{"id":62211,"date":"2024-09-03T10:38:52","date_gmt":"2024-09-03T02:38:52","guid":{"rendered":"https:\/\/www.imoney.my\/articles\/?p=62211"},"modified":"2024-09-06T14:27:12","modified_gmt":"2024-09-06T06:27:12","slug":"digital-bank-roundup","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/digital-bank-roundup","title":{"rendered":"Roundup Of Digital Banks In Malaysia"},"content":{"rendered":"

Digital banks are looking to be a serious game changer in not just Southeast Asia, but the world at large. The past few years have seen a number of digital banks emerge, offering customers a new simple, streamlined, and innovative way to bank.<\/span><\/p>\n

While traditional banks will still remain a core part of the banking ecosystem, the flexibility and simplicity of digital banks will likely see more participants into the banking sector.<\/span><\/p>\n

<\/span>What do digital banks have to offer<\/span><\/h2>\n

Digital banks allow customers to conduct banking activities entirely online. Using a mobile app or website, a customer can perform banking transactions and access banking services remotely, without having to visit a physical branch. Customers can access their accounts at any time, from any location, and perform a wide range of transactions.<\/span><\/p>\n

Here are some of the key benefits that digital banks offer:<\/span><\/p>\n

Convenience<\/h4>\n

As mentioned above, convenience is the most obvious advantage that digital banks offer. So as long as you have a mobile phone or computer with internet access, you can settle your banking needs around the clock with digital banks.\u00a0<\/span><\/p>\n

This is particularly useful for individuals whose busy schedules may clash with traditional banks\u2019 operating hours.<\/span><\/p>\n

Saves on time<\/h4>\n

Traditional banks have been working to streamline the banking process. Digital banks have been built from the ground-up with this in mind, thus ensuring process efficiencies and saving the consumers\u2019 precious time.\u00a0<\/span><\/p>\n

Tasks which previously required customers to visit a physical branch can now be accomplished with just a few taps on a screen. The ability to initiate transactions remotely and complete financial tasks quickly frees up time to focus on other priorities.<\/span><\/p>\n

Financial monitoring<\/b><\/h4>\n

Keeping a close eye on your finances is a must in today\u2019s dynamic economic environment. Digital banks tend to offer customers with an array of tools that allow them to monitor their financial health effectively and with ease.\u00a0<\/span><\/p>\n

Tools such as real-time notifications can alert users to notable activities, ensuring that they stay informed and aware of any potentially fraudulent transactions. Customers can also access detailed transaction histories, expense categorisation, and spending insights, helping them gain better control over their finances and make informed decisions.<\/span><\/p>\n

Financial service integration<\/h4>\n

Digital banking has the systems necessary to seamlessly integrate with various financial services, further emphasising its convenience factor. Banking apps today allow customers to link their bank accounts with payment apps, e-wallets, and other digital platforms, enabling effortless transfers and payments.\u00a0<\/span><\/p>\n

Digital banks also tend to offer direct integration with budgeting apps and personal finance management tools, simplifying expense tracking and goal setting; eliminating the need for tedious manual data entry.<\/span><\/p>\n

Read More: <\/span>Pros And Cons Of Digital Banks<\/span><\/a><\/p>\n

<\/span>Malaysia\u2019s first three digital banks<\/span><\/h2>\n

As of the writing of this article, three digital banks have commenced operations within Malaysia. These include:<\/span><\/p>\n

GXBank<\/b><\/a><\/h3>\n

GXBank was the first digital bank to be given the greenlight to begin operations late last year. It is a Grab-led digital bank consortium that will be targeting local micro-SMEs (MSMEs) and other financially underserved segments such as gig economy workers.\u00a0<\/span><\/p>\n

GXBank products and services<\/h4>\n