Monday, 15 July 2024

CIMB’s strategic vision in digital banking and consumer engagement

5 min read

The bank’s CEO Effendy Shahul Hamid outlined its strategy for ASEAN leadership, emphasising local market focus and practical, value-centric digital solutions for seamless retail services across the region.

A leading ASEAN bank, CIMB is on a mission to become the preeminent consumer and wealth management bank in Southeast Asia. Its CEO Effendy Shahul Hamid pointed to the bank’s scale, digital banking capabilities, and people as key differentiators in the region’s highly competitive landscape. He emphasised the strength of CIMB’s balance sheet that has powered the bank’s growth and success. 

According to Shahul Hamid, partnerships, particularly in digital retail products, is a cornerstone of its consumer-centric approach; the bank focuses on solutions being customer-led rather than being bank-led. “Digital first” does not mean “digital only”, he said, explaining that digital is used as a tool to enhance the speed and efficiency of product, service, and delivery to customers.

He also acknowledged the challenges ahead, commenting on the importance of sustainable growth, customer data privacy, and the adaptability of the bank’s strategies in a dynamic market. He said that in order to maintain its competitive edge, CIMB is continually innovating and adapting its digital strategies to meet the needs of the banking sector.  

Shahul Hamid asserted CIMB’s position as a leader in the ASEAN banking sector, aimed at continued growth and innovation in digital banking and consumer engagement.

Keywords: Asean Banks, Digital Banking, Wealth Management, Partnerships, Customer-led Solutions, Digital-first Approach, Sustainable Growth, Customer Data Privacy, Adaptability, Innovation, Competitive Edge, Digital Strategies, Consumer Engagement
Institution: CIMB
Country: Malaysia
Region: Asia, South East Asia
People: Shahul Hamid
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