Visa released new findings from its study which highlighted that over 74% are aware and 66 percent are interested in using digital banking services.
According to the Visa Consumer Payment Attitudes study, the nation has seen a significant acceleration in digital adoption due to the pandemic in the past 18 months.
Many Malaysians have changed the way they work, pay, and even bank.
Visa said that this is a positive outlook for those who had submitted their applications for the digital banking licenses issued by Bank Negara Malaysia.
It has become a societal norm to avoid crowds and limit face-to-face interaction. The study showed that 43 percent 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.
The shift to digital banking is highly anticipated by Malaysians. 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%).
The study also showed that Malaysians are motivated to switch to a digital bank for better rewards (78%) and lower costs (72%).
Ng Kong Boon, Country Manager for Visa Malaysia, said,
“Based on the findings, Malaysians are not only open to traditional banks but also new entrants that will be issued digital banking licenses. They have expressed interest in the digital banking services provided by renowned brands (71%), financial services brands (65%), and even new start-ups (60%).
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.”
Featured image: Unsplash
