Maybank's 2020 plan puts more force behind digital

Maybank has outlined its 2020 strategic objectives and a big priority for the bank is now to become digital first.Group president & CEO, Datuk Abdul Farid Alias (pictured) said with everyone talking about digitisation, and the banking industry witnessing a breed of digital players encroaching into the traditional banking business, its customers too also changing the way they interact with banks.“How aptly, and quickly we respond and adapt will determine the fate of the Maybank brand in the future,” he said. As such Datuk Farid laid out five broad strategic objectives for the group.He explained, the bank is looking to become the "Digital Bank of Choice" by putting our customers’ preference first and transforming to deliver next-generation customer experience. The bank has infact over the years been exploring the world of digital quite extensively for customer engagement using its site and social media.For example, for Maybank’s step into social in Asia Pacific, social media plays a key part in influencing consumer decision. As such, Maybank adopted what it calls a “social strategy maturity” model – first giving its employees a framework for reputation management, before moving into the marketing and promotions aspect. In 2014, it also decided to streamlining its site, it decided to revamp its private wealth site, tailoring it for each individual and making it mobile and tablet-accessible.Maybank also looks to become a leading retail and commercial financial services provider in ASEAN by leveraging on its regional presence, banking expertise and growth opportunities in ASEAN. All in all these initiatives are aimed at being ASEAN’s leading financial services provider.This is guided by its new vision of “Advancing Asia’s Ambitions With You”.Maybank chairman Tan Sri Megat Zaharuddin Megat Mohd Nor said:  “Maybank 2020 recognises the significant potential within the ASEAN region arising from its burgeoning middle class, young population, growing SME segments as well as rising intra- and inter-regional trade as a result of the formation of the ASEAN Economic Community.”As such, the bank is also looking to become the top ASEAN Community Bank. This will be led by Group Community Financial Services.  It is also eyeing the ASEAN Wholesale Bank Linking Asia which will be led by Group Global Banking and the leading ASEAN Insurer by leveraging synergies between Maybank’s regional banking footprint and Etiqa’s expertise in Takaful & bancassurance.Last but not least, it wants to be a market leader in in Islamic Finance by innovating client- centric universal financial solutions, building on our global leadership in Islamic Finance.Datuk Farid said that Maybank2020 will be complemented by ongoing efforts to enhance productivity, manage costs effectively and growing profitably in markets that the group is present to ensure that its business model remains competitive.The year 2016 has already seen the Group strengthen its footprint in the region with the opening of a second branch in Laos and a new 10-storey office tower in Cambodia. Most recently Maybank also opened a branch in Shenzhen - its fifth in Greater China - as it looks to leverage on the strong trade and investment flows between ASEAN and the region.