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As we venture into the post COVID-19 world, the financial services sector will be a key driver of economic recovery and growth which brings more traction and potential for digital banking to thrive in Malaysia. As a relatively new entrant to the financial services landscape, digital banking can be seen as either a disruption or a value contributor to the financial system.

In the brunt of the pandemic, a new normal is being redefined as we speak. Customers’ behaviors in both retail and commercial sectors have evolved to be more inclined towards digital banking services.

Digital banks can potentially fill the void that is within our economic environment, by understanding the demographics and needs of customers to be an active platform in the economic lifecycle of the segment it serves.

KPMG’s latest report aims to provide you with the understanding of the dynamics of digital banking, and how, when implemented well, it will raise financial awareness and literacy, and ultimately, bring economic growth to various sectors and segments in Malaysia.

Also included in our report are the insights provided by 1,220 respondents from Malaysia who participated in KPMG’s online survey held from September 2019 to February 2020 to understand customers’ sentiments, preferences and expectations of digital/virtual banks of the future.  

 

Download KPMG’s report “Digital Banking: The inclusive agenda” here.

Download the infographics.