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Apathy puts brakes on Malaysian mobile banking: BuzzCity interview

AvantiKumar | May 20, 2014
BuzzCity's latest quarterly survey shows that apathy, rather than security concerns, is hampering mobile banking adoption, said BuzzCity Founder & CEO Dr KF Lai.

Are these findings about local customers in common with other countries/parts of the world?

Across South East Asia, the user experience reflects global patterns. Nearly a third of adults find mobile banking easy but there a third of adults also feel that they don't need it.

The report also looked at the most popular banks among mobile users. In Malaysia, Maybank is the most popular bank, followed by CIMB Bank, Public Bank and AM Bank in 4th place. Notable in the report is the emergence and rising popularity of 'mobile-based' banks (where accounts are linked to SIM cards) in developing markets. These new mobile banks, catering specifically to the mobile- only consumers have gained widespread adoption and a rapid market share in a relatively short time.


What are the top takeaways from this quarter?
There are three takeaways from this latest study:

First, that the growth opportunity for mobile banking is significant but providers need to improve their reach and presence among the consumers.

Second, that mobile banking and payments will not become mainstream until more businesses are enabled for mobile payments - only then will consumers feel the need for mobile banking.

Finally, security will always be a concern but need not be a blocker to growth.


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