Insight - Tapping into the potential of digital banking

Opportunities in the financially underserved segment – the micro, small and medium enterprises , self-employed individuals within the gig economy and retirees – are drawing groups like the 60:40 Boost-RHB Bank Bhd consortium into this new challenge of digital banking.

Various elements are at work to help make this pioneering effort a success – Boost’s extensive fintech experience and the RHB Banking Group’s intimate knowledge of banking services, risk management and compliance, liquidity, capital as well as operational and responsible financing. By 2025, Malaysia is expected to be ahead of the Philippines and Singapore in the adoption of digital banking which is expected to grow by 16%, said boutique management consultancy 27Group.

RHB Banking Group is already operating in nine countries in Asean, providing conventional and syariah-compliant banking and financial services. The main problem will be related to scale, and how long it will take for people to switch to digital banking, as it does not make sense to keep on giving unsustainable perks, said Etiqa Insurance & Takaful Bhd chief strategy officer Chris Eng.

Source: Financial Digest (financialdigest.net)

Yes digital makes things easier and lesser hassle. But what's the *asterisk* clauses to-be bounded by the customer?

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