Maybank concluded 2024 with a solid financial performance. The group reported a record net profit of USD 2.28 billion (RM10.09 billion), up from USD 2.11 billion (RM9.35 billion) in 2023. Net operating income rose by 8.1% year-on-year to USD 6.69 billion (RM29.57 billion), and the bank delivered a return on equity of 11.1%.

But 2024 was about more than numbers. Maybank’s operations underwent a structural and strategic realignment, with the M25+ strategy guiding much of its transformation. The core priorities: targeted growth, technology modernization, and becoming more efficient through Agile work models and digital adoption.

M25+ strategy and execution

The M25+ strategy builds on five strategic thrusts, namely, customer-centricity, digitalization, regional expansion, Islamic banking leadership, and sustainability. But what made 2024 different was how Maybank turned this framework into targeted action.

Instead of spreading resources thin, Maybank narrowed its focus to seven “Super Growth” areas that showed strong potential for sustainable, non-interest income growth:

• Wealth management

• Non-retail/SME banking

• Foreign exchange sales in global markets

• Mid-market corporate segment

• Cash management

• Motor insurance

• Bancassurance

To support these priorities, the bank launched 14 strategic programs. A few of the most relevant ones for productivity and efficiency include:

• SP12 – Build next-gen technology capabilities - Focused on upgrading core infrastructure, embedding automation, and building digital resilience.

• SP11 – Drive hyper-personalization through advanced analytics - Leveraged AI and data to customize offerings and predict customer needs more precisely.

• SP4 – Reimagine the SME banking customer journey - Focused on digital tools and ecosystem partnerships to improve access to credit and advisory for SMEs.

• SP14 – Redefine customer interactions - Used design thinking and Agile teams to simplify how customers engage across digital and physical touchpoints.

Maybank’s internal transformation also took shape through a scaled Agile approach:

• Over 700 Lite Agile projects were launched across departments, targeting pain points in service delivery, productivity, and internal workflows.

• More than 1,000 Minimum Viable Products (MVPs) rolled out, small feature releases were rapidly tested and iterated for customer feedback.

• A structural Agile shift in Group Wealth Management, with squads formed around customer journeys to reduce siloed decision-making.

• Dedicated physical and virtual collaboration spaces like the M25+ Agile Space and CX & Innovation Lab, where teams co-create and prototype solutions.

This shift wasn’t just about project delivery, it marked a change in mindset. Maybank encouraged a “fail-fast” culture where small experiments could quickly lead to larger change.

Digital and AI-driven initiatives

In terms of digital banking, Maybank stayed focused on practical, user-driven enhancements instead of flashy innovations. A few notable developments in 2024 included:

• Money lock feature - A new tool in online banking that allows customers to “lock” a portion of their funds, preventing unauthorized transfers, a direct response to rising digital fraud concerns.

• Cross-border QR code payment integration - Malaysian Maybank users can now pay in Singapore, Cambodia, Thailand, Indonesia, and China using QR via the Maybank app, promoting regional interoperability.

• Transaction volume - The bank processed over USD 285.27 billion (RM1.26 trillion) in digital transactions across ASEAN, reflecting the strength of its mobile and internet banking platform.

• Digital market share - Maintained its lead in Malaysia with a 52.3% share of mobile/internet banking and a 54.1% share of mobile transaction volume.

AI and analytics were used across multiple layers, especially to personalize services and boost cross-selling. While quantitative results weren’t fully disclosed, the report emphasized that hyper-personalization (SP11) is now central to product design, marketing, and customer service.

SME-focused digital ecosystems

Maybank’s SME strategy went beyond lending. The bank positioned itself as an ecosystem builder with initiatives aimed at giving SMEs access to both capital and knowledge:

• myimpact SME Hub - A platform launched in Malaysia and Singapore that offers SMEs sustainable financing, digital tools, and advisory support tailored to help them align with ESG expectations.

• Indonesia fintech collaboration - Partnered with Batumbu, a local fintech lender, to distribute Rp1 trillion in financing to SMEs, particularly in the supply chain finance space.

These moves align with Maybank’s broader goal of reducing manual processing, expanding reach, and supporting business productivity through digitized solutions.

What to expect in 2025

Maybank has already exceeded some of its 2025 targets, particularly in sustainable financing [over USD 22.64 billion (RM100 billion) mobilized] and social impact (reaching over 2.12 million households). But execution remains a work in progress, and the bank has laid out a few clear directions for 2025:

• Scale Agile as an operating model - Not just in innovation labs or digital teams, the aim is to embed Agile ways of working across the organization’s core business units.

• Further deploy AI and analytics - Especially in areas like credit scoring, customer engagement, and process automation. This would move personalization from marketing to full-service delivery.

• Deepen digital ecosystem development - Platforms like my impact SME Hub and Salaam Market (B2B Halal marketplace) point to a future where Maybank becomes a service aggregator, not just a lender.

• Sharpen regional strategy - With operations in 18 countries and strong ASEAN coverage, expect more cross-border initiatives, both in retail (like payments) and corporate segments (like trade finance).

Conclusion

Maybank’s approach in 2024 reflects a broader shift in how traditional banks are trying to stay relevant. The emphasis was on doing fewer things better, streamlining operations, focusing on defined growth segments, and applying digital tools where they could improve outcomes.

At the same time, much of what was put in place, from Agile squads to AI-driven personalization, is still in progress. The real challenge going forward isn’t just launching new initiatives, but embedding these changes deeply enough to impact the bank’s everyday operations. How well Maybank sustains this shift in 2025 will determine whether the M25+ strategy delivers lasting efficiency, or remains a transitional framework in need of further refinement.