AmBank injects RM250m for digital transformation roadmap

AmBank has invested RM250 million for digital transformation as part of its ambitious five-year Intelligence Driven Bank roadmap. According to its 2022 annual report, the bank aims to use the investment to fully monetise customer relationships, empower staff with insight, and embrace artificial intelligence and machine learning to reduce risk, improve efficiency and create smart customer value propositions.

With digitalisation creating "exponential impact" on the financial services industry, AmBank said in its annual report that it is conscious of the need to be ahead of the curve in mobilising these technologies. Hence, it AmBank is also accelerating its own digitalisation efforts to offer more comprehensive digital touchpoints to customers. Its digital platform, AmOnline, currently has 1.4 million users, making a 13.5% growth since FY2021. At the same time, its banking on-the-go digital platform for SMEs, AmAccessBiz, has over 27,000 registered companies as at March this year.

To empower employees with data-enabled decision-making, it has also embarked on a digital initiative to establish a data management platform (DMP), coupled with data analytics and a data lake. With this, AmBank hopes to provide explainable data and actionable insights that will enhance the bank's ability to serve its customers better.

This six-year project will see AmBank put in place a DMP foundation to understand holistic customer demographics as well as enrich customer data. According to AmBank, the ultimate goal of this initiative is to deliver an unparalleled customer experience, thus deepening their relationship with the bank.

Separately, during its inaugural AmDigital Day, group CEO Sulaiman Mohd Tahir, said digitalisation is a core aspect of its DNA, particularly in driving customer-centric solutions, services and products. Group COO Iswaraan Suppiah added that the bank remains steadfast in its efforts to fortify its position at the forefront of digital adoption for the industry.

In 2023, AmBank's priority is to continue building on its digital ecosystem and roadmaps for its SME customers. It will also continue to focus on helping SMEs build and strengthen their business strategies to achieve sustainable growth through ESG as well as adapt to megatrends such as increased globalisation, digitalisation, and the changing nature of operations and demographics. 

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