KUALA LUMPUR (Jan 20): Malayan Banking Bhd (KL:MAYBANK) is set to invest RM10 billion in technology over the next five years. This massive digital push includes plans for a new banking app to replace the current MAE app, as the lender accelerates adoption of artificial intelligence (AI) to modernise its platforms and regional applications.
At the unveiling of the bank’s five-year strategy entitled ROAR30, president and group chief executive officer Datuk Seri Khairussaleh Ramli said the plan will focus on scaling and strengthening Maybank’s technology capabilities to drive long-term growth.
“The end game is to gain deeper insight and support our customers more effectively, but equally important is equipping Maybankers with the right tools to help customers achieve their goals,” he said during a media briefing on Tuesday.
The strategy will be guided by four priorities: establishing a resilient foundation, embracing new technologies such as AI and machine learning to optimise productivity, delivering best-in-class user experiences, and enabling new ways of working for employees, he said.
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Maybank has already spent RM1 billion on technology investments under its "M25+" strategy, launched in October 2022.
The latest planned investments are expected to help Maybank scale with speed and agility, expand its app ecosystem, and improve business outcomes, including shorter product development cycles and enhanced service offerings. The investments will also empower internal talent through upskilling and the adoption of advanced technologies.
Future digital development will be designed at group and regional levels rather than for individual markets, with Indonesia likely to be the first rollout ahead of Malaysia and Singapore.
Although no specific launch date has been set for the new app, Khairussaleh noted that retail-focused applications are already in development and updates will be shared later this year. “We don’t want to jumpstart expectations, but we think it should happen sooner rather than later,” he said.
All technology investments will be funded internally, with no fundraising required, Khairussaleh stressed.
To balance the heavy spending, Maybank will implement group-wide efficiency measures, focusing on productivity improvements, workforce planning in view of upcoming retirements, stronger procurement discipline, and branch network optimisation.