RHB Bank adapts to digital age with online and open banking initiatives

KUALA LUMPUR: RHB Bank Bhd is embracing digital transformation by supplementing its traditional sales and branch distribution models with digital online acquisition and open banking partnerships.

"We too have gone online and offline,” its managing director of group community banking Jeffrey Ng said in his speech at the Malaysia Retail Chain Association’s Retail Conference 2024 here today.

He said the bank's mobile banking platform is a critical asset, serving both as a tool for basic banking and as a primary communication tool, wallet, sales generator, and service provider.

"We are continuously re-engineering our existing processes to enable customers to self-serve without visiting our branches. For those who choose to visit (a physical branch), we aim to provide a seamless, straight-through process,” Ng said.

He highlighted the significant role financial institutions play in the growth of Malaysia's wholesale, retail, and services sectors.

"Beyond ensuring a healthy supply of financing for businesses, banks must provide constant education and drive the adoption of trends and innovations within the industry.

"Financial institutions need to innovate digitally with different technology partners to offer seamless and integrated payments, operations, and financing solutions," he said.

Regarding consumer behaviour trends, Ng noted that sentiment may remain subdued due to heightened inflationary pressures and the upcoming petrol subsidy rationalisation.

"Nevertheless, we anticipate a healthy employment market and continuous government aid, which should support overall consumer spending and demand for staple necessities.

Additionally, the Employees Provident Fund’s introduction of Account 3 and the strong recovery in tourism will positively impact the overall retail sector,” he added. - Bernama