A recent study by Mastercard found 40 per cent of consumers in the region saying they were using e-wallets more than ever, with Malaysia leading the way, he said.
“What makes the region a fertile land for digital banking and online payment is the fact that it has countries with a young population — millennials and Gen Z’s who are not used to physically visiting financial buildings or queuing for a long time to fill up forms with pen and paper like the generations before them did.
At the centre of this digital revolution is trust. Customers are using e-wallets, mobile banking, and web applications driven by necessity, he said.“Digital transformation, in any sector, always presents new challenges, but especially for banks and for financial services. To put it simply, revolutionizing banks’ way of doing transactions means overhauling their legacy systems including people, process and technology.
The future may be foggy as different technologies continue to be developed, like AI, 5G, the Internet of Things, and cryptocurrency, but the past offers concrete lessons the financial sector could learn from, he said.