CIMB to spend RM2bil on IT infrastructure

CIMB Group Holdings Bhd will be reducing its physical bank branches in the country as it pursues a bigger footprint in the digital banking scene. Over the next five years, the country’s second largest bank plans to invest about RM2bil in technology and data analytics to capture a bigger market share in digital banking. According to CIMB group chief executive officer Tengku Datuk Seri Zafrul Aziz, Malaysian banking users are increasingly preferring digital banking services and this requires banks to match the demand by ramping up the digitalization of their services. “Within the next two years, we will nearly double our spending on IT infrastructure in order to improve efficiency and remain competitive in the market. In fact, about 98% of our transactions happen outside of bank branches.