Digital growth a key theme for banks now

  • 📰 staronline
  • ⏱ Reading Time:
  • 76 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 34%
  • Publisher: 75%

Finance Finance Headlines News

Finance Finance Latest News,Finance Finance Headlines

Banks are upping their game plan in a bid to safeguard their turf and grow their digital banking businesses in anticipation of fierce competition from the entry of new players.

The deadline for the application of a digital banking licence is this Wednesday and Bank Negara is expected to issue up to five licences by the first quarter of next year., a leading Asean universal banking group, is currently strengthening its capabilities to deepen its presence in the digital banking space.

“We are confident that we have the right strategies and are comfortable with our position, going forward, ” added Effendy, who is also the Group CEO of Touch ‘n Go Group.In terms of CIMB Group’s revenue growth in digital banking for this year, without going into details, he said almost everything in the digital space has been seeing tremendous growth over the years, and the ongoing pandemic has actually accelerated this growth multiple-fold.

“Where we are right now, we will unlikely apply but we will continue to evaluate opportunities to join forces with the right parties post-submission deadline.” He also expects Digital Wealth will contribute to a higher revenue contribution from digital banking. In 2019, 36% of OCBC’s wealth revenue came from its digital capabilities, driven mainly by Wealth Trades performed digitally and without face-to-face interaction.

“Our customers were able to transact digitally during the movement restriction periods without having to venture out to our branches to meet their relationship managers.” In terms of challenges to existing banks with the entry of these new upcoming non-bank players, Deloitte’s Ong said they could bring strong value propositions to start and run the banking business.“A case in point, some non-bank applicants might bring with them hundreds of thousands or even more than a million customer base in Malaysia. This will give a strong momentum for a newly established bank to acquire and retain new customers.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 4. in FİNANCE

Finance Finance Latest News, Finance Finance Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Wake-up call for SMEs to survive in post-pandemic era | The Malaysian InsightIndustry leader says over-reliance on cheap labour, unwillingness to embrace digital economy holding sector back.
Source: msianinsight - 🏆 8. / 63 Read more »

Right time to reintroduce initiatives to help people - Tengku ZafrulThe finance minister says he had already discussed this matter with the EPF and Bank Negara. The right time was one year and 2 months ago NOT NOW how dense can he be Do it fast lah come on tzafrul_aziz
Source: malaysiakini - 🏆 20. / 51 Read more »