5. Real Economy 6. Digitalisation We are driven by a commitment to promoting prosperity for all, underpinned by a focus on growing wealth in the economy on equitable terms. Within this context, our efforts in retail assets and SME banking were significant. We expanded our Ar-Rahnu services with 20 new counters, achieving a notable disbursement of RM24 million and bringing the total outstanding sales of the segment to RM168.7 million by the end of December. The launch of our Gold Account in November added a new dimension to our service offerings, generating RM125,000 in fee income and marking a successful integration into our suite of financial products. The SME i-Gain Campaign was another highlight, exceeding its RM100 million target by reaching RM125.4 million in performance, demonstrating our effective engagement with SMEs. We also introduced new SME packages that provided comprehensive support through various products and services, facilitating 10 successful applications by year-end. Our SME financing initiatives broadened to include diverse programmes like GO Halal Financing, SME Contract Financing, Biz Smart Property Financing, All Economic Sector Facility (AES) and SME Biz Grow Financing, which contributed to a significant RM100 million asset increase in 2023. To enhance our halal economy portfolio, we engaged in strategic collaborations with Halal Development Corporation (HDC), Malaysia External Trade Development Corporation (MATRADE), Malaysian Investment Development Authority (MIDA) and SME Corporation Malaysia (SME Corp Malaysia), targeting an asset growth of RM150 million. These partnerships were enriched through various activities such as webinars, client engagement events, and participation in the MIHAS Exhibition, showcasing our commitment to the sector. The extension of our MoU with MATRADE until December 2024 further underscores our dedication to strengthening Malaysian SMEs growth to global expansion. To further drive our progress, we continue to embrace technology, automation, and digitalisation to refine our processes and achieve our strategic objectives. Our early start in developing a digital banking proposition has positioned us advantageously, especially in tapping into new market segments such as first jobbers and gig workers. We launched our cloud-native digital banking solution, Be U by Bank Islam, in 2022, with its debit card introduced to the public last year. Furthermore, our targeted use of analytical tools yielded significant business insights. The Next Best Product (NBP) initiative efficiently distributed over 206,200 leads, achieving a follow-up rate of 73% and a conversion rate of 5.24%. These efforts notably increased assets by approximately RM513.2 million and deposits by RM1.9 million. Furthermore, our Product Holding Dashboards tracked a product holding rate of 3.1% by year’s end, demonstrating successful crossselling and up-selling via strategic data analysis. The Group’s active digitalisation programmes also saw substantial progress. Initiatives to introduce alternative payment form factors, such as tokenisation and mobile payment options in Google Pay and Apple Pay were planned, with full implementation set for 2024. In addition, we targeted enhanced digital efficiency in merchant services, mainly through the digital onboarding process, aiming for significant cost savings and operational streamlining. Strengthening our core infrastructure was another key focus. The execution of IT Blueprint & API Tech Stack Phase 2 marks considerable advancements in IT operational effectiveness and digital transformation. It covers governance and process optimisation alongside key project deployments, including FAST Retail and Finance ERP. The drive towards data extraction and transformation facilitated automated reporting, underscoring our commitment to informed decision-making and operational agility. Our approach to cloud computing through Cloud Blueprint Development is poised to provide the scalability and agility for future digital initiatives. Security and governance remained paramount, with mandatory annual penetration tests and quarterly vulnerability assessments conducted to safeguard our digital assets. Additionally, we enhance the accuracy of our data for regulatory reporting and internal analytics via concerted efforts in data quality reviews aimed to minimise errors. The SME i-Gain Campaign was another highlight, exceeding its RM100 million target by reaching RM125.4 million. 24 Bank Islam Malaysia Berhad ◆ Integrated Annual Report 2023 From the Desk of the GCEO
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