Pandemic a catalyst to push digital banking

Pandemic a catalyst to push digital banking

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Adrian Lee, Head of Financial Services, said that the changing socio-economic landscape has altered customers' money management, spending patterns and business operations, in which digital banking could provide unique values by pushing - products which are customer centric. "Digital banking presents a value proposition poised to help companies and individuals get back into the economic saddle, and financial services providers that design their products around customer needs will stand out the most.

Yeoh Xin Yi, Head of Financial Risk Management, said a successful digital bank should incorporate three areas into its strategic blueprint: understanding customer behaviors and expectations, improving financial literacy and inclusion, as well as being an active platform.

Yeoh said KPMG Malaysia conducted an online survey to understand customer appetite and concerns when it comes to digital banking. Among the findings, the study revealed that 77% of the 1,220 respondents in Malaysia believe digital banking is the next evolution in financial services, and 82% are already using Internet banking functions of their banking service providers.

Click to read the full article published in The Malaysian Reserve (Print)

 

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