Page 69 - Bank-Muamalat-Annual-Report-2021

ANNUAL REPORT 2021 67
SUSTAINABILITY STATEMENT OUR GOVERNANCE OUR NUMBERS OTHER INFORMATION

Performance Review TB has also dedicated itself to the templating and
simplification of Fully Secured Bank Guarantee (FSBG)
Transaction Banking recorded a growth despite facing a application through the FSBG-i and BG Fast Track-i initiatives,
challenging market environment. As at 31 December 2021, as well as the re-commercialisation of the product through
Trade Assets recorded a growth of 16% while Current Account Transferable LC-i. Additionally, TB has recently allowed
soared by 26% Y-o-Y. Meanwhile, Fixed Term Account-i domestic Ringgit Malaysia (MYR) currency to be financed in
has marked an outstanding 48% growth with a total of Foreign Currency (FCY) through their Foreign Currency Trade
RM3.70 billion. Financing (FCTF-i).

The newly-established department's priority for the year
was to merge and consolidate businesses through reforming Moving Forward
business structure and processes. Investments in the right
talents were also initiated to optimise the Bank’s capabilities As technology and innovations gradually evolve across
to accelerate the digitalisation process within the Bank. the banking industry, the overall customer experience is
With the implementation of the newly enhanced integrated becoming a critical factor with new innovations in business-
digital platform, the Department designed comprehensive origination/customer on-boarding and sales processes
end-to-end Cash Management and Trade Finance solutions changing the playing field. Newly integrated digital
specifically tailored to help clients manage working capital, platforms will need to be leveraged on to increase market
payments, accelerate collections and maximise their liquidity penetration and accelerate digitalisation and data analytics
positions. In addition, the online banking platform could so as to better understand and serve the Bank’s customers
facilitate clients’ business needs through our 24/7 internet while capturing new business opportunities. In the year
banking service with maximise expertise, technology ahead, the Division is committed to drive greater digital
and deliverables seamlessly to ensure ultimate customer adoption amongst the Bank’s customers. This approach
experience. will allow us to tap new opportunities for revenue and
growth, while managing our costs to serve.
With COVID-19 disrupting conventional face to face
transactions throughout the year, the Department’s online TB’s initiatives on empowering Transaction Banking via
offerings were timely as customers have turned to digital transformation through internet banking system, covering
solutions for ease of banking transactions. TB competed within our three core businesses priorities, will help to improve
a highlight competitive marketplace dominated by bigger customer experience and strengthen customer loyalty. The
and more established banks that offered attractive rates department intends to accelerate in terms of technological
for retail and non-retail deposits. To date, results have been innovation in order to compete with bigger and more
promising though Trade Finance asset growth has taken a hit, established banks.
hindered by stiff competition for cheaper cost funding and
The TB model plays a vital role in helping the Bank adopt
the weak credit environment.
to the new banking environment by enabling holistic
In finding its niche in 2021, TB sought to cultivate growth engagement with customers to expand share of wallet. As
through the expansion of customer bases via a focus on SMEs, one of the key drivers of economic recovery and growth,
Corporate and Government agency penetration. In addition, providing more traction and potential to grow low-cost
TB has strengthened representative offices through a change funds through holistic working capital solutions, TB will
of business direction, growing new opportunities through trade be the fronting sales partner to the business segment
windows in the Southern and Northern regions. in providing integrated digital platforms for end-to-end
financial solutions.
During the year, several process efficiency milestones were
reached. The launch of the CR 2FA Token Project and Data
lake Warehouse for Analytic Reporting has led to a reduction in
Corporate Internet Banking (CIB) registration turnaround time
from two weeks to just four days and speeds up CIB report
generation faster in an analytical way.