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.
The shift to digital banking is 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%).
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