AmBank (M) Berhad redefines the way banks approach and handle savings | Asian Business Review
1181 views

AmBank (M) Berhad redefines the way banks approach and handle savings

Its Lazy Money model was recognised at the Malaysia Technology Excellence Awards.

AmBank (M) Berhad built a machine-learning based “Lazy Money” model and was awarded the Analytics - Banking Award at the Malaysia Technology Excellence Awards 2022. The awards programme recognises innovative and key players in the tech industry of Malaysia, and AMMB has set itself apart by introducing a new model that aims to help banks improve savings retention without diluting customer value. 

Customers have varying degrees of sophistication and financial literacy when it comes to managing money. AmBank built a segment-of-one-model that analyses the ideal liquidity that a customer needs to maintain as cash, with the rest potentially being diverted to higher yield. The objective was to understand which customers maintain excess liquidity. The power of technology allows financial service providers to democratise the experience that was hitherto reserved for large corporates or affluent customers and deliver that same experience to all. This model allows identification of customers who may be interested in better liquidity management but need the tools and advice to get started with optimising their yield.

The model also identifies specific customer behaviours and unique factors that contribute to a tendency to accumulate lazy money. 

These findings are aimed to assist AMMB in being more efficient at prioritising and meeting customer needs, towards becoming their customers’ choice as an operating bank. This is part of a holistic and larger initiative that drives improvement in service, quality, and user experience and leverage data, to convert more and more of the bank’s customers to rely on AmBank as their primary operating bank. 

AMMB believes that digital innovation and AI/ML are making it ever more feasible to build a differentiator versus competition in meeting customer needs better. A key element of AMMB’s strategy is to be an intelligence driven bank. The goal is to empower relationship managers and online channels to transcend towards increased customer engagement from insights. AMMB is also unleashing value from monetising data for smarter and more efficient processes, better cost and risk management. 

Established as a major bank in Malaysia with over three million customers, both individual and corporate, AMMB has solidified its position in the banking industry through advanced data analytics, digital innovation and customer experience improvement.

Follow the link for more news on

Rumah Sakit Kanker Dharmais memimpin inovasi pelayanan kanker di Indonesia

Direktur Utama RS Kanker Dharmais Soeko Werdi Nindito Daroekoesoemo mengungkapkan teknologi canggih dan tujuh program unggulan untuk perawatan kanker.

BRI Life mengandalkan kanal bancassurance di tengah permintaan asuransi yang meningkat

Hingga November 2023, kanal bancassurance berkontribusi sebesar 81% dari total pendapatan premi BRI Life.

Allianz Syariah menawarkan asuransi Syariah untuk seluruh masyarakat Indonesia

Tingkat literasi dan inklusi keuangan syariah yang masih rendah mendorong perusahaan menerapkan langkah jangka pendek dan panjang.

Aplikasi blu oleh Group BCA memperluas ekosistem digital melalui BaaS

Strategi tersebut telah berhasil meningkatkan transaksi dan membangun kepercayaan nasabah sebesar 53,4% sepanjang 2023.

Titan-titan asuransi dan perbankan Asia berjanji untuk mengambil tindakan terhadap perubahan iklim

Pemimpin-pemimpin asuransi dan perbankan bergabung untuk mengatasi perubahan iklim, dengan menekankan perlunya investasi berkelanjutan dan strategi transisi yang inklusif.

RUU data kesehatan Singapura mewajibkan pengaturan pemberian informasi

Untuk memastikan pengungkapan dan pemberian data, Kementerian Kesehatan dapat memberlakukan denda hingga $1 juta atas ketidakpatuhan.

Asuransi melonjak berkat lonjakan wisatawan Hong Kong

CEO Jim Qin dari Zurich Insurance menyatakan tren liburan yang panjang pada warga Hong Kong di 2023, meningkatkan penjualan asuransi perjalanan.

Bank Tabungan Negara (BTN) bertekad meningkatkan pinjaman kepemilikan rumah syariah

Hingga November 2023, aset BTN Syariah telah mencapai Rp49 triliun.