When large-scale Artificial Intelligence (AI) models are applied, the highly specialized, data-intensive financial sector is considered one of the ideal use cases. As AI models become deeply embedded in the core of the financial industry, a quiet revolution in efficiency and innovation is unfolding. Amidst the global wave of digital transformation, Hong Leong Bank (HLB) in Malaysia is leading the charge with its forward-looking strategy and unwavering determination, setting a new benchmark for banking's future.
（The Chief Information & Technology Officer（CITO）, William John Streitberg）
Digital Transformation Strategy: Focusing on Customer Experience, Operational Efficiency, and Revenue Growth
William John Streitberg (Bill), the Chief Information & Technology Officer（CITO） of Hong Leong Bank, shared that the bank's digital transformation strategy is centred around three core objectives: enhancing customer experience, improving operational efficiency, and driving revenue growth. At the outset of the transformation, Hong Leong Bank focused on improving the convenience of self-service for its customers. As the transformation progressed, they expanded their focus to promote the widespread use of digital tools by employees.
As early as 2016, the bank sought to reduce its reliance on traditional proprietary technologies and adopted a more open, flexible, and resilient distributed technology architecture. As the fifth largest bank in Malaysia with presence in Singapore, Vietnam, Cambodia, Hong Kong and a stake in China's Bank of Chengdu, this digital transformation is not only crucial for HLB's competitiveness but also has a significant impact on the broader financial landscape of the country.
Hong Leong Bank is a company that embraces new opportunities, and its digital transformation journey has been supported by external collaborations. Bill revealed that the bank's partnership with Huawei has been particularly valuable. According to Bill, Hong Leong Bank and Huawei work as strategic partners: "Apart from providing excellent technical support, Huawei's vast partner network has significantly reduced our communication costs and helped smooth the infrastructure setup."
While Hong Leong Bank has fully embraced digitalisation, it remains committed to preserving valuable human connections with its customers. The bank has introduced branch solutions where staff use tablets to directly serve customers, whether it is helping customers open accounts at wherever they are or arranging employee account opening at businesses, effectively bringing services to customers' doorsteps. "Bringing the branch to the customer has not only expanded the bank's service reach but also significantly boosted account openings and transaction volumes. Interacting face-to-face with customers, understanding their needs, and addressing their concerns has become an integral part of our core values," Bill said.
Talent and Culture: Driving Long-term Success in Digital Transformation
Digital transformation is the undeniable direction for the banking and financial industry, but Bill knows that its true success is determined by one essential element: talent. To build a team that combines both technical expertise and business acumen, the bank launched the "AI Ignite" programme, designed to attract top talent from various business units and help seamlessly integrate new technological tools into daily operations.
The combination of AI and Robotic Process Automation (RPA) has significantly lightened the burden for employees. For example, the time-consuming manual processes involved in remittance services have been automated. These advanced technologies enable employees to handle large volumes of customer requests more efficiently, laying a solid foundation for the ambitious goal of serving 10 million customers and supporting triple the transaction volume.
Hong Leong Bank's digital transformation journey not only gave it a competitive edge in the market but also offered valuable insights for the wider banking industry's digital evolution. By focusing on its core objectives, carefully selecting the right technology, boldly rolling out transformative initiatives, nurturing a diverse talent pool, and fostering a corporate culture that adapts to the digital age, Hong Leong Bank has successfully navigated the digital wave, painting a picture full of infinite possibilities for the future of banking.
Business Times Malaysia
