2022 Winner – Alliance Bank Combines mobile convenience with RM expertise – Retail Banker International Asia Trailblazer Awards

 

Alliance Bank in Malaysia won the Best Advance in Customer Relationship Management (CRM) trophy at the RBI Asia-Pacific (APAC) Awards 2022 because of the way they have developed a mobile wealth management (WM) app that gives 24x7 self-serve digital capabilities, while still allowing relationship managers (RMs) to delve down into users’ data to offer advice and be contactable at any time.

RMs can be contacted by users who have the option to request a video or phone call at any stage. The choice to pop into a branch remains as well if users so wish, although such expensive physical branch network estates are expected to decline as customers increasingly use digital options.

Already, 96% of all transactions across the entire bank are now digital non-counter interactions. The shift in consumer banking transactions at Alliance Bank in Malaysia from physical branches to digital platforms has meant a phenomenal growth rate of 129% in 2020 and 96% in 2021. However, WM clients are used to physical interactions with their relationship manager (RM), so a multichannel approach is vital in this area, with data being available to clients and advisors at all times a strict requirement.

The Remote Wealth Application combines the convenience of mobile banking with the traditional advisory-based RM model. It lets users make WM decisions via a remote channel, while maintaining the RMs role in guiding them towards the right investment decisions, or even just helping them to effectively use the new digital technology that is now available to Alliance Bank’s WM clients who are advanced enough to want to use it. The Remote Wealth Application offers:

  • Paperless transactions, which can be done in five simple steps, reducing the old tedious and time-consuming authorizations that used to be needed, which the bank’s own surveys have shown that customers formerly intensely disliked. The same applies to account opening procedures, which were streamlines in the past and digitalized to make customer’s journeys simple and quick.
  • The ability to receive updates and actively manage WM accounts in the app improves experience and satisfaction levels.
  • Compliance checks, such as customer risk profiling adherence, and so on can be done remotely by the relevant officials.
  • Relationship manager advice is still available anytime via video or phone chats, not just face-to-face in- branch. This was particularly useful during the recent Covid-19 outbreak.

Return of investment (RoI) on the remote WM app is projected to be as little as 2.5 years, as it builds on numerous prior innovations at Alliance Bank around digital account opening, electronic e-KYC (know your customer) tools, and so on.

The new app has provided a simplified line of WM digital products, solutions, and services in the spirit of Alliance Bank’s ‘bank in your pocket’ mobile-based approach to future developments.

Insurance options and other spin-offs are expected in the future, as is enhanced WM product data-rich monthly statements all accessible online, and other such digital functionality.