According to a recent survey by global analytics software firm, FICO, 61 percent of Malaysian consumers prefer to interact with their bank via digital channels when they are in financial distress.
Consumers show their willingness to accept digital banking and the prospects that exist for banks to further expand their offering at the peak of the global Covid-19 outbreak.
Risk Lifecycle And Decision Management Lead for FICO in Asia Pacific, Aashish Sharma said branch visits were less appealing last year due to the risk of infection and social distancing criteria, hastening the global transition to digital banking channels.
“Being able to deliver and manage numerous channels in line with customer preference and deliver a seamless and engaging experience is a challenge that is here to stay.
“Investment in customer management and communication tools that span these channels and product silos and can deliver personalization and improved decision making is key to making digital banking a success,” Sharma said.
Sharma further stated that due to Malaysia’s high level of high-speed internet penetration, 27 percent of Malaysians preferred to communicate about hardship thru online; 18 percent preferred to use their mobile banking app; 8 percent preferred telebanking; 6 percent preferred email, and 2 percent preferred virtual conference technology.
Other top switching drivers across Asia Pacific were; the ability to control a payment card (set transaction limits, lock/unlock); the ability to set up recurring payments; and improved security features such as biometrics and two-factor authentication.
