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.