a benefit-cost ratio of 4.5, the digital safe machine project is expected to deliver a positive net present value to firms and their investors. BRI is also working with third parties to expand its cash pick-up business and become a pooling bank with the digital safe machine.

UOB Thailand has developed a leadership development model and transformed its bank branches to drive successful outcomes

In today’s dynamic and competitive landscape, organisations recognise that employees are their most invaluable asset. With a vision to excel in their respective industries and a commitment to fostering a thriving workforce, companies are now developing leadership development programmes for staff.

Strategic leadership

United Overseas Bank (UOB) Thailand has demonstrated an unwavering commitment to supporting its workforce.

Grounded in the vision to become the world’s most trusted bank, UOB Thailand has created the Leadership Right By You (LRBY) programme. This initiative is tailored to different organisational levels and includes programmes for individual contributors, newly promoted managers and those overseeing teams.

The LRBY programmes are designed to boost the bank’s leaders by aligning them with the expected behaviours of a ‘UOB Leader’, motivating them to take the right actions and equipping them with the necessary knowledge, skills and techniques for success in leadership roles. This structured leadership journey caters to individuals at all levels, including individual contributors, people managers and managers of managers. It ensures a comprehensive approach to leadership development across the organisation.

UOB Thailand underscores the importance of leaders demonstrating care for their team members and exhibiting courage in addressing challenging situations, ultimately defining the distinctive qualities of its leaders.

Branch transformation

Recognising the challenges posed by swift customer preference changes and technological advancements, UOB Thailand has created the Strategic Transformation and Analytics Roadmap (STAR) framework.

Under this framework, the bank has implemented three key strategies for branch network rejuvenation: branch network transformation, new branch format and recalibration of branch operating hours.

These data-informed strategies have resulted in positive outcomes including increased revenue generation per square metre and improved net promoter scores.

Successful outcomes

In 2022, UOB Thailand enhanced its branch space utilisations for the advisory and engagement areas by 19%, resulting in a 69% increase in revenue generation per square metre compared to 2021.

The net promoter score (NPS), a measure of customer loyalty, exhibited remarkable growth in the first half of 2023. The top-tier NPS soared by 17.5%, while the bottom-tier saw a 7.5% uplift from the first half of 2022.

Lastly, from a business-centric viewpoint, UOB Thailand observed growth rates of 15% in deposits and 3% in lending balance in the first half of 2023 compared to the same period the previous year. These positive outcomes not only validate the efficacy of the STAR framework but also solidify the bank’s conviction in its journey towards becoming a fully data-driven organisation.

UOB Thailand has been recognised as the winner of the Excellence in Leadership Development, Excellence in Employee Recognition and the Best Use of Big Data in Customer Strategy awards at the Annual Retail Banker International Asia Trailblazer Awards 2024.

United Overseas Bank Singapore is harnessing AI-driven insights to personalise its UOB TMRW digital platform

The banking sector is changing dynamically, transitioning from traditional manual transaction processing to embracing cutting-edge technologies. This evolution has empowered the industry to deliver personalised financial advice, foster creative problem-solving and develop innovative products.

United Overseas Bank (UOB) Singapore’s digital platform UOB TMRW caters to about 1 million customers in the digital and payments sector. The platform is now undergoing substantial developments to enhance performance and ensure a seamless banking experience for users.

Multiple touchpoints

In an effort to cater to the diverse needs of its customers, UOB TMRW employs a blend of online and offline touchpoints. This approach enables customers to receive personalised and actionable insights, which assist them in optimising their portfolios and progressing towards their financial goals.

Moreover, in response to the growing trend of cross-border transactions and the demand for convenient payment options, UOB Singapore has introduced the DuitNow QR feature on the UOB TMRW platform. This feature offers a smooth, cashless experience for lower-value transactions and provides flexibility through credit and debit cards for higher-value transactions.

Considering the significant number of travellers from Singapore to Malaysia and the expected expansion of the market, the bank expects cross-border DuitNow QR spending to quadruple from the levels observed in 2023 over the next five years.

Leveraging analytics

In the coming years, the increased integration of automation and artificial intelligence (AI) will not only enhance the cost efficiency of banks but will also bring tangible benefits to their customers. Predictive analytics plays a crucial role in enhancing operational management within this transformation. Additionally, the abundance of comprehensive data sets empowers managers to establish a broader range of key performance indicators (KPIs).

UOB Singapore is leveraging AI-driven insights in its UOB TMRW platform in response to technological advancements. With this evolution, the bank is now offering personalised experiences to its customers based on their profiles, preferences and portfolio-driven content.

In addition, 80% of the bank’s 81 AI and machine learning models are applied on assistive touchpoints across all omni channels. This has resulted in a revenue increase of S$48m ($35.8m) and a significant boost in conversion rates.

Through this forward-looking approach, UOB Singapore has not only achieved transparent and smarter banking but also delivered more than 44 million personalised insights in the first half of 2023.

UOB Singapore has won the Asia Trailblazer of the Year 2024 (institution), Best Marketing Campaign of the Year, Best Retail Bank – Singapore and Best Strategic Partnership awards at the Annual Retail Banker International Asia Trailblazer Awards 2024. UOB Thailand has won: Best Use of Big Data in Customer Strategy; Excellence in Employee Recognition; Excellence in Leadership Development. UOB Malaysia has won the Excellence in Mobile Banking award.

UOB Malaysia’s mobile app UOB TMRW leverages AI and machine learning to deliver a frictionless customer experience

As consumer trends lean towards an increasingly online culture, financial models are undergoing significant transformations to incorporate this change. Banks are now confronted with the task of providing products across diverse geographies and cultures connected through advanced technologies.

Opportunities in digital banking are unfolding in various areas, such as digital payments, personal finance management (PFM), lending and financing services, international commerce, wealth management, e-wallets, identity verification, AI-driven virtual assistants and more. With a growing number of consumers and businesses embracing digital banking services, the market for these offerings is poised to expand in the foreseeable future.

This situation presents an opportunity for banks to deliver innovative digital banking solutions that address the evolving customer needs.

Seamless banking

United Overseas Bank (UOB) Malaysia has built a customer-centric app, UOB TMRW, with multidimensional capabilities in investments, payments and rewards to meet each customer’s diverse needs and preferences.

The app leverages emerging technologies such as data analytics, artificial intelligence (AI) and machine learning to provide customers with personalised insights. Its seamless functionality enables users to monitor expenditures through cash flow and expense notifications, as well as recommendations based on the customers’ spending and saving habits.

UOB TMRW has recently introduced a comprehensive digital savings account-opening feature, which has simplified the onboarding of new customers by eliminating the need to physically visit a bank.

Digital adoption

The enhanced digital offerings, which include UOB Malaysia’s PIB website and the UOB TMRW app, have contributed to a growing number of customers using the bank’s digital services.

From September 2022 to 2023, the number of digital users increased year-on-year (YoY) by more than 22%, with a YoY growth of over 31% in active digital users. The number of mobile app users also surged by more than 52% within the same timeframe.

UOB Malaysia aims to further strengthen its digital banking security through the adoption of cutting-edge security features. At the same time, the bank continues its efforts to educate consumers about the evolving challenges in digital banking security and provide resources to assist them in effectively protecting their banking activities.

UOB Malaysia has won the Excellence in Mobile Banking award at the Annual Retail Banker International Asia Trailblazer Awards 2024.

Union Bank of the Philippines has positioned itself for success through the acquisition of CitiBank’s consumer business and the use of blockchain technology

In a strategic move, Union Bank of the Philippines (UnionBank) acquired US-based Citibank’s consumer business in the country, marking a pivotal moment in the Filipino bank’s journey toward growth and innovation.

The success of this acquisition can be attributed to UnionBank’s meticulous planning and commitment to empowering its workforce, coupled with a forward-thinking approach to embracing new technology.

Recognising the significance of the transition, the bank launched the #OneWithU integration programme, an initiative designed to assimilate the Citibank workforce seamlessly. UnionBank’s commitment to an inclusive approach ensured roles and opportunities were extended to all employees, fostering an environment where everyone felt valued.

The omni-channel communication strategy implemented during this transition was crucial in achieving an 88% job offer acceptance rate, the highest in any Citibank consumer division acquisition worldwide. This success can be attributed to UnionBank’s focus on exceptional employee experience, resulting in high engagement and sustained retention rates.

Blockchain innovation

UnionBank has also boldly ventured into digital asset services, positioning itself at the forefront of the future digital economy. The bank’s strategic objective revolves around leveraging blockchain technology to establish a secure, transparent and highly efficient ecosystem for trading and managing digital assets.

The integration of virtual asset exchange services (VAES) into the UnionBank Online mobile banking app has been a game-changer. This functionality allows users to activate their UnionBank crypto wallet, facilitating the seamless buying and selling of Bitcoin directly through the app.

In addition, the bank’s recent attainment of a full licence to operate as a virtual asset service provider (VASP) from central bank Bangko Sentral ng Pilipinas (BSP) is a significant milestone, solidifying its position as a key player in the country’s digital finance landscape.

UnionBank’s transformation of its mobile app into a one-stop solution for managing both traditional and virtual assets simplifies the customer experience. Clients can diversify and manage their financial portfolios effortlessly without the need to open or manage separate wallet services.

Union Bank of the Philippines has won the Best Onboarding Programme and Advances in the Use of Blockchain awards at the Annual Retail Banker International Asia Trailblazer Awards 2024. The bank has also been highly commended in the Excellence in Employee Recognition category.

Taishin International Bank’s commitment to introduce innovative technologies is helping attract more consumers

Financial institutions are embracing digitisation to keep pace with the rapidly evolving digital economy and ensure competitiveness and relevance in the industry. This transformation not only enhances business values and customer perspectives but also addresses key factors including customer outreach, marketing differentiation, operational efficiency and competition with leading financial technology firms (fintechs).

Overall, integrating digital capabilities is crucial for banks as they affect performance and contribute to environmental goals by optimising internal operations.

In response to the growing trend in digital banking, Taishin International Bank (TSIB) in 2016 launched Richart, its digital banking brand.

Digital banking

In April 2023, Richart partnered with e-wallet provider JKOPay to offer a streamlined account service. By linking their Richart accounts with the JKOPay app, users benefit from a unique interest model that is based on JKO’s membership levels and open data as opposed to receiving basic interest rates on deposits. By utilising open banking data, users can view their cash flow and payment information easily with third-party applications.

Richart thus caters to users who were previously unreachable by the bank and provides potential users with more comprehensive financial services, thus creating an innovative and convenient financial ecosystem.

To further accelerate the digital transformation, in August 2020, TSIB released Richart Life, an application that strengthens the bank’s fintech ecosystem and builds on Richart’s market-leading position. The application is regularly being updated to introduce unique features to users.

Additionally, as of last year, some 650,000 digital savings accounts were opened in the bank, encouraging the management to make further investments in AI applications to keep pace with the fast-evolving market while adhering to strict management protocols.

Sustainable initiatives

TSIB’s commitment to sustainability is evident in its efforts to support both client and public sustainability aspirations.

To achieve these objectives, the bank has incorporated international trends to enhance the sustainable development of its operations, mitigating environmental and social impacts, implementing sustainable finance and enhancing disclosure on financial governance.

TSIB has also launched its first ATM cross-border service remittance service collection in Taiwan to fulfil the needs of Southeast Asian migrant workers sending money to their home countries. The bank’s ATM system features a multilingual operational interface with languages including Chinese, English, Japanese, Korean, Vietnamese, Thai and Indonesian.

Taishin International Bank has won Best Retail Bank – Taiwan; Trailblazing use of AI or Machine Learning in Financial Services, Best Application of Data Analytics and Best Advance in Customer Relationship Management at the Annual Retail Banker International Asia Trailblazer Awards 2024.

Standard Chartered Hong Kong’s comprehensive digital solutions can be accessed from anywhere in the world

Financial institutions are actively expanding their digital portfolios to deliver unparalleled client experiences. Many are now adopting a forward-thinking business strategy that encourages innovative product and service developments.

In response to evolving customer behaviour, banks are encouraging digital transformations across operations while embracing innovative technologies to deliver seamless, personalised and secure financial solutions.

Digital services

Standard Chartered Bank (Hong Kong) has ramped up its efforts to offer efficient digital solutions to its client base. This has led to the development of client-centric products and services focusing on innovation and simplification.

With the introduction of its Wealth Saver Account (WSA), the bank is enabling its clients to optimise savings on their deposits and gain unrestricted access to their funds without any specified lock-in period.

In addition, the digitisation of the Bonus Payroll Accounts (BPA) in Q3 2023 enabled the bank’s clients to access their accounts faster. The bank also launched the Foreign Exchange Time Deposit (FXTD), giving clients the flexibility to set up a time deposit from anywhere in the world within a minute.

Strong growth

Committed to digital transformation, Standard Chartered Hong Kong has increased its digital presence across its credit card, wealth management and business banking domains.

A new card activation process via online links was introduced in Q2 2023, enabling clients to activate their cards without any paperwork.

By introducing digital options for credit card activation through QR codes, the bank achieved a two-fold increase in monthly credit card activations. In addition, new banking applications for card and deposit products recorded a high double-digit growth and led to increased digital penetration among these clients.

Among other efforts, the bank has enhanced its online mutual fund application to help clients discover and compare funds more easily.

Strategic alliances

Aspiring to become a leader in wealth management, Standard Chartered Hong Kong has increased its focus on the affluent market and enhanced its portfolio to offer various wealth advisory services.

In Q3 2023, the bank established its fourth wealth management centre in Pacific Place, providing comprehensive financial, wealth management services and a seamless banking experience for its local and international clientele.

Additionally, the bank’s partnership with Hong Kong flag carrier Cathay and launch of the Cathay mastercard in 2021 continues to help elevate its portfolio. Targeted at affluent clients, the Cathay card accounted for a significant proportion of Standard Chartered Hong Kong’s total portfolio in 2023.

Overall, the bank has demonstrated sustained organic growth in 2023 by capitalising on its commitment to innovation and client experience.

Standard Chartered Hong Kong has been named the Best Retail Bank in Hong Kong at the Annual Retail Banker International Asia Trailblazer Awards 2024.

Stephen Man, managing director and head of consumer, private and business banking at Standard Chartered Bank (Hong Kong), on what differentiates the bank from the competition

What is the role of sustainability leadership in shaping Standard Chartered Hong Kong’s overall strategy and its impact on customer engagement and brand perception?

At Standard Chartered Hong Kong, we are committed to sustainable social and economic development through our business, operations and communities as well as integrating sustainability into all our decision-making, bringing to life our brand promise ‘Here for Good’.

• Business: Our priority is delivering sustainable finance solutions that support sustainable development, economic growth and job creation. Our suite of green retail products such as green mortgages, sustainable payroll accounts and environmental, social and corporate governance (ESG) investment funds appeal to environmentally conscious clients and provide them with opportunities to contribute to positive change.
• People: We are also committed to creating a supportive, diverse and inclusive workplace for our people, which enables them to realise their full potential, unlock innovation, make better decisions and deliver our business strategy. This also helps us to attract and retain talents.
• Community: We focus on giving back to the community through signature sponsorship programmes and staff volunteering. Over the years, Standard Chartered Hong Kong has sponsored several community initiatives, donated to the needy and encouraged employee volunteering through sharing skills and expertise, all of which aim to transform lives and create a more inclusive society.

These strategies not only contribute to a more sustainable future but also position the bank as a responsible and forward-thinking institution that differentiates us from our competitors.

How does the bank ensure seamless integration of innovative technologies while maintaining a focus on personalised and secure financial solutions?

In 2023, we initiated a multi-year transformation programme, establishing agile teams and in-house campaigns to enhance our digital capabilities. This strategic move aimed to shift our organisational mindset and behaviours for digital sales, aligning with clients’ evolving needs.

Simultaneously, we prioritised back-end innovation and invested in technological infrastructure.

Our focus was on fortifying our systems, fostering synergy among digital assets, and upgrading the core banking system. This upgrade not only improved speed to market but also equipped us to handle a larger transaction volume as our franchise expanded.

Additionally, we are committed to ongoing efforts to enhance the interoperability of legacy systems with new digital tools. This ensures clients receive real-time, efficient services while maintaining the integrity of our operations.

How does the bank plan to capitalise on the momentum gained post-pandemic to strengthen its position in bancassurance?

Post-pandemic there is a stronger demand for health and protection insurance from clients. Since insurance products are longer-term products, they are not affected by the short-term market volatility that many clients are facing.

Responding to this demand, Standard Chartered Hong Kong worked with its partners to enhance its High-Net-Worth (HNW) medical plan and critical illness plan in 2023 to offer better insurance solutions for clients. We have also gone the extra mile by launching value-added services such as Virtual ME (allows virtual doctor consultations) and PruNurse (allows clients to WhatsApp for bookings and consultations) for our health and protection (H&P) clients to enhance their experience and provide better post-sales services. As a result, our H&P product mix recorded significant growth in 2023.

In 2024, we are planning to offer value-added wellness services such as comprehensive body and dental check-ups and pain therapies to selected H&P and even non-H&P clients.

With China’s borders reopening in 2023, the bank captured incremental business from its Greater China (GC) clients. We continuously worked with our partners to enhance our insurance solutions for the segment in 2023; for example, we enhanced our cashless cancer treatment services in the Greater Bay Area and clients can now receive professional oncology treatment in Hong Kong or Mainland China. In 2024, we will continue to enhance our tailored products and services to GC clients.

How is the bank prioritising digital penetration in credit cards and wealth management in its digital transformation strategy?

Credit card: With a strong aspiration to expand our personal banking client base, we have adopted a partnership-led and digital-first model by leveraging industry partnerships and upscaling digital capabilities to accelerate growth.

We believe digital is the way to go to drive credit card acquisition as well as equip card holders to conduct a wide range of self-services including but not limited to card activation, reporting stolen/lost cards, requests for service charge waiver and initiating a transaction dispute.

We have seen promising results as our cards acquisition reached an overall 90% digital share and cards servicing achieved over 80% digital adoption. We will continue to drive full digitisation for mass market clients. In 2024 and beyond, we will work on our eKYC solutions to enhance the straight-through-processing (STP) rate and thus client experience. We will also leverage open application programme interfaces (APIs) to capture income data from other banks via Interbank Account Data Sharing pilot programme for STP ineligible clients.

Our clients can expect to see more product enhancements with simpler intuitive experiences that proactively engage them, and development of our exclusive partnerships with local carrier Cathay and third-party payment platform Alipay.

Wealth Management: We aspire to be the leading international wealth manager and the preferred affluent brand for our clients. Grow affluent and build wealth continuums are our key strategic priorities. As such, we have continued to develop new tools and introduce new features in the digital wealth space to enhance wealth management services and client experience. The bank’s myWealth digital service is accessible via mobile banking and relationship managers (RMs), and helps investors gain personalised insights to facilitate investment decisions aligned with their objectives.

Using client data such as current portfolio holdings, risk tolerance and financial goals, myWealth delivers personalised investment recommendations and insights underpinned by the bank’s Chief Investment Office house views.

Investors can cross-reference different portfolios tailored to their target outcomes, drawing upon the bank’s expertise to diversify their portfolios in a well-informed manner. These digital tools allow our clients to view performance data and receive analytics-driven portfolio health checks at their convenience.

Standard Chartered Hong Kong is exploring enhancements to its myRM digital platform that would allow RMs to securely share product sales documents with clients, enabling end-to-end completion of transactions for select offerings digitally.

With this enhancement, we expect the transactional time to be reduced by two-thirds.

Standard Chartered Bank Taiwan has set up a council and launched initiatives to create an inclusive culture for its clients

Financial institutions are increasingly committing to promote a more diverse and inclusive work environment to help drive better internal governance, decision-making and risk management.

To raise awareness on the value of diversity and address issues of discrimination and marginalisation, these organisations are seeking opportunities to engage with internal and external stakeholders to take relevant action.

Additionally, financial institutions are now beginning to understand the significance of introducing progressive benefits that drive inclusion, improve the employee experience and help workers achieve their maximum potential. Having these benefits in place could potentially help address globally prevalent societal norms around traditional roles, improve workforce participation and provide solutions for better financial wellbeing.

Banks therefore need to shift their focus on developing local initiatives to raise diversity and inclusivity (D&I) awareness and deliver D&I messages to employees and wider communities.

Gender equality

To align with this outlook, Standard Chartered Bank Taiwan has established a D&I council aimed at promoting gender equality, disadvantaged equality and overall employee wellbeing. The council comprises more than 30 employees from different departments working towards creating a more inclusive community since 2021.

In 2023, the bank invested in developing strategies that focus on embedding diversity within its values and culture, promoting diversity in leadership and unlocking innovation to foster a positive work environment. It also focused on enhancing the banking experience of clients and contributing to thriving communities.

Standard Chartered Bank Taiwan continues to identify new D&I suppliers through the supply chain management-led procurement process. In the third quarter of 2023, the bank’s newly onboarded suppliers represented about 16% of the supply chain.

Committed to inclusion

The bank’s vision of a more diverse and equitable society extends beyond financial services. To support women entrepreneurs to grow, thrive and succeed in business through upskilling and mentorship, Standard Chartered Bank Taiwan partnered with the Garden of Hope Foundation and launched the “Women in Entrepreneurship (WiE)” initiative in 2023.

The programme offers financial incentives, supports entrepreneurs and provides the required training and workshops to help women advance in their goals. In 2023, the programme received 60 micro business applications across social inclusion, innovation technology and sustainable environment, and the top three winners were collectively awarded $54,000 in prizes.

Standard Chartered Bank Taiwan has been recognised as the winner of the Best Advance in Diversity and Inclusion Initiatives category at the Annual Retail Banker International Asia Trailblazer Awards 2024. It has also been highly commended in the Excellence in Loan Origination Process category.

RHB’s diverse portfolio and customer-centric approach are powering financial inclusion in Malaysia’s retail banking sector

Retail banking plays an important role in the financial landscape, serving as the primary interface connecting financial institutions with individual consumers. Its significance becomes apparent in the diverse range of services it provides, including savings and checking accounts, loans and investment products.

One of the critical aspects of retail banking is its accessibility. Tailored for the general public, retail banking offers essential financial services that empower individuals to manage their finances better. Crucially, it contributes to financial inclusion by reaching a wider audience, including those without access to more sophisticated financial instruments.

This deliberate inclusivity fosters economic growth and stability, ensuring that a more significant portion of the population has the means to participate in the financial system.

Empowering education

Malaysia’s RHB Bank Berhad (RHB) caters to diverse customer segments including students and educators. he RHB MySiswa Debit Card-i is an integrated card that provides Malaysian university students access to university support services while allowing them to manage their funds and enjoy cashless payment solutions. Students also enjoy exclusive discounts and promotions on amenities including food & beverages, transportation, education, e-sports and gaming, and telecommunication packages.

Meanwhile, RHB EduGo offers an ecosystem of banking products and digital solutions tailored to the education sector, promoting financial inclusion and convenience for educators, parents and students. Moving beyond individual empowerment, RHB underscores a broader commitment to community wellbeing through initiatives supporting vulnerable segments and fostering economic growth. In line with RHB’s sustainability strategy, which aims to empower over 2 million individuals and businesses across ASEAN by 2026, RHB has implemented community programmes such as RHB Touch Hearts and RHB #JomBiz.

Digital experiences

The rising expectations of tech-savvy customers have prompted banks to adapt swiftly to stay competitive.

The adoption of agile principles, combined with data analytics and artificial intelligence technologies, has transformed how RHB engages with its customers. This approach has not only increased productivity but has also improved operational efficiency across customer touchpoints.

RHB’s decisive transformation of its branch delivery system (BDS) to BDS Evo exemplifies its commitment to efficiency and innovation. By modernising outdated systems and processes, the bank has elevated the customer experience and achieved significant cost savings.

Despite economic challenges, RHB’s retail loan portfolio and deposit balance have consistently grown since June 2021. By June 2023, retail and small and medium enterprise (SME) banking contributed significantly to the bank’s overall performance, showcasing resilience and adaptability in a changing market. Guided by strategic initiatives and a customer-centric approach, RHB has consistently demonstrated innovation and social responsibility, positioning itself as a leading player in Malaysia’s banking industry.

RHB Bank has won Best Retail Bank – Malaysia; Best Advance in Sustainability Practices, Best CSR Initiative – Contribution to Local Community, Excellence in Internet Banking, Excellence in Loan Origination Process and Excellence in SME Banking at the Annual Retail Banker International Asia Trailblazer Awards 2024.