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To achieve total customer satisfaction by providing sincere and continuous services to their focused needs, to develop and maintain customer friendly solutions and to be a trust worthy business partner for mutual growth.

ey china - home | building a better working world

ey china - home | building a better working world

In 2015, Tenaga Nasional Berhad (TNB), Malaysias national energy provider, identified a number of disruptive trends (deregulation, digitization, decentralization and decarbonization) that were changing the landscape in which they operated. As a result, it embarked on a bold 10-year transformation program which aimed to secure its future and prepare the organization for the challenges of today and opportunities of tomorrow.

TNBs leadership team recognized that to successfully address these trends and open-up new opportunities wide-scale changes were needed in its business strategy, operations, digital offering and customer offering. The company realized that in order to maximize its impact on every single customer in Malaysia, it had to become more than just a kilowatt/hour business.

Following this analysis, TNB decided to restructure its retail arm (TNB Retail), which would enable the business to focus on better engaging with its customers, develop new digital solutions, become more agile, and support the delivery of its big renewables ambition.

To do so successfully, TNB Retail decided to work with a partner on this transformation journey. TNB Retail began to seek an external partner to not only help it deliver its objectives at speed, but to provide a critical external perspective, and the competences to help the organization enhance its internal capabilities.

Following discussions with the local Malaysian EY team and a visit to meet some EY Power and Utilities clients and professionals based in the UK, TNB Retail chose EY as its transformation partner. As TNBs Chief Retail Officer, Datuk Ir. Megat Jalaluddin Megat Hassan, explains, We learned that the EY organization has a strong professional team in the utility sector with experiences in working with the top European utilities. We knew they would understand our challenges since we could speak the same language. We really wanted a partner who would share in-depth insights into developing a practical operating model for the Malaysian market, and work with us to co-create the best solution for TNB Retail, our people and our customers.

Other factors in the decision included a commitment to bring global capabilities and experience to TNB, including the transfer of people to EY ASEAN to build a dedicated local Power and Utilities team, along with an ability to collaborate with other energy companies in the transformation of the retail business.

At the heart of TNB Retails transformation journey is the desire to empower the customer. Becoming a customer-led organization means empathizing with customers and creating greater value through services that are more affordable, reliable and sustainable.

As the primary energy supplier for an entire country, this involves providing smart energy solutions that address the future energy needs of every customer from a large organization thats keen to explore solar solutions for multiple office premises to a homeowner hoping to better manage their power consumption.

The starting point was defining TNB Retails customer segments: large business and government sectors; SMEs and residential customers. This helped to identify how to enhance customer interactions across physical and digital channels, understand customer needs and better meet their differing expectations.

TNB Retail developed a key customer engagement initiative: myTNB, an app available on portal platforms that has become widely used. The myTNBapp now has over five million subscribers more than half of the total number of energy customers in Malaysia.

To improve customer engagement with myTNB even further, the team identified a number of customer pain and gain points. Using this insight, the team developed digital prototype solutions or microservices for the myTNB app on theEY UtilityWave Platform,a cloud-based platform that supports new services to be developed tested and iterated with customers.

The platform, a product of EYs industry knowledge and transformation capabilities, helped TNB incorporate technologies such as AI and machine learning to deploy smart meters, to monitor these to identify and resolve issues, and to enable processes to collect, store and analyze data to inform better decision-making. TNB can now track energy usage in real time to improve customer satisfaction.

With an ever-improving app, and the roll-out of other digital technologies like smart meters, data analytics is now giving TNB Retail insights into its customers evolving preferences, faster than ever before, says Mark Bennett,Partner, Consulting, Ernst & Young Advisory Services Sdn Bhd.

Another important outcome of the transformation program was the establishment of a new solutions-based business, providing customers with innovative solutions to match their energy needs. By applying an iterative Voice of Customer (VOC) approach, the team was able to identify important customer needs and values which were unmet or underserved in the market.

From extensive customer research, new customer propositions were developed and tested with business and residential customers across solution areas including solar, battery storage and EV, energy efficiency and energy advice, helping to gauge customer appetite.

A number of these energy solutions have been piloted and launched, and there is a growing demand for renewables and energy-efficient solutions from both residential and businesses.For example, at the end of 2019, customers across residential, commercial and industrial sectors generated 25MW of renewable electricity compared to over 80MW generated at the end of 2020.

In todays world of empowered customers, competitive advantage shifts from being purely competing over product and price to building trust. To prosper, you need to consider a customer-centric marketing model built on unwavering trust and loyalty.

This means that TNB Retail is well-positioned to work with its larger customers in co-creating bespoke solutions for their energy needs. In fact, the next step in TNB Retails ongoing transformation is a collaboration with the Malaysian government to explore the potential for solar power at all government offices and facilities another step closer to a greener, more sustainable future.

Another important aspect of TNBs transformation agenda focuses on its people customers and employees in the newly formed retail business, specifically ownership of the transformation, building new skills and embedding more agile ways of working.

When engaging with TNB Retail employees, the EY team focused on their concerns and the support they required to succeed. EYs close collaboration with these employees has proven vital to the ongoing success of the transformationand has changed energy consumption behaviors across the nation.

Every employee of TNB Retail must feel they own something, and that they're able to contribute to the journey, explains Datuk Megat. That can only happen if there is a good co-creation mindset or mentality. This is the approach EY brought.

The EY teams experience inlearning and developmenthas helped to develop TNB Retails future workforce, through the establishment of The Retail Academy. The Academy uses a mix of formal and experiential learning through exercises and projects to build employees skillsets. This includes skills for roles such as service designers, product owners, data scientists, and front-line workers, with a strong focus on customer experience. The Academy has helped TNB Retail unite its people around a common purpose: to deliver customers a truly world-class experience.

TNB Retail has also embarked on a transformative program to reinvent how its people work together. A network of teams model was designed by EY to build on the key principles of customer centricity, accountability and empowerment, all while working as a team.

This new way of working removes a typical top-down management style, enabling employees to deliver faster, better and more effective results for both customers and the business as a whole. As a completely new initiative, this is being piloted across TNB Retails customer-facing business in 2021.

The benefits of TNB Retails transformation were immediately evident when COVID-19 hit. As Datuk Megat explains: The strategies and methodologies proposed by EY proved to be providential when the COVID-19 pandemic reached Malaysias shores and impacted our day-to-day business. Valuable customer insights were gained during the height of the pandemic, which influenced our plans to further enhance our processes, systems, structure and people, while ensuring there was no disruption to our daily operations.

Many customers with smart meters benefited from clearer information on their energy consumption and usage, and others were able to pay their bills easily through the app. Usage of the myTNB app almost tripled during the pandemic, confirming the value customers placed on these digitalization efforts.

Employees also appreciated the special support that was put in place to check on their health and well-being over this challenging time. During the national Movement Control Order in March 2020, EY leveraged its strategic partnership with SAP and Qualtrics to design and implement a health check survey for TNB Retail employees.

We are very appreciative of EYs strong collaborative spirit in helping to co-create our retail strategy and operating model, says Datuk Megat. The EY project team has promptly responded to our needs and provided practical, yet innovative solutions and options to address any issues raised. We are thankful of the teams willingness to go the extra mile and assist us on our transformation journey. The co-creation exercise with our employees provided opportunities for everyone to feel that they owned the transformation and raised their commitment and engagement levels throughout the journey. Our TNB staff were also able to expand their capabilities via knowledge-sharing sessions during this project with EY.

We work on the basis of action and take a long-term view to support TNB Retail, and in doing so we build trust.It is great to be able to bring capabilities from across the firm and sector knowledge from around the world to positively impact a clients journey, says Philip Rao, EY Global Client Service Leader for TNB.

EY continues to play a crucial part in this ambition by enabling TNB Retail to become a successful, sustainable retail energy provider. The company is now positioned to help Malaysia tap its abundant renewable energy sources and improve its portfolio of renewable energy and smart energy solution, which will provide lasting benefits to Malaysians.

EYs strong collaborative spirit and ability to unite trusted intelligence with human insight have been pivotal in delivering true customer focus across the whole organization and tapping into TNBs most valuable resource of all people.

HONG KONG, 8 JULY 2021. For the first time, climate change tops the list of both long- and short-term risks for Asia-Pacific banks, according to the 11th EY and Institute of International Finance (IIF) bank risk management survey, Resilient banking: Capturing opportunities and managing risks over the long term.

BEIJING, 24 JUNE 2021. EY today released the Mainland China and Hong Kong IPO report, which concluded 1H2021 IPO activities in the world and Greater China and highlighted the outlook in 2H2021. As the impact of the pandemic was mitigated, global IPOs rebounded in1H2021, a total of 1,020 companies were listed and funds raised amounted to US$210.6b, up 138% and 199% by volume and proceeds respectively compared with the same period last year. China remained one of the leading IPO markets in the world, where IPOs to grow, accounting for 29% and 29% of the worlds total by deal number and proceeds respectively. It is estimated that the Shanghai Stock Exchange (SSE) ranked the second among global bourses in terms of IPO deals and Nasdaq ranked top by deal volume with 144 IPO deals due to the maintaining momentum of the listing of Chinese companies in the US. Kuaishou Technology became the worlds largest IPO in terms of funds raised, China Three Gorges Renewables and JD Logistics were ranked among the worlds top five largest IPOs.

HONG KONG, 20 May 2021 EY released Listed Banks in China: 2020 Review and Outlook, which shows that listed banks achieved positive net profit growth in 2020, while weathering the COVID-19 pandemic with operational resilience. The report concludes that listed banks that can remain resilient and achieve sustainable high-quality development in the future will be those actively seeking transformation, seizing policy opportunities and adhering to strategic commitment to sustainable development.

BEIJING, 7 May 2021 EY today releases the Overview of China outbound investment of Q1 2021. Chinas overall ODI registered a positive start in 2021 with a YOY increase of 12.6%. The announced value of China overseas M&As reached US$17.2 billion, up 135% YOY. Europe was Chinas top overseas M&A destination in Q1 2021, accounting for 45% of the total deals by value during the period. TMT, consumer products as well as advanced manufacturing & mobility were the top three sectors.

BEIJING, 21 April 2021 The opening ceremony of the EY wavespace flagship center in Beijing and a corporate digital transformation summit is held today at the Excel Center in Beijing. The flagship center strives at empowering innovation and transformation, business growth and driving business applications of forefront technologies in companies; focuses on building eco-alliances; incorporates the latest industrial ideas; fosters implementation of projects through interactive innovation; and serves offline with online. wavespace is the EY global innovation network and digital factory. There are wavespace centers in more than 40 of the most dynamic and innovative urban areas around the world.

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.

EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com.

This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. Please refer to your advisors for specific advice.

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