MANILA - Tapping "digitally connected" Filipinos could help Malaysia-based lending firm Maybank grow its local market share without adding more staff or brick and mortar branches, its president said.
"We have 74 branches but to grow market share we think it’s really going digital," Maybank Philippines president and CEO Choong Wai Hong told ANC's The Boss.
Consumers loans contribute 55 percent of the bank's revenue driven by auto loans, retail and credit cards, he said.
"We see growth across a lot of credit products. Auto loans continue to be a key contributor and we’re also seeing growth in mortgage," Choong said.
But Choong sees the digital space to pave the way for a bigger market share, which can be achieved by tapping the 60 million smartphone users in the country.
He said with digital banking, "everything is borderless."
"If digital can help me achieve higher market share with the same complement as far as staffing is concerned that’ll be good situation," he said.
Maybank president and CEO speaks to Cathy Yang for ANC's The Boss
Maybank introduced M2U digital banking app in January signalling the first of its digital offerings in the country.
Choong said they are looking into re-positioning some of its outlets to reach more banking communities, while encouraging consumers to go digital at the same time. Maybank has 30 branches in Metro Manila out of its total 74 branches nationwide.
The lender may not be looking at augmenting its 1,300 staff in the next 2 years, but Choong said the company is future-proofing its workforce.
"What we do internally as well, as far as a group initiative, we focus very much on future-skilling," he said.
This initiative includes self-learning modules on machine learning, robotics and automation, among others, he said.