KUALA LUMPUR: Alliance Bank Malaysia Bhd
, under the new vision of group CEO Kellee Kam, has announced an enhanced strategy plan that will guide the bank's growth for the next four years.
The bank said the plan, dubbed Acceler8, will drive its growth through to FY27 with the aim of launching it into the top quartile in the industry for return on equity, cost-to-income ratio below 45% and loans growth above the industry average.
Concomitantly, the bank also seeks to drive forward non-financial metrics such as customer service, employee satisfaction and sustainability.
“We are building upon the successes the bank has achieved so far with the strategy focused on business owners, SMEs as well as the communities they operate in and this strategy was anchored in a challenger bank mindset with a community-centric approach,” said Kam in a press statement.
“We will apply this same challenger mindset to the refreshed areas of focus under our new transformation strategy, Acceler8, which are aligned to other high-growth areas in our market, in order to drive the bank’s next phase of growth."
Kam, who was appointed Alliance Bank's CEO on Sept 1, 2022, said the bank has been taking SME market share from the bigger players as it meets dynamic market changes while maintaining high standards of service to customers.
Under the refreshed strategy, Kam said the bank will expand its consumer banking focus to target the emerging affluent customer segment, which includes over 2.1 million young professionals in Malaysia.
This will include expanding the bank's consumer product offerings to serve the Henry (high earners not rich yet) segment, which has growing financial needs.
According to Kam, the bank will also expand its reach into other business verticals such as education, renewable energy and healthcare.
Additionally, the bank's business presence in fast-growing states and secondary cities will be amplified to position the bank to capture the growth opportunities of these economic corridors.
On sustainable practices, the bank will continue to champion ESG adoption in the community via creating awareness, encouraging and enabling consumers and businesses to adopt ESG practices.
Kam said the bank will also focus on Islamic banking as another pillar of growth under its strategic plan given that Islamic finance is the fastest-growing segment in its market.
In addition, the bank will continue building strategic partnerships to efficiently widen its product offering and distribution, creating more value for its customers.
To further embrace the community bank spirit, Kam said the bank will be heightening customer activities within the neighbourhoods where the bank’s branches are located via more engagement activities such as open houses and community events.
“To be successful in the long run, we must proactively take a look at the market we operate in and how well we are positioned.
"Against an evolving backdrop of an economy in recovery, we remain positive in fulfilling our growth ambitions under Acceler8 through our planned transformations in technology, branding, culture, sustainability, customer service and other key areas of our business,” Kam added.
