Alliance Bank has announced a new and enhanced strategy plan that is set to guide its growth over the next four years until 2027. Dubbed the Acceler8 plan, its propositions include focusing on new market segments, championing greater emphasis on sustainability, as well as driving value creation through digital innovations and partnerships.

In a statement, Alliance Bank explained that the Acceler8 strategy is essentially an expansion of its challenger bank mindset with a community-centric approach, which was previously focused on its business customers and has yielded good results. The bank now aims to extend this same mindset to several other high-growth areas, enabling it to provide fast, convenient, and personalised solutions that are relevant to customers even as their needs evolve.

Group chief executive officer of Alliance Bank, Kellee Kam further shared that under Acceler8, Alliance Bank will expand its consumer banking focus to target the emerging affluent customer segment, described as the HENRY (High Earners Not Rich Yet) segment. This is on top of the existing high-net-worth individuals that the bank is hoping to also serve.

“The HENRYs have growing financial needs which we will be well-positioned to support, being a partner to achieve their life goals and aspirations,” said Kam, adding that the bank wants to be able to assist them at every stage of their life cycle.

Kam also said that the bank aims to provide a comprehensive suite of financial offerings in areas such as education, renewable energy, and healthcare sectors – in addition to championing ESG adoption among the community. This is in hopes that Alliance Bank can further make a positive impact on the society, economy, and environment.

“Our approach to this is defined by the 3As, namely advocacy, advice, and answers; where we create awareness, encourage and enable consumers and businesses to adopt ESG practices,” said Kam. In this same spirit, he stated that the bank will also heighten customer and engagement activities – such as open houses and community events – to forge meaningful connections with the community and to make its branches a focal point in neighbourhoods.

The Acceler8 strategy has also pinpointed its Islamic banking business as another main growth pillar, especially with Islamic finance being the fastest growing segment in Malaysia. Kam said that Alliance Bank has already begun building relevant offerings for its SME customers – namely the Halal in One solution that provides businesses with halal certification advisory, shariah-compliant financing, and market access – but the bank aims to further expand on it.  

Ultimately, Alliance Bank hopes that with Acceler8, it will be able to launch itself into the top quartile in the banking industry for return on equity, as well as record a cost-to-income ratio that is below 45%. It also wants to attain a loans growth that is above the industry average, in addition to achieving excellent customer service, employee satisfaction, and sustainability.

“To be successful in the long run, we must proactively take a look at the market we operate in and how well we are positioned. Against an evolving backdrop of an economy in recovery, we remain positive in fulfilling our growth ambitions under Acceler8 through our planned transformation in technology, branding, culture, sustainability, customer service, and other key areas of our business,” said Kam.

• TAGS:
• Alliance Bank
• Alliance Bank Acceler8 Strategy
• ESG
• ESG Financing
• HENRY (High Earners Not Yet Rich) Segment
• Islamic Banking