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KUALA LUMPUR, July 22 -- Malaysia’s financial ecosystem is gearing up for greater growth, enabled by the country’s accelerated digital pivot, but there is an imperative need to build a secure digital foundation to unlock the full potential of the industry, said VMware, Inc.
The VMware Digital Frontiers 3.0 Study has found that the customer battleground for Malaysia’s financial services industry has shifted online with 55 per cent of Malaysians surveyed now preferring to engage with their banks via online applications rather than visiting in-person at a branch.
The study also revealed that two-thirds (66 per cent) of Malaysians surveyed are happy to interact digitally with financial services firms and 56 per cent of respondents are excited for the digital services provided by the financial services firms.
VMware Malaysia country manager Devan Parinpanayagam however opined that Malaysian customers are basically digitally curious but they are still also happy to do banking in the traditional way.
“In that sense, financial institutions in Malaysia have available time to plan, strategise and get their transformation started compared with some markets wherein they find it urgent and compelling to quickly transform,” he said during a virtual media briefing today.
However, he said there is a clear call-out for financial institutions to harness frontier technologies to deliver superior digital offerings and consumer experiences as more than half (59 per cent) of consumers surveyed will switch to another brand if their digital experiences do not live up to expectations.
On another note, Devan highlighted that the COVID-19 pandemic had also permanently transformed the consumer landscape in Malaysia.
“Banks (now) have to be more agile to transform and accommodate to customer needs with new digital experience as well as to maintain their employees' productivity during the new norm of working remotely from home,” he said.
To drive a successful transformation, he suggested that the financial institutions must create a trusted digital foundation so as to leverage cutting-edge frontier technologies such as Cloud to accelerate innovations and deliver digital experiences that will excite Malaysians.
Meanwhile, as Malaysia is primed for a digital banking landscape, this will also be an opportune time for financial services firms to harness next-generation technologies such as Cloud, and shape new direction and growth for the industry, he said.
“COVID-19 has been the chief transformation officer, and with 29 operators having applied to Bank Negara Malaysia for digital bank licences, we are also excited to see the outcome.
“This could be another big driving factor for the banks to transform their platform in order to compete in providing good services,” he added.
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