Virtual banking: Malaysian customers take charge

2020 looks to be the year of virtual banking in Malaysia. And the first movers providing these services look nothing like the banks we know.

2020 looks to be the year of virtual banking in Malaysia, on the heels of the highly anticipated release of Bank Negara Malaysia’s virtual banking licensing framework in December 2019. And the first movers providing these services look nothing like the banks we know. The entrance of these new players is the biggest single disruption to the market seen in decades.

So how are consumers responding to this development? Are they ready to make the switch to virtual banks? How open are they to the idea of sharing their data with virtual banks? 

Our study of banking consumers in Asia Pacific - across Malaysia, Singapore, and Hong Kong - zoomed in on their preferences when it comes to banking with virtual banks and the opportunities for upcoming virtual banking applications. 4,534 people were surveyed, of which 1,517 respondents were from Malaysia.

They’re open to new technologies if they’re better than what’s on offer currently, but data protection is a key concern.

What they tell us

Bad experiences could well be the straw that breaks the camel’s back, and encouraging the switch to virtual banks.

They want to be empowered with personalised tools that allow them to take control of their financial planning.

Read our report to find out how both incumbent and new banking providers can rise to the challenge and meet the needs of the empowered customer.

They want access to e-commerce and lifestyle services for an integrated experience on a single platform.

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Contact us

Ong Ching Chuan

Financial Services Leader and Assurance Partner, PwC Malaysia

Tel: +6 (03) 2173 0550

Marcus von Engel

Partner and Financial Services Consulting Lead, PwC Malaysia

Tel: +60 (3) 2173 3725

Kelvin Lee

Financial Services Assurance Partner, PwC Malaysia

Tel: +60 (3) 2173 0746

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