Affin Bank committed towards digitalisation

CGS-CIMB Research said that Affin Bank will gain a one-off RM1.04bil or 48.8 sen per share gains from the disposal.

PETALING JAYA: Affin Bank Bhd has appointed HCL Technologies Malaysia Sdn Bhd and will tap on Google Cloud to improve its data architecture while enabling data-driven decision-making across its operations.

The investment is part of the RM316mil that the bank has earmarked in 2022 specifically for capital expenditure in information technology.

It is to supercharge the bank’s metamorphosis journey and fuel its next phase of business growth, it said in a statement yesterday.

“Affin Bank’s onpremises data platform will be integrated with Google Cloud’s secure and scalable public cloud platform as well as equipped with artificial intelligence and machine learning capabilities,” it said.

The bank said it will be unifying its existing data sources, while also incorporating Google Cloud’s best-in-class encryption, by default, for data protection and access control.

According to the bank, the integration will improve its credit scoring and customer profiling processes, as well as enable automated workflows that will significantly reduce the timeframe for evaluating and processing customers’ account opening or any loan applications.

The entire data integration exercise will be carried out in several developmental phases and is expected to be completed and fully operational by the end of 2023.

Affin Bank president and group chief executive officer Datuk Wan Razly Abdullah Wan Ali said customers will benefit from this, as data architecture enhancement will reshape how products and services are designed and delivered.

“It is a key part of Affin Bank’s data infrastructure modernisation efforts under our A25 Plan to future-proof ourselves amidst the rapidly changing industry landscape, in line with our mission to provide unrivalled customer service and digital leadership,” he added.

Key objectives of the bank’s A25 Plan include gearing up its profitability and growth, providing value-based banking for its customers, and leapfrogging toward providing unrivalled customer service by 2025.

Meanwhile, executive vice-president and global head of HCL Google ecosystem Sanjay Singh said the strategic partnership with Google Cloud is able to help accelerate its clients’ digital transformation initiatives.

“HCL’s investments in Google Cloud-specific IP and solutions, which are part of our cloud smart suite, enable us to rapidly and securely, migrate and modernise Affin Bank’s technology infrastructure and drive better business outcomes,” he added.