Research Finds Malaysian Banks That Fail to Digitise Face Extinction
A new global research report from the Financial Times Focus (FT Focus) and SaaS cloud banking platform Mambu has identified that three in five banks believe they will cease to exist within five to ten years if they do not change their business models.
Meanwhile, two in three believe they will lose market share in just two years if they fail to transform digitally.
The research report “Evolve or be extinct” surveyed 500 senior banking executives from around the world, to gain insights into their perception of the banking industry, both now and into the future.
The research included responses from senior banking executives from across the APAC region, including Malaysia.
In Malaysia, digital banking has reached an exciting stage, with BNM currently assessing applications for the five digital banking licenses on offer, and licenses set to be anno