RHB Singapore: the banking experience with a holistic business model

Three years after rolling out a bank-wide transformation programme, RHB Singapore is reaping the rewards by becoming a critical part of a client’s financial journey. A revamp of the business model with an emphasis on digitalisation, a full branch network refresh and a mobile-first approach to banking, has ushered in impactful changes at the bank.

With over 60 years of operation in Singapore, RHB Bank has become a key player in the city state’s financial services industry, having quickly distinguished itself through its success in delivering excellent services to its clients. The focus on client experience has received an even bigger impetus over the past few years as the bank embarked on a digital transformation of its business.

The result was RHB Singapore being awarded the Best Retail Bank for a Frictionless Banking Experience in The Digital Banker’s 2023 Global Retail Banking Innovation Awards.

RHB has executed several strategic moves successfully. In 2020, the launch of the RHB Mobile Banking app included a unique offering in Singapore, allowing new clients to apply for their deposit accounts directly through the app. Building on this innovation, in September 2022, RHB rolled out another first in Singapore – a feature enabling existing clients to apply for joint accounts seamlessly through the app. This not only eliminated the need for customers to visit the branch but also enabled them to perform simple banking transactions conveniently from the comfort of their homes.

The digitalisation of know-your-customer processes, regulatory checks and backroom operations has significantly reduced turnaround time, enhancing and differentiating RHB Singapore’s overall customer experience.

Tying this together was the launch of branch sales and service digital e-forms in 2022, allowing multiple account openings and product selections in one go, further enhancing the banking experience.

BUSINESS RESTRUCTURING

As part of RHB Singapore’s bank-wide transformation programme – which was strategically focused on the retail banking wealth and regional affluent segments – it underwent a holistic restructuring of its business model to put in place a digitally-ready approach.

This involved the relocation and digital enablement of RHB’s branches to better cater to client needs.

RHB Singapore opened a branch in Cecil and a premier centre in Singapore’s central business district, established its regional premier banking wealth hub in the heart of Orchard – the city’s affluent shopping district – in 2021. This was followed by the opening of the Parkway branch in 2022 to capture consumers and businesses on the island. In Singapore, RHB’s Jurong East branch serves as a residential and commercial hub.

The impact of this transformation has been significant, validating RHB Singapore’s win in The Digital Banker’s awards. The bank has seen a remarkable 121% growth in the affluent customer base over a three-year period from 2019 to 2022, and an impressive 128% growth in assets under management, of which insurance-related AUM increased to 1,220%.

Additionally, in RHB’s annual customer survey conducted by the independent research firm Ipsos, the bank ranked second in its net promoter score for the past two years – underscoring the success of digital transformation efforts.

As a regional financial services provider dedicated to delivering exceptional customer experience, RHB consistently innovates to address clients’ pain points. Its product strategy combines the best of Banking and the diversity of Independent Financial Advisory (IFA) firms.

RHB Singapore plans to enhance its cross-border reach by incorporating additional regional capabilities. It goes without saying that a digital-first approach will take centre stage in these strategic initiatives.

 

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