Affin aims to expand new-to-bank customer base

KUALA LUMPUR: Despite boasting a customer base of 80,000 on the Affinmax internet banking platform, only 53% of them are active users, said Affin Bank Bhd group community banking executive director Mohammad Fairuz Mohd Radi.

“For us, it’s about how do we capture and grow our new-to-bank customers, for individuals and for companies. Right now it’s a low-hanging fruit because we have close to about 80,000 customers, businesses and companies, corporate SMEs, commercial companies that are with Affinmax.

“But only 53% or 42,000 out of the 80,000 are using our Affinmax internet banking platform. Out of the 40,000 to 42,000 that are using Affinmax, less than 5.3% are using our payroll services. So that’s an opportunity for us to capture new-to-bank customers,” he told reporters at the launch of AFFINWRKFZ (pronounced as AFFIN Workforce), its upgraded free payroll solution, today.

In reply to a question, Mohammad Fairuz said the financial impact of AFFINWRKFZ can only be observed over time and the more important aspect of Affin’s strategy is to increase new-to-bank customers through this initiative.

AFFINWRKFZ is a payroll solution that integrates products within the group covering employees, employers, and the business that is available for free.

“We are the only one in the country that covers comprehensively. I think out there, other banks probably have a combination of ... Affin 360 and Affinmax but not SME Colony that also has the ability to market,” said Mohammad Fairuz.

SME Colony offers business growth and digitalisation needs, along with privileges for both the business and its employees.

Affinmax is a corporate banking platform for streamlined business operations and personalised products for employees.

Affin Bank president and group CEO Datuk Wan Razly Abdullah said AFFINWRKFZ offers tailored packages and competitive rates for current and savings accounts.

“As part of a strategic initiative to elevate our value proposition and strengthen customers’ loyalty, we have established partnerships with prominent industry players specialising in HR solutions, point of sales, accounting solutions, and e-commerce services via our award-winning SME Colony app. This collaborative synergy positions the group as a knowledge expert leverage: delivering customers a comprehensive digital business solution,” he said in a separate statement.

He added that Affin remains committed to innovation and customer satisfaction as part of its A25 pillar of “Unrivalled Customer Service”, and this solution is a testament to the group’s dedication to delivering solutions in the dynamic and ever-evolving financial landscape.