|Given the increase of purchasing power of millennials and growth in mobile device adoption, banks and financial institutions are faced with the challenge to innovate how they conduct their business. As part of its efforts to penetrate and appeal to a wider customer base, especially the younger generation, AFFINBANK pioneered the first cashless bank experience with its digital branch in Kuala Lumpur. Designed as a digital journey divided into six zones, it utilizes self-service machines, electronic devices, and virtual reality to provide its users personal and memorable experiences at every touch point. With each zone catering to a specific need, customers can access different types of services powered by digital technologies. Paperless account opening, coupled with digital promotional pamphlets, has decreased friction caused by manual and paper-based processes, and enhanced conversion.
In the last six months, digital bank efforts have resulted in an increase of more than 25% of the bank’s market share in its target segments. Rooted in the deep understanding of consumer lifestyle and behavior, AFFINBANK’s omni-channel ecosystem enabled a seamless integration of brick and mortar outlets and digital channels, reduced transaction costs, and improved sales.