RHB Bank to take its digital transactions further

by S BIRRUNTHA / pic by TMR FILE

RHB Bank Bhd wants its digital transactions to grow beyond 95% by 2023, according to its group MD and CEO Datuk Khairussaleh Ramli.

He said so far, the bank’s digital transactions have grown to 93% this year compared to 64% in the financial year 2017.

Khairussaleh shared that the bank has committed to allocate RM500 million since 2018 for the purpose of digital and IT modernisation.

He emphasised the huge allocation included several key targets to be achieved by 2023.

“We aim digital transactions to continue to increase to beyond 95% by 2023. RHB has also set targets to achieve 50% customer acquisition via digital origination, 15% revenue from digital ecosystem partnerships and becoming among the top three in DuitNow transactions,” he said in a virtual briefing during RHB Digital Day for media yesterday.

RHB MD (group community banking) Jeffrey Ng said the bank has seen a big shift to digital payments over the last few years among its Malaysian consumers.

He added that Malaysian consumers now are adapting fast to the transformation of QR payments and online mobile banking transactions because it is a lot easier and convenient for them.

“So, to get to our target of 95% digital transactions by the year 2023 is not a big deal and I believe digital payments have driven Malaysians to embark on this digital transformation,” he said.

Moving forward, RHB aims to enhance its efforts on the four pillars of its digital strategy, namely customer centric journeys, engagement and acquisition, accelerating digital payments, and digital enablement across the region by building better customer value proposition via digital ecosystem partnerships through application programming interface (API).

“As RHB moves forward in taking its digital capabilities to greater heights and towards becoming a leader in digital banking within the region, the group continues to enhance new customer centric ideation through a strong customer-first culture.

“This is powered by data analytics and artificial intelligence to deliver next generation technology capabilities, and thus embedding digital experience into every aspect of customers’ lifestyle and business needs,” it noted.

In support of RHB’s vision of API-driven financial services and to be future-ready, the bank will be migrating to modern application architecture, allowing RHB to abstract codes at a higher level for better platform interoperability.

It aims to have 58% systems supported in-house by 2026 and enhance its digital capabilities as part of the overall digital strategy.

RHB noted that this includes increasing the growth of specialised talents in user interface/user experience, cloud engineer, scrum master by 237% and providing specialised training programs through curated learning journeys, online and offline.

It also hopes to attract talents through latest enterprise level leading-edge technology, incentivising innovation through RHB Dragon’s Den and flexible working hours and remote working set up.

RHB stated that its digital strategy through its group community banking business focuses on delivering products and services that provide customers with easy onboarding, frictionless experience and ecosystem partnerships.

The bank has also launched its goWave mobile app in Cambodia recently.

goWave is fully developed in-house by the digital centre of excellence in Malaysia and it is the first full cloud hosted app for the group.

In 2022, RHB aims to provide full banking enabled by goWave app (subject to regulatory approval), with key functions including online account opening and electronic “Know Your Customer”, debit card, quick login, banking integration, as well as loyalty and rewards.