RHB Bank Getting ready to Take on the Domestic Financial Segment
RHB Bank is currently one of the primary integrated financial services group in Malaysia. Along with the vision to further grow its business within the SEA region, they already have so far ventured into ten countries which cover Brunei, Laos, Myanmar, Vietnam, and Singapore, to name a few. To make business expansion achievable, a wide array of products and services are generally offered to people such as foreign exchange to satisfy both the personal and business needs.
Creation of current or savings account by individuals and organisations is an absolute must. To attract smart consumers, the Bank has offered a reasonable interest rate account holders can enjoy by only depositing money in their accounts. As they quite provide traditional transaction facility through ATM and CDM, the Bank had also launched RHB Now, their online banking solutions to improve efficiency.
RHB Bank has been monitoring the change of trend in terms of purchase from using cash to the cashless method and noticed that it resulted in an increased demand for credit cards. Based on the data collected worldwide and nationwide, more and more people prefer shopping online using a credit card every day. Hence, RHB made the ideal move by making it simple and easy for consumers to apply for a credit card online and benefit from a low-interest rate.
Knowing there’s an urgent need to minimise the gap between demand and supply, the Bank took yet another leap forward to offer value-added credit card scheme that gives cashback and lots of other benefits the account holder can also enjoy while they use it.
Shifting the main target to corporate customers, RHB Bank is, besides, offering corporate banking solutions to entrepreneurs and organisations. These target prospects are welcomed to obtain loans as well as register for the other offerings, such as asset management and cash management services.
SMEs really can benefit from the variety of services made available by RHB Bank, especially when it comes to taking loans to elevate cash flow and further buildup the business. RHB Bank has also begun innovating by offering retail solutions to consumers that need it, like e-commerce players.
Nevertheless, RHB Bank has not overlooked the demand for Islamic banking facilities. In Malaysia, Syariah-compliant offerings are highly demanded. Therefore, products and services, which includes wealth management, unit trust, Islamic treasury, and corporate banking, are particularly formulated to ensure that all business transactions adhere to the Syariah requirement.
RHB Bank has seen a 24% annual brand value increase in 2016, which automatically places them within the top 5 positions for banks in the local market. In anticipation of the expected market growth, the Bank with foreign exchange has begun strategising an increasingly proactive strategy to keep its rate of growth steady for an extended period.