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New digital channels have provided the banking industry with the position to evolve, allowing for increased customer base, expansion into new markets and the introduction of new products. With this shift, banks will need to transform from traditional branch based servicing to end-to-end digital offerings.
Banking services will now need to provide customers with a high level of access, specifically mobile apps and remap their traditional engagement tactics.
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The opportunities for virtual banking in Malaysia
Customers are looking for a way to transform their banking experience with convenient and easy access, tailored to their personal lifestyle. Digital banking has arrived. Are you ready?
BANK Negara Malaysia’s proposed licensing framework for digital banks makes it clear that such banks — meaning, those with no physical presence — are to come up with products and services only for the “underserved and unserved” segments.
Digitising your bank is one thing, but you also need to think about what your customer actually wants rather than just pushing products, says Ong Ching Chuan, PwC Malaysia Financial Services Leader.
Our Digital banking consumer survey analyzed the banking needs of younger, tech-savvy consumers and how they define their bank relationship and find trust with their banking needs.
The ongoing COVID-19 pandemic has meant that businesses are being challenged to rethink how day-to-day activities are conducted. Whilst financial services are essential services and are operating amidst the Movement Control Order (MCO) in Malaysia, there has been a significant shift in how customers are being served...
Customers in Asia are rapidly adopting digital technologies for their day-to-day lifestyle and financial needs. Recognising this, banking regulators across Asia, including the Monetary Authority of Singapore (MAS), have started to open the banking markets with the granting of new banking licenses for digital-only...
The release of Bank Negara Malaysia (BNM)’s Exposure Draft on Licensing Framework for Digital Banks will set the scene for one of the biggest disruptions to the financial services market in decades.
2020 looks to be the year of virtual banking in Malaysia, on the heels of the highly anticipated release of Bank Negara Malaysia’s virtual banking licensing framework in December 2019.
With the rapid growth of the Fintech Lending industry, there are some market and regulatory challenges that require stakeholders to work together to ensure its sustainability. This is why PwC’s 2019 Fintech Lending report is focused on the market potential of Fintech Lending and perspectives of Customers, Players,...
Deals Partner Deals Strategy & Operations, and Healthcare Leader, PwC Malaysia
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