The Edge Weekly
KPMG’s Head of IT-Enabled Transformation in Malaysia, Alvin Gan, provided his insights on the current state of financial technology (fintech) adoption by Malaysian banks.
The article references KPMG’s 2019 Fintech Predictions on upcoming global fintech trends, and quotes Alvin on the different areas that banks are exploring with fintech such as compliance, lending, wealth management and alternative data scoring. Accoridng to Alvin, banks must still face a steep learning curve before digitizing their systems as “43% of the banks surveyed had a digital plan but only 19% felt that it was effective. Although they have a [digitalisation] plan in place, only 19% believe it will actually advance their business. "