Description Our Response Future Priorities Risks and Opportunities The accelerating shift towards digitalisation is transforming the financial landscape, with mobile and digital payments becoming a key driver of change. Customers increasingly favour contactless transactions, digital wallets, and app-based banking, prompting banks to innovate with secure, seamless, and efficient payment solutions. As fintech advancements and regulatory support fuel the move towards a cashless economy, banks play a critical role in enabling fast, secure, and convenient financial transactions for individuals and businesses alike. • Adopted a cloud-first strategy for applications built on a robust microservices architecture to respond quickly to evolving customer needs, accelerate time to market, and support business growth. • Established a dedicated data practice to transform data insights into business impact and developed a unified cloud-based data lake that provides a foundation for advanced analytics and AI. • Implemented Open API to drive cross-industry collaboration, enabling expansion of our reach, improvement of the customer experience, and development of innovative solutions that meet the evolving needs of the market. • Delivering hyper-personalisation for our customer including tailored products, services and recommendations that meet our customer’s unique needs, preferences and life stages through the utilisation of AI, real-time data and behavioural analytics. • Improving our digital banking services to make transactions smoother, safer, more accessible, and user-friendly across all platforms. • Expanding our Shariah-compliant digital products by leveraging fintech innovations to offer secure and inclusive financial solutions. • Strengthening our security measures to protect customer data, prevent fraud, and ensure compliance with regulations. Risks • Alienating customers who depend on traditional banking services due to the streamlining of physical branches and channels. • Heightened cybersecurity and data privacy risks from increased reliance on digital platforms. Opportunities • Enhancing customer convenience and operational efficiency through the expansion of our digital offerings. • Driving automation, personalisation, and data-driven decision-making by leveraging AI and machine learning. • Accelerating our adaptability to evolving customer needs through digital transformation. DIGITAL ACCELERATION AND CASHLESS GROWTH KEY MARKET TRENDS SHAPING OUR BUSINESS Key Alignments Capitals IN FC SR Stakeholders CU GR Material Matters SRF CX DPS Strategies CC D IV Bank Islam Malaysia Berhad ◆ Integrated Annual Report 2024 44 Operating Environment
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