More than 6 in 10 Malaysians express interest in digital banking services

KUALA LUMPUR – Visa has released new findings from its Visa Consumer Payment Attitudes study, highlighting that over seven in 10 Malaysians (74%) are aware and 65% interested in using digital banking services.

“This is a positive outlook for applicants who had submitted their applications for the digital banking licences issued by Bank Negara Malaysia,” Visa said in a statement released yesterday.

It has become a societal norm to avoid crowds and limit face-to-face interaction. The study showed that 43% of Malaysians currently do not visit any bank branches and choose to bank only online.

Malaysians are also drawn to using services from digital banks as they believe these services offered are more efficient, convenient, accessible, and secure. Having access to the same type of services at traditional banks but via digital channels allows consumers to bank at a place and time of their choice without being tied to the limitations of banking hours and long queues.

Ng Kong Boon, Country Manager for Visa Malaysia, said, “The Visa Consumer Payment Attitudes study indicates that the nation is ready to go digital. Based on the findings, Malaysians are not only open to traditional banks but also new entrants that will be issued digital banking licenses.”

Ng said Malaysians have expressed interest in the digital banking services provided by renowned brands (71%), financial services brands (65%), and even new start-ups (60%).

“The study also showed that Malaysians are motivated to switch to a digital bank for better rewards (78%) and lower costs (72%),” he added.

The study showed that Malaysians look forward to the digital banking experience for their basic banking needs, with highest interest to use digital banking services for bill payments (78%), transferring money to family and friends (69%), payment at retail locations (62%) and deposits and withdrawals (61%).

“We believe it will take the collective effort of the government, existing traditional banks and institutions applying for digital banking licenses to create better financial inclusion for all, not just the affluent, but also the underserved and unserved population,” he said.