Maybank pushing for stronger regional digital agendaNovember 27, 2017
In the race to remain ahead of competition, Maybank, the leading Malaysian bank in Asean ranking (ranked fourth after three Singapore banks) is pushing for the enhancement of its regional internet infrastructure in some of its emerging markets, said Maybank Group Head community financial services head Datuk Lim Hong Tat.
He said this was part of an on-going effort to rollout the bank’s regional digital banking agenda.
Last year, Maybank took home the top spot among Malaysian banks in the Asean region as it strengthened its position in the market with the most valuable bank brand in Malaysia.
It saw its brand value grow by 24% or US$2.55 billion (RM10.58 billion) last year.
“Maybank’s strong digital banking presence in our home markets has given us a leading edge, especially in Malaysia, for internet and mobile banking.
“Having said that, we are working on enhancing the internet infrastructure for some of our emerging markets as an on-going effort to rollout our regional digital banking agenda,” said Lim in an exclusive interview on the bank’s digital presence in its retail segment.
He said despite competing on less-than-equal footing in emerging foreign markets compared to locally-owned industry peers due to regulations on licensing/incorporation of foreign banks, Maybank is still able to do more with less by increasing its overseas revenue contribution to 36%.
“Being a foreign bank in a foreign country (outside our home markets) would mean rising up to the challenge of winning over the hearts and minds of local residents amid strong competition from financial institutions which have been long established in the local scene,” said Lim.
As at June 2017, Maybank remains the largest in terms of network distribution, forming 18.8% of total bank branches across Malaysia. Its consumer loans portfolio constitutes 17.5% of total consumer (household) loans, while retail deposits (inclusive of Investment Accounts) stand at 19.1% of the nation’s individual deposits.
To date, Maybank has established its presence across all 10 Asean markets.
“We continue to look for opportunities in expanding our presence in the retail banking landscape across the region, where we could capitalise on the developing and maturing of markets within the Asean Economic Community, which gives rise to growing affluence and digital-savviness among its people,” said Lim.
On the hurdles faced by local banks in the Asean region, Lim told Malay Mail the bank’s strong digital banking presence in the home markets has given it a leading edge, especially in Malaysia, for internet and mobile banking.
With banking and financial services professionals in Malaysia facing a changing recruitment market as new demands arise amid a transformation of the country’s finance sector, Malay Mail asked Lim to extrapolate on the comment from recruiting expert firm Hays who said changes in the financial sector has led to an influx of new roles and that created demand for candidates with specific skills.
Taking into consideration that restructuring at major banks resulted in the creation of new roles that need to be filled, Lim said that regulatory requirements, technological capabilities, customer expectations and demographics are creating an imperative for many industries to adapt to these changes.
“Some of today’s jobs might not stay relevant in the future, and new jobs and new skillsets will emerge. It is critical for us to equip our talent with the relevant skills and expertise for them to be agile, change-capable, versatile and resilient, and solution impactfully for business sustainability.
“For this very reason, one of the Maybank Group Human Capital M2020 transformational goals focuses on nurturing a tech savvy workforce that is creative, nimble and agile to deliver breakthrough performance,” said Lim.
He said on this front, Maybank introduced various learning interventions for its employees to disrupt the corporation’s ways of working.
As part of this learning experience, there is learn-on-the-go that allows the workforce to quickly adapt to the new culture and learn new technologies to empower them to deliver on today’s imperatives and transform themselves for the future.
“To answer your question on the creation of the new roles and how it has impacted our retail banking business, we have redefined transactional roles into advisory roles to accelerate our digital migration initiatives and created new roles to support our digitalisation strategies.
“Our reach for new talents is diverse to bring in new ideas to disrupt the traditional ways we have operated, thus enabling breakthroughs to improve customer experience,” he said.