More Malaysian consumers embrace digital banking

Kuala Lumpur: Malaysia is experiencing a higher mobile and Internet banking adoption rate with only 12.5 per cent of consumers found to have never tried digital banking at least once, according to the findings of a survey undertaken by the Asian Institute of Finance (AIF).Online banking was used regularly by a third or more consumers to make in-store payments (36 per cent), access accounts in real time (35 per cent), pay credit cards (35 per cent), bill payments (33 (per cent) and search for financial products and services (33 per cent), the findings revealed.

Entitled, 'Digital Banking: Measuring the Consumer Pulse in Malaysia', the findings were disclosed at AIF's International Symposium 2016 here Wednesday.

Chief Executive Officer Dr Raymond Madden said the survey, which involved 2,000 respondents aged 18 and above, showed that more Malaysians were interested in digital banking.

"Although future digital users were still predominantly 'Gen Ys' and 'Gen Xs', our extensive research suggests that with the improving security and enhanced features, digital banking is increasingly convenient, even the less technology savvy 'Baby Boomers' generation is becoming more interested in digital banking.

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"The survey shows the development in digital banking in Malaysia is doing very well from the market perspective, but organisations need to think about the future in terms of its range of products and security," he said.

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On data protection and privacy concerns, the study found that about 58 per cent of the surveyed consumers were worried about the potential lack of privacy while 53 per cent was perturbed by the possibility of others gaining access to their personal data.

"We hope our study will encourage banks and other financial services organisations to continue to take proactive approaches in delivering an enhanced digital banking experience to consumers, as well as, provide new business opportunities and enable companies to respond fully to the digital transformation agenda," Madden added. – Bernama

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