Malaysian bank customers to accept emerging technologies in banking services according to Unisys

An announcement from Bernama highlighted how Malaysians are willing to adopt AI and emerging technologies for banking-based services as long as issues on privacy and security are resolved. This is based on a new research done by Unisys Corporation.

A recent study showed that Malaysian consumers are willing to allow banks to share data for Open Banking-based services but would only do so if privacy objections and security concerns are overcome. They are also willing to adopt bank services that are based on emerging technologies like artificial intelligence (AI) and machine learning.

This new research from Unisys Corporation, Unisys APAC Banking Insights - Banking on the CX Factor is a study on how consumers feel about banks using AI to assess eligibility for credit cards and home loans, as well as get feedback on their sentiment toward Open Banking.

47% of Malaysian respondents listed long queues as their top annoyance. 20% of the Malaysian respondents do not like repeating themselves. 12% replied that they are annoyed by being unable to complete an “online” service online.

Unisys Asia Pacific Vice-President for Financial Services Mr Richard Parker said, “With bank queues as the top annoyance for Malaysian bank customers, there is a huge opportunity for Malaysian banks to move more customer interactions to digital channels, including mobile.”

He added, “Malaysians are keen to use digital services but they seek a seamless Omni channel relationship so that they can start a transaction in one place and pick it up in another without having to start over. In addition to relieving pressure on the branches, artificial intelligence and machine learning technologies can be used to help banks deliver targeted and relevant online services across all channels.”

Depending on the type of transaction, Malaysian bank customers are very interested with tech innovations that will enable digital bank services. The survey reveals that 52% of Malaysian consumers are comfortable with software and algorithms being used by their banks to assess online credit card applications. On the one hand, only 39% are willing to use these for home loans transactions.

Mr Parker explained, “There is a great opportunity for Malaysia's banks to use smart software to lead decision making for commodity products such as credit cards. Consumers are less willing to use this for life events such as home loan applications which involve larger financial amounts and emotional involvement. But, Malaysian consumers are poised to lead this adoption in Asia Pacific.”

Open Banking is a growing initiative in the financial services sector that allows banks to share data with other organisations in order to offer new services to customers and new revenue streams for the banks.

Countries have varying regulations pertaining to Open Banking but there exists agreements among members of the Association of Southeast Asian Nations (ASEAN), to which Malaysia is included, as part of the ASEAN Banking Integration Framework (ABIF) 1.

The opinions of Malaysians regarding Open Banking are almost equal. 40% are supportive to having their personal data shared while 38% are against it. Concerns cited were privacy and security. Malaysia recorded the highest level of desire to keep personal information private.

Mr Parker said, "For Open Banking to take off in Asia, banks must address customer concerns about how they protect customer data, not just in the bank, but across all of the departments, partners and agencies in the value chain. Doing business in the 21st century requires dynamic software that adapts to business trends and evolves with security concerns.”

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