WebsiteGear Logo Log In
New User? Sign Up
About | Contact | FAQ
  Home News Technology Software Products Tuesday, June 19, 2018 
Add Press Release News | News Feeds Feeds | Email This News Email


Malaysian Bank Customers Ready to Embrace Artificial Intelligence and Automation in Digital Banking - Unisys Banking Insights Survey
Wednesday, June 13, 2018

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

KUALA LUMPUR, Malaysia and BLUE BELL, Pa., June 13, 2018 /PRNewswire/ -- New research from Unisys Corporation (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 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," said Richard Parker, vice president financial services, Unisys Asia Pacific.

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.

Readiness for Open Banking
Open Banking is a growing initiative in the financial services sector that allows banks to share data with other organizations 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) 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), is secured with Unisys Stealth(®), 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," said Parker.

Unisys is helping banks to address these concerns with 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.

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.

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.

Follow Unisys on Twitter and LinkedIn.

RELEASE NO.: 0613/9596

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

View original content:http://www.prnewswire.com/news-releases/malaysian-bank-customers-ready-to-embrace-artificial-intelligence-and-automation-in-digital-banking---unisys-banking-insights-survey-300665163.html

SOURCE Unisys Corporation



Email This News Email | Submit To Slashdot Slashdot | Submit To Digg.com Digg | Submit To del.icio.us Del.icio.us | News Feeds Feeds

RELATED NEWS ARTICLES
Nav Zerto Streamlines Global Customer Support with Skuid No-Code Platform | Jun 19, 2018
Nav ST Engineering and SafeRide Technologies Announce Strategic Partnership to Protect Connected and Autonomous Vehicles From Cyberattack | Jun 19, 2018
Nav Teva Pharmaceuticals Honored with Klaus Tschira Human Resources Innovation Award | Jun 19, 2018
Nav SAP Improves Candidate Engagement and Recruiter Experience with Candidate Relationship Management | Jun 19, 2018
Nav Varec: 90 Years Of Innovation | Jun 19, 2018
Nav Yirendai Obtains Institutional Funding from Goldman Sachs | Jun 19, 2018
Nav Any Brand Can Create Disruption to Fuel Growth, According to New Report from Kantar Millward Brown | Jun 19, 2018
Nav Advertising ID Consortium Announces DigiTrust as a Third-Party Domain | Jun 19, 2018
Nav European Businesses Select SAP┬« SuccessFactors┬« Solutions to Help Drive Digital HR Transformation | Jun 18, 2018
Nav Codewise's Dr. Rzeszuci ski Joins the European AI Alliance, Launched by the European Commission | Jun 18, 2018
NEWS SEARCH

FEATURED NEWS | POPULAR NEWS
Submit News | View More News View More News