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Digital banking to become new trend post-Covid-19

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KPMG’s thought leadership on digital banking was further featured in a full page spread in Nanyang Siang Pau following the release our recent report entitled Digital Banking: The Inclusive Agenda.

KPMG expects a high number of applicants for the five digital banking licenses to be issued in the country on the back of lower entry requirements in minimum capital and significant market opportunities.

Adrian Lee, Head of Financial Services at KPMG in Malaysia, said the recent customer behaviors in both retail and commercial sectors during the Covid-19 pandemic have evolved in support of digital banking services. “As customers and businesses seek alternatives to safely run operations, the potential is great for digital banking to be the next success story for the financial services sector in Malaysia.

Yeoh Xin Yi, Head of Financial Risk Management at KPMG in Malaysia, 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.

Click here to read the full article published in Nanyang Siang Pau.

© 2020 KPMG PLT, a limited liability partnership established under Malaysian law and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

KPMG International Cooperative (“KPMG International”) is a Swiss entity.  Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.

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