Al Rajhi Bank Malaysia (ARBM) today unveiled the next milestone of the Bank’s strategic future direction with its upcoming Digital Bank.
“We are tapping into the vast potential of innovation and partnering with key experts to provide added value to our customers and better serve the Malaysian market, and ARBM is seizing the opportunities in both digital banking and Islamic Finance by striving to become the number one Islamic finance innovation bank in Malaysia,” said Arsalaan (Oz) Ahmed, CEO, Al Rajhi Bank Malaysia.
“Innovation will be the key differentiator for digital banking and ARBM’s Digital Bank will set us apart from other banks and Fintech companies. We have placed significant investment in laying the foundation and building the infrastructure for the Digital Bank and we aim to disrupt the financial marketplace and be a leader in digital banking,” added Oz.
The digital transformation plan is to be launched in 2022 when the Digital Bank will be launched. ARMB says this is the opportune moment for the bank to invest in a customer-focused, Islamic digital banking proposition. We have the Group’s endorsement and investment in the digital strategy.
“ARBM’s aspiration is to emerge as the front-runner in the Islamic banking industry and we now have in place a new transformation plan aimed at setting a new standard of excellence for Islamic banking in Malaysia through best-in-class products, services, and channels to benefit our valued customers.
“With agility, ARBM can deliver an improved and convenient customer service, deliver greater value to our customers and deepen financial access and relevance.
“The new digital bank aims to provide a seamless and an all-encompassing digital experience across ARBM’s Retail and SME banking offerings,” says Arsalaan Ahmed.
On retail banking, he says the bank is shifting away from branch-based service to digital propositions and the offerings will be through partnerships that will allow the bank to focus on and fulfil customers’ lifecycle demands and needs.
The bank is also looking at digitally-enabled SME financing supported by well-defined program financing criteria and a robust credit decision engine to support the SMEs.
“Basically, we are looking at ‘beyond banking’ offerings to support SMEs as they grow and mature. We have partnered with the best in class industry leaders, bringing in Foreign Direct Investment into Malaysia including recognizing and tapping on local talent to build a digital bank that will disrupt the financial services space in Malaysia. These providers, both local and international, will give us the flexibility and increased capability to serve our changing customer needs across digital channels that are best in class.”
The bank is working with some notable organisations, such as Oliver Wyman, hired to support the design, build and launch of the digital bank.
The bank is also working with Amazon Web Services, Thought Machine, Feedzai, Green Dolphin, and Ova.