About the Video
5 digital banks to be fully launched in Malaysia very very soon! Watch to know more about digital banks in Malaysia.
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⬇️ Timestamps:
0:00 → Intro
0:44 → Why Digital Banks in Malaysia?
2:07 → Loan Approval
3:56 → Credit scoring data
6:11 → Banking Activities
10:24 → Product offerings
13:36 → Conclusion
Why Digital Banks in Malaysia?
Digital banks in Malaysia are part of a strategic move by Bank Negara Malaysia to extend financial services to underserved or unserved groups. This includes individuals with poor credit scores, freelancers without regular payslips, or small businesses lacking substantial financial records. An example highlighted is of a wealthy individual unable to secure a credit card due to a lack of local financial history, underscoring the need for these inclusive banking services.
Loan Approval: Digital banks simplify loan approvals, catering especially to the B40 income group. They provide easy access to microloans and installment plans without the stringent checks typical of traditional banks. These banks also use dynamic pricing to balance the higher risk of their customer base.
Credit Scoring Data: By utilizing the algorithms and machine learning, digital banks assess financial health through alternative data sources. This advanced approach allows them to understand customers’ financial situations better, offering a more nuanced credit scoring than traditional banks.
Banking Activities: Digital banks offer a distinct advantage in convenience and accessibility. They are especially beneficial for people in remote areas who might otherwise need to travel long distances for banking services. The discussion includes an international example to illustrate the transformative impact of digital banking on financial inclusion.
Product Offerings: The innovative and attractive product offerings of digital banks set them apart. Examples include unique banking products from Singapore’s Trust Bank and anticipated offerings from Malaysia’s own GXBank and RHB-Boost. These banks are expected to leverage their existing networks to provide a variety of incentives and rewards.
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