Maybank will spend RM10 billion on technology under ROAR30 as part of the AI push

Jakarta, Thekabarnews.com—The Maybank Group is speeding up its digital transformation as part of the ROAR30 strategy by spending RM10 billion over the next five years on technology, data, and artificial intelligence (AI).

The goal of the investment is to update fundamental banking systems, use cloud and AI architectures, and improve productivity through machine learning and advanced analytics. Moreover, Maybank said the plan would make services better. It would also get the bank ready for expansion after 2030.

Along with technology, Maybank is getting its employees ready for the future by encouraging a growth and learning mindset throughout the company. Additionally, the bank will improve its regional talent factory by letting people move across countries and departments. This aims to find the next generation of executives.

Maybank is growing four big business areas: worldwide Islamic finance, regional wealth management, regional transaction and payments banking, and regional corporate and investment banking.

Maybank wants to improve its Islamic wealth management services and grow its banking-as-a-service (iBaaS) model in Indonesia as part of its Islamic finance business. Furthermore, the bank will utilize AI-based behavioral segmentation to give more personalized financial advice in wealth management.

Maybank will establish a regional payments infrastructure that works together to make it easier for money to move across borders for transaction banking. In addition, the group will improve digital platforms such as regional CRM systems and next-generation loan processing in corporate and investment banking.

Maybank also wants its fee-based income ratio to reach 35% by 2030 through ROAR30. This will be possible because of increased productivity and careful use of capital.