KUALA LUMPUR: RHB Bank Bhd wants to grow its digital transaction of the overall banking transactions to more than 95 per cent in 2023 from the current 93 per cent.
Group chief digital and technology officer Rohan Krishnalingam said the banking group's digital transactions had grown from 64 per cent since it embarked on the digital transformation journey in 2017.
"If I have to put one factor that would drive this (target), it is definitely digital payments. There is a big shift in Malaysian consumers adopting DuitNow QR and online mobile banking transfers and it is becoming a lot more easier for them to do that.
"We foresee the trend to continue. So we believe this is probably the target that we would achieve the earliest," he told reporters during RHB Digital Day for media today.
The group has also targeted to achieve 50 per cent customer acquisition to be via digital origination, become the top three in DuitNow transactions as well as to generate 15 per cent revenue from ecosystem partnerships.
Group managing director and group chief executive officer Datuk Khairussaleh Ramli said since 2018, RHB Bank had allocated RM500 million in digital and IT modernisation.
"RHB's digital plans moving forward are centred around enhancing its efforts on the four pillars of its digital strategy – customer centric journeys, engagement and acquisition, accelerating digital payments, and digital enablement across the region by building better customer value proposition via digital ecosystem partnerships through API," he said.
Khairussaleh said between 2020 and moving forward, the group had set aside RM140 million to expand its digital capabilities in its other two home markets which are Cambodia and Singapore.
"We also want to deploy our digital capabilities overseas as well. The first two markets that we want to do (expansion) is our other two home markets which are Singapore and Cambodia.These are all supported by analytics and artificial intelligence as well as using next generation technologies capabilities," he said.
Rohan said Cambodia presents a huge opportunities for RHB Bank in terms of digitalisation offerings as the mobile phone penetration in the country stands at 21 million versus its population of 16 million.
"We decided to go digital in a big way in Cambodia. They have a very young population with median age of 26 and they're very digitally savvy. We decided to take alternate strategy for growth in Cambodia and we launched our first proposition back in June, it was called GoWave based on ethnographic research. We don't want to just roll out a banking proposition - the entire proposition is around financial literacy," he added.