The Asian Institute of Chartered Bankers and PriceWaterhouseCoopers (PwC) collaborated on a FinTech survey on Malaysia which was launched at the AICB-GBC Discourse Series* themed “Catching the FinTech Wave” on 25 November 2016 at Sasana Kijang, Kuala Lumpur. The survey focused on the readiness of the Malaysian financial services industry in adopting FinTech, and how the market has reacted to this new looming technological change. Although the survey showed that 82% of Malaysian FIs perceived it as a threat to their business, the number of online consumers in Malaysia is steadily increasing and while the prospects of using FinTech to differentiate themselves are bright, traditional players will find it hard to find a one-size-fits-all strategy. Putting customer needs ahead will be paramount and the introduction of such technology will require resilience, patience and a commitment to long term results.
The AICB-GBC Discourse Series 3 – “Catching the FinTech Wave” provided a platform to highlight the rise of new technologies in the financial sector and the impact of FinTech on Malaysian banks. A panel session followed, where several industry experts also shared their views and perspectives on the disruption possibly caused by FinTech, as well as recommendations and best practices which banks can adopt in their approach to FinTech.
*The AICB-GBC Discourse Series is part of AICB’s continuous learning and thought leadership development on key issues and trends impacting the Malaysian Banking industry.