Enterprise Tech Ecosystem Series: CIMB

Enterprise Tech Ecosystem Series: CIMB

Summary

CIMB is a provider of financial products and services. It offers a range of consumer banking, wholesale banking, Islamic banking, and asset management services to retail and corporate customers. The group's product portfolio includes current accounts, savings accounts, credit and debit cards, personal and business loans, and life insurance.

CIMB also provides investment banking, financial advisory services, underwriting services, stockbroking, asset management, private banking services, and online banking services. These are all offered under its CIMB, CIMB Bank, CIMB Niaga, CIMB Thai, and CIMB Islamic brands. The group serves customers through a network of retail branches in Association of Southeast Asian Nations (ASEAN) countries including Indonesia, Malaysia, Singapore, Cambodia, and Thailand.

This report provides information and insights into CIMB's fintech activities, including its digital transformation strategies, incubator and accelerator programs, technology initiatives, estimated ICT budgets, and major ICT contracts.

Scope

- CIMB rolled out Forward 23, a mid-term strategic roadmap for 2019-23 to accelerate its digital transformation agenda and achieve sustainable growth. The strategy focuses on customer centricity; digitalizing operations; leveraging AI, robotics, data, and analytics; and building technology partnerships. The bank will also improve its employees’ digital skills through the training, coaching, and mentorship provided in its 3D Academy.
- CIMB launched the Future of Work Center (FOWC) platform to improve its employees’ skillsets and understanding of technologies such as AI, robotics, and data analytics. The bank intends to equip at least 15% of its workforce with digital skills by 2023. FOWC is part of the bank’s MYR75m (US$18m) employee upskilling investment plan.
- To unify its regional operations into a single platform, CIMB initiated a core banking system project in 2016 named One Platform (1P). The project was developed in partnership with technology companies and powered by Silverlake Axis’ Integrated Banking System, SIBS. Approximately 300 people worked on this regional transformation program, which cost more than MYR2.1bn ($538m). The project is boosting the bank’s cross-selling and facilitating the development of its products and services.

Reasons to buy

- Learn about CIMB's fintech operations, including investments, product launches, partnerships, and acquisitions.
- Gain insight into its fintech strategies and innovation initiatives.
- Discover which technology themes are under the group's focus.