Monday, 22 April 2024

CIMB taps personalised banking services to grow retail business

5 min read

By Foo Boon Ping

Daniel Cheong, head of consumer banking at CIMB, is spearheading an innovative approach to cater to diverse customer needs through evolving product offerings, leveraging data analytics and AI, while balancing personalised services and data privacy.

In Malaysia’s dynamic retail banking market where innovation and customer-centricity have become paramount, Daniel Cheong, head of consumer banking at CIMB looks to reshape the institution’s approach to better serve its clientele.

Daniel offered: “Our aim is to cater to a diverse customer base by evolving our product offerings.” Under his stewardship, CIMB has strengthened existing value propositions and ventured into new territories, enhancing its travel-focused credit cards, Takaful Islamic insurance options, mortgages aimed at the young professionals and families, and emerging affluent wealth management services.

Daniel is a strong proponent of data analytics and artificial intelligence for gaining deeper insights into customer preferences and optimising their experience. He explained: “We want to offer more targeted products and services to our customers.”

Yet, this pursuit raises questions regarding data privacy and customer consent. Striking the right balance between personalised service and data-driven insights is crucial to building trust in an era of growing digital connectivity.

Daniel Cheong, head of consumer banking, CIMB

Daniel said: “Digital platforms like Octo bring unparalleled convenience to our customers.” These platforms have streamlined transactions and enhanced accessibility, but they also bring forth concerns about maintaining meaningful customer connections. As CIMB seeks to enhance its digital offerings, Daniel acknowledges the significance of preserving the human element in banking interactions, saying: “Our commitment to striking the right balance between digitalisation and personalised advisory services is unwavering.”

Despite efforts to diversify its revenue streams, CIMB faces the ongoing challenge of intense competition for deposits. The bank’s focus on fee-based income businesses showcases a strategic approach to bolstering its financial stability. Daniel stated: “We want to grow our remittance business and leverage our strong customer base.”

However, as new digital banks emerge, CIMB must navigate these challenges with agility and maintain its standing in an increasingly competitive landscape. Addressing data privacy concerns and achieving a seamless integration of digital platforms with personalised services will be paramount for CIMB’s sustained success.

As the banking industry continues its rapid transformation with the imminent entry of new digital banks, CIMB’s progress under Daniel’s leadership will require ongoing adaptation and refinement to reinforce its position in the market.

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