Country for PR: Malaysia
Contributor: AAP Medianet International
Wednesday, June 13 2018 - 11:45
AsiaNet
Malaysian Bank Customers Ready to Embrace Artificial Intelligence and Automation in Digital Banking – Unisys Banking Insights Survey
KUALA LUMPUR, Malaysia, 13 June, 2018 /Medianet International-AsiaNet/--

-- Malaysian consumers willing to allow banks to share data for Open 
Banking-based services – but privacy objections must be overcome for wide 
adoption

New research from Unisys Corporation (http://www.unisys.com/) (NYSE: UIS) into 
Malaysia's banking industry reveals that Malaysian consumers are willing to 
embrace new bank services based on emerging technologies such as artificial 
intelligence (AI) and machine learning. They are also willing to support data 
sharing in an Open Banking environment, but only if privacy and security 
concerns are addressed.  

Unisys APAC Banking Insights – Banking on the CX Factor 
(http://www.unisys.com/insights/research#UBI) is a study about the attitudes of 
banking customers in Malaysia, Australia, Hong Kong, the Philippines and 
Taiwan. This year's report explores how consumers feel about banks using AI to 
assess eligibility for credit cards and home loans, as well as sentiment toward 
banks sharing data with non-bank entities to offer new services - known as Open 
Banking.

Customer Frustrations
The top annoyance for Malaysian bank customers is long queues, cited by 47 
percent of respondents – the second highest of the five countries surveyed, 
behind the Philippines. Twenty percent of Malaysians are annoyed by having to 
repeat themselves. Only 12 percent are annoyed by being unable to complete an 
"online" service online.

"With bank queues the top annoyance for Malaysian bank customers, there is a 
huge opportunity for Malaysian banks to move more customer interactions to 
digital channels, including mobile. Malaysians are keen to use digital services 
but they seek a seamless omnichannel relationship so that they can start a 
transaction in one place and pick it up in another without having to start 
over. In addition to relieving pressure on the branches, artificial 
intelligence and machine learning technologies can be used to help banks 
deliver targeted and relevant online services across all channels," says 
Richard Parker, vice president financial services, Unisys Asia Pacific.

Balancing Artificial Intelligence with the Human Touch
The survey reveals that Malaysian bank customers have a strong appetite for 
tech innovations to enable digital bank services – depending on the type of 
transaction. Fifty-two percent of Malaysian consumers are comfortable with 
their bank using software and algorithms to assess online credit card 
applications. While only 39 percent are willing to use this for home loans it 
is the second highest level of willingness of the five countries surveyed, 
behind the Philippines. 

"There is a great opportunity for Malaysia's banks to use smart software to 
lead decision making for commodity products such as credit cards. Consumers are 
less willing to use this for life events such as home loan applications which 
involve larger financial amounts and emotional involvement – but Malaysian 
consumers are poised to lead this adoption in Asia Pacific," says Mr Parker.

Readiness for Open Banking
Open Banking is a growing initiative in the financial services sector that 
allows banks to share data with other organisations in order to offer new 
services to customers and new revenue streams for the banks. Regulations for 
Open Banking vary between countries, such as agreements among members of the 
Association of Southeast Asian Nations (ASEAN) as part of the ASEAN Banking 
Integration Framework (ABIF)1 that includes Malaysia.

Forty percent of Malaysians support their bank sharing their personal data with 
other companies to access financial products, the second highest support in 
Asia Pacific. However, almost as many, 38 percent don't support it, citing 
concerns about privacy and security. Malaysia recorded the highest level of 
desire to keep personal information private. 

"For Open Banking to take off in Asia, banks must address customer concerns 
about how they protect customer data - not just in the bank, but across all of 
the departments, partners and agencies in the value chain. Doing business in 
the 21st century requires dynamic software that adapts to business trends and 
evolves with security concerns. Unisys' Retail Banking Delivery platform, 
Elevate(TM)(http://www.unisys.com/elevate), is secured with Unisys' 
Stealth(R)(https://www.unisys.com/offerings/security-solutions/unisys-stealth-pr
oducts-and-services), an identity-based microsegmentation security software 
that allows banks to microsegment and conceal critical assets and establish 
encrypted channels for secure user, application and system communication," says 
Mr Parker.

Unisys is helping helping banks to address these concerns with 
Elevate(TM)(https://www.unisys.com/elevate), an end-to-end, digital banking 
software platform and suite of applications designed to help financial 
institutions deliver an instantly secure, omnichannel banking experience to 
their customers. Importantly, this means customers will be able to pay their 
bills on the go, transfer funds and apply for loans and mortgages anytime, 
anywhere – regardless of whether they are doing so on a mobile device or 
tablet, via an internet browser or inside a branch. The platform incorporates a 
high-level of security, as built-in adaptive biometric and data analytics 
securely identify customers, authenticate access and validate transactions. 

More than 500 financial institutions worldwide rely on Unisys solutions. For 
more information on Unisys' financial services capabilities, please visit 
http://www.unisys.com/industries/financial-services.

For more information, download the full Asia Pacific Banking Insights survey 
results and infographics here (http://www.unisys.com/insights/research#UBI). 

1 - Heads of Agreement between Bank Negara Malaysia, Bank Indonesia and 
Otoritas Jasa Keuangan on the Banking Sector 
(http://www.bnm.gov.my/index.php?ch=mone_opr&pg=mone_opr_policy&ac=1481)

Research Methodology
Research firm OmniPoll conducted the online survey in November 2017, polling 
nationally representative samples of at least 1,000 people aged 18+ years in 
each of: Hong Kong, Australia, Hong Kong, Malaysia, the Philippines and Taiwan. 
 
About Unisys 
Unisys is a global information technology company that builds high-performance, 
security-centric solutions for the most digitally demanding businesses and 
governments on Earth. Unisys offerings include security software and services; 
digital transformation and workplace services; industry applications and 
services; and innovative software operating environments for high-intensity 
enterprise computing. For more information on how Unisys builds better outcomes 
securely for its clients across the Government, Financial Services and 
Commercial markets, visit www.unisys.com.tw.

Follow Unisys on Twitter (http://twitter.com/UnisysCorp) and LinkedIn 
(http://www.linkedin.com/company/unisys). 

Contact:	Lisa Richardson, Unisys Asia Pacific
+61 402 896 829 lisa.richardson@unisys.com

                                       ###

Unisys and other Unisys products and services mentioned herein, as well as 
their respective logos, are trademarks or registered trademarks of Unisys 
Corporation. Any other brand or product referenced herein is acknowledged to be 
a trademark or registered trademark of its respective holder.
UIS-C

SOURCE: Unisys
Translations

Malay