Innovating products and services Introduced new financial products and capital market solutions Collaborated internally to develop specialised offerings Developed a comprehensive product range for Islamic Wealth Management Positive reception and consistent delivery of tailored financial solutions Customer retention and expansion Launched campaigns and collaborations to enhance market reach Offered competitive rates and packages, focusing on receivable collection channels Reimagined campaign mechanics to increase wallet size and engage subsidiaries Modest reduction in customer attrition Improved marketing efficiency and foundational relationships for longterm growth Supporting SMEs Through Financial Instability and Recovery Targeted financially stable customers for acquisition Collaborated with the Corporate Recovery Division and launched the Biz Smart Property Programme Increased engagement through partner events Strengthened reputation as SMEs’ preferred Islamic finance partner Challenges Mitigation Actions Results OPPORTUNITIES Financial Inclusion and Portfolio Diversification Broaden personal financing beyond traditional packages to enhance the financial portfolio. Facilitate home ownership for disadvantaged groups, particularly the B40 communities through the SJKP scheme. Customised Financial Solutions Leverage the addition of 164 new Package Employers to customise financial products, meeting specific needs and expanding business reach. Implement an open platform in Wealth Management to offer a complete spectrum of financial solutions, aligning with clients’ long-term financial goals. High Net Worth Clients Capitalise on the market by offering Premier Wealth services, integrating banking, takaful, investment, and trust services. Innovate by collaborating with industry partners and leveraging in-house expertise to develop tailored products for evolving high-net-worth client needs. Digital and Cashless Opportunities Continue to promote cashless initiatives through strategic collaborations with the federal and state governments, and their entities. Implement a strategic rebranding of Al-Awfar to increase account subscription rates and leverage upselling strategies to enhance product uptake. SME Growth and Support Scaled up collaborations to extend SME Banking services to a broader spectrum of SMEs, supporting their growth and integration into the broader economy. 84 Business Review Bank Islam Malaysia Berhad ◆ Integrated Annual Report 2023
RkJQdWJsaXNoZXIy NDgzMzc=