The world of financial services has borne witness to a radical paradigm shift in recent years, propelled by relentless digital innovation. This landscape is no longer an arena where banks can passively participate. The emerging digital economy has opened the door to new opportunities, and banking models have been reset, offering a fertile playground for those who dare to be disruptors.
At the forefront of these game-changers is Malaysia’s AmBank. Recognized for embracing and harnessing the transformative power of technology, AmBank has strategically crafted an outstanding digital roadmap. Since 2020, the Bank has been spearheading customer-centric digital initiatives, enhancing its retail banking operations while significantly elevating the customer experience.
Implementing digitally-led retail innovation to reshape customer journeys
In line with its vision to deliver a 360˚ holistic banking experience with the digital banking channel as the backbone, AmBank undertook a strategic realignment of its customer engagement framework. This has successfully drawn a 2.3 million-strong customer base, with 65% digitally active users. The result? An intuitive, user-friendly platform that caters to key services, which translates into an impressive 84% customer satisfaction with their flagship AmOnline platform.
AmBank’s commitment to personalized banking is reflected in AmOnline 3.0, a beacon of customization that targets diverse customer segments. With an impressive 40% surge in new users by December 2022, the platform is powered by AmBank’s e-KYC capabilities, driving new-to[1]bank customer acquisition.
AmBank has also encouraged employees to leverage emerging technologies such as augmented reality (AR) / virtual reality (VR) based gamification both for testing purposes and to help identify potential use cases within retail banking. This bold move aims to create engaging digital content, enhancing client and employee interactions while enabling process automation.
Voice of the customer: A catalyst for optimizing digital interactions
Taking the pulse of customer sentiment is essential for any business, and AmBank has expertly integrated customer insights to inform its digital strategy. This includes real-time feedback on branch service quality, captured via unique QR codes in their extensive 170-branch network, leading to a significant 187% increase in positive responses.
Furthermore, AmBank’s commitment to service excellence is reflected in initiatives such as the Amazing CX campaign. Leveraging AmOnline as an alternate survey tool and feedback platform, the Bank continues to foster customer recommendation and advocacy, solidifying its network of promoters
Redefining convenience: Streamlining digital payment processes to facilitate efficiencies and customer choice
With the pursuit of distinction at the core of its mission, AmBank has revolutionized payment processes. Offering seamless, quick payment experiences, the Bank has successfully diversified its revenue streams and seized growth opportunities, outpacing even its largest competitors.
In particular, introducing Apple Pay presented a challenge considering the Bank had yet to embed tokenization capabilities within its technology stack. However, since its launch the Bank has been able to achieve its 35% + card provisioning and registered a 40% month-on-month AmBank Credit Card spend via Apple Pay.
Furthermore, AmBank worked towards enhancing its DuitNow QR performance to 11s, second only to Maybank (by 1 second) reflecting the Bank’s commitment to elevating the customer experience by leveraging its operational competencies despite the comparatively smaller technology spend. AmOnline mobile-based fund transfer transactions alone have recorded 16% YoY growth in 2022 exceeding 37 million transactions.
Understandably, the Bank considers maintaining a best-in-class payment banking experience as an essential pre-requisite for expanding digital engagements to include consumer financing and investments in helping customers meet their financial goals.
Fortifying digital offerings through strategic partnerships
Strategic partnerships with online platforms, FinTech companies, and service providers have allowed AmBank to augment its digital offerings, strengthening client relationships. Among these alliances, its collaboration with Tabung Haji (Malaysia’s pilgrim fund), ASB (Malaysia’s largest mutual fund manager), and BonusLink (Malaysia’s largest loyalty reward program) stands out, providing customers with extensive, integrated services within the AmOnline platform.
For instance, the strategic partnership between AmBank and Tabung Haji has enabled customers to link their Tabung Haji account and register for their Hajj pilgrimage all within the AmOnline platform as the Bank grows its Islamic customer base.
Similarly, AmOnline is connected to ASNB allowing the Bank’s customers to either top-up their mutual funds and/or purchase new funds from the fund manager. In addition, AmOnline users can apply to enroll in BonusLink’s loyalty program while the 900,000 BonusLink members can commence their AmBank relationship through account opening.
Moreover, as AmBank executes the various phases of its digital roadmap and rapidly progresses across its transformation journey it remains mindful of providing clients with an invigorating experience as demonstrated through its recent “Community Banking” approach that successfully embeds banking across various lifestyle scenarios. The collaboration with Bask Bear Coffee promises to reframe the traditional in-branch experience and prove to be a key differentiator between the Bank and its peers.
“AmBank’s commitment to personalized banking is reflected in AmOnline 3.0, a beacon of customization that targets diverse customer segments.”
AmBank’s intent is clear: to weave its digital services into the fabric of customers’ lives, organically and conveniently. AmBank continues to enhance its digital customer experience with a view to expanding its competitive edge in Malaysia and it remains well placed to strengthen its digital interactions with customers while deepening main bank relationships. Affirming its institutional achievements, The Digital Banker has awarded AmBank with the prestigious titles of “Excellence in Next-Gen Customer Satisfaction – South East Asia”, “Outstanding Digital CX – Mobile Banking”, and a Highly Acclaimed “Outstanding Digital CX – Payments” at the recently concluded Digital CX Awards 2023.
AmBank remains a pioneering force, continuously enhancing its digital customer experience and asserting its competitive edge.
Image by: Pexels
