CIMB Group Holdings (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. These services 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 insights into CIMB’s digital transformation strategies, accelerator programs, and innovation centers. It also gives an overview of its technology initiatives, covering partnerships and product launches, as well as insights on each technology initiative including technology theme, objective, and benefits. In addition, the report includes details of the company’s estimated ICT budgets and major ICT contracts.
Initiated in May 2018, CIMB’s 3D Academy (covering digital, data, and disruption) is a three-year program that bolsters the bank’s innovative and tech-savvy capabilities.
Introduced by CIMB and Malaysia Digital Economy Corporation (MDEC) [formerly Multimedia Development Corporation], InnoChallenge is an incubation program launched in May 2015 that supports and mentors startups.
Launched in April 2017, CIMB FinTech is a standalone strategic unit that invests in and develops mobile-centric digital banking solutions by leveraging AI, blockchain, virtual reality, and machine learning technologies.
- CIMB plans to achieve its digital transformation by developing initiatives and infusing investments on digital enablers such as AI, big data, and analytics. The bank is also keen to build a tech-savvy team equipped with the necessary digital skills to support the business.
- In order 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.
- CIMB is continuously focusing on leveraging blockchain, big data, and advanced analytics for targeted acquisition; reducing turnaround times; improving customer experiences; and enhancing productivity through digital enablement.
- In April 2019, CIMB launched the Future of Work Center to improve its employees’ skill sets and understanding of technologies such as AI, robotics, and data analytics.
Reasons To Buy
- Gain insights into CIMB’s fintech operations.
- Gain insights into its fintech strategies and innovation initiatives.
- Gain insights into its technology themes under focus.
- Gain insights into its various product launches and partnerships strategies