KUALA LUMPUR – Malayan Banking Bhd (Maybank) will invest between RM3.5 billion and RM4.5 billion over the next three to five years to implement 12 strategic programmes under its refined corporate strategy called M25+.
Maybank group president and chief executive officer Datuk Khairussaleh Ramli said about 77% of the total investments would be for technology, covering two main areas namely tech-for-tech, which includes back-end integration of banking infrastructure, and tech-for-business to support the delivery of strategic outcomes.
He added that the refined corporate strategy would sharpen the bank’s strategic outcomes expected in five strategic thrusts by 2025 and create firmer foundational capabilities for sustainable shareholder returns given the rapidly evolving banking landscape.
The five strategic thrusts are to intensify customer centricity, accelerate digitalisation and technology modernisation, strengthen Maybank’s position beyond Malaysia, drive leadership in the sustainability agenda and achieve true global leadership in Islamic banking.
“The decision to further refine the group’s strategy was driven by the need for the organisation to remain agile for continued growth and delivery of sustained returns beyond 2025,” he told reporters at the launch of the M25+ strategy here today.
Khairussaleh said that the refinement of the five strategic thrusts came on the back of many macro trends disrupting the banking sector at a phenomenal pace, including rising inflationary and looming recessionary pressures as well as the increasing competition within the financial space from non-bank players.
To intensify customer centricity, the group will adopt a fully agile and iterative minimum viable product approach that focuses on reimagining a customer’s journey and end-state model, he said.
To attain a global leadership position in Islamic banking, Khairussaleh said Maybank would focus its expertise in Islamic wealth management by making Singapore the hub and its presence in the Middle East as well as other Asean countries.
To support the intended outcome of Maybank’s five strategic thrusts, the bank has identified 12 strategic programmes to strengthen its foundation and competitiveness.
The 12 strategic programmes include building a regional transaction banking proposition as well as redefining its regional footprint.
Khairussaleh said that full realisation of M25+ would holistically transform Maybank’s performance including loan growth of 7.0% by 2025, more than 80% digital customers, between 11% and 12% return to equity as well as 25% to 30% next-generation workforce. – Bernama, October 27, 2022
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