Affin Bank Berhad | Annual Report 2020

53 MANAGEMENT DISCUSSION & ANALYSIS AFFIN BANK BERHAD 197501003274 (25046-T) | ANNUAL REPORT 2020 DIGITAL TRANSFORMATION ACCELERATION Preparing for the digital future In 2020, we crafted the bank-wide Digital Transformation agenda as the fundamental principle in transforming existing internal processes into a future- ready digital ecosystem. As part of the sustainable digital agenda, we have lined up various digital innovations to be deployed across the Bank. Initiatives such as Robotic Process Automation and the development of our Mobile Banking Application will be the Bank's platforms to simplify processes, maximise efficiency and improve customer satisfaction. With increasing innovation and partnerships with viable fintech solution providers and in line with BNM’s digital licensing framework, our customers can expect new enhancements to improve their banking experience. Mobile Banking The on-going COVID-19 pandemic has accelerated the growth of digital adoption and stimulated the demand for contactless service. At AFFIN BANK, we go a step further by enhancing customer experiences through our mobile banking services. With the growing demand for speed and mobility, we have been working hard to put everyday banking tasks at the customers’ fingertips with our soon-to-be- launched Mobile Banking App. Checking account balances, making payments and transactions and more will be made simpler and more convenient with just a few taps on the customers’ mobile phone. Digital Bank In December 2020, BNM announced its digital banking licensing framework to enable innovative application of technology to uplift the financial well- being of individuals and businesses and foster sustainable growth. Digital banks will be required to comply with the requirements under the Financial Services Act 2013, or Islamic Financial Services Act 2013, including standards on prudential, shariah, business conduct and consumer protection, as well as on anti-money laundering and counter- terrorism financing. Our brand new offering under Digital Bank, our new Lifestyle App is expected to be launched in 2021. With the growing demand for speed and mobility, we have been working hard to put everyday banking tasks at the customers’ fingertips with our soon-to-be-launched Mobile Banking App