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RETAIL BANKING | Cesar Tordesillas, Malaysia
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Malaysian Banks best in meeting customer expectations: Study

A study showed that Malaysian Banks met customer expectations better than any other group.

 

The research conducted by technology company SunGard and research-based firm Celent also found that Internet banking in Malaysia has grown significantly over the years -- almost half of the respondents in Southeast Asia would avoid using branch services if the bank made it worthwhile.

Key findings of the research revealed that safety is a concern, with 63 per cent of consumers still engaged in branch services despite 95 per cent of banks in Asia providing online banking.

The research also found that banks in some of the world's fastest-growing emerging markets are struggling to keep up with changing customer expectations, particularly in multi-channel areas such as social media and mobility.

Malaysia, which was one of the markets covered in this research, scored the highest in the Asean region in the new Bank Readiness Index.

The research, which consisted of two surveys of more than 1,000 consumers and 100 banks in eight countries across the Middle East and Southeast Asia, investigated how prepared banks are to respond to the needs of their retail customers.

The research revealed that smartphone ownership exceeds traditional cell phones in Southeast Asia at 54 per cent.

While 63 per cent of banks in Asia now offering native apps (i.e. built for Android or iPhone), only 34 per cent of banks in Asia currently have tablet offerings.

Malaysia achieved a high score in mobility, including native mobile and tablet apps.

Building on the research, Celent has developed the BRI on behalf of SunGard, an online tool to help banks benchmark their ability to cater to customer expectations.

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