Banks in Malaysia are beginning to realise that their main competitors are smartphones and apps, rather than other banks.
Singapore FinTech Consortium co-founder Gerben Visser said fresh-faced financial technology start-ups (fintechs) were coming up with new mobile-first services – payments, loans, money transfers, digital currencies – which were threatening to “steal” customers, particularly younger ones, from banks.
Visser warned that if banks did not keep up with the times, they would lose out.
“Fintech will be the Uber, Airbnb and Tripadvsor of the banking industry. It is tech based.
“Malaysian banks have not felt the pinch of losing clients, like the taxi, hotel and travel industries have. It is just a matter of time, unless they buck up in terms of technology.
