Digital banking apps have become the go-to on how customers interact with their preferred financial institutions. The ease of accessibility and convenience that digital applications offer customers create a higher sense of invisibility between the bank and the customer, resulting in memorable customer experiences.
As the world embraces digital transformation, the Malaysian retail banking sector is quickly proving itself to be on top of the game, being the world’s 5th fastest-growing real-time payments market in 2022.
The evolution of customer experience in the Malaysian banking ecosystem
With over 29 million smartphone and 30 million internet users in Malaysia, the country’s leading financial institutions have capitalized on this opportunity to make
banking a more streamlined and accessible experience through digital banking applications. This is further propelled by the government’s efforts to market digital payments to a broader audience.
As of 2022, Malaysia has accrued over 15 million digital payment users and over 1.7 billion E-wallet transactions. This success echoes across the financial sphere in Malaysia, from neobanks to traditional banks, as seen with the continuing influx of the digital, tech-savvy population. With the country set to achieve a digital economy valued at USD 70 Bn by 2030, it has become evident that many of the nation’s leading incumbent banks have bridged the gap in-app experience and solidified the customer’s needs through seamless, intuitive and exceptional CX.
Growth opportunities for App-based banking in Malaysia
Framework and methodology
The “Twimbit CX Banking App Benchmarks 2023 – Malaysia” report aims to provide a thorough overview of the challenges and opportunities that permeate within retail banking. This report will benchmark and assess key parameters of the banks’ digital app experiences, including mobile app experience, customer onboarding experience and customer service experience.
Through a deep understanding and analysis of the banks’ digital app experiences, we aim to highlight highlight their current mobile app CX strategies, areas for improvement, and actionable recommendations that financial institutions can utilise toto enhance their app experiences.
- #1 Mobile app experience
The mobile app experience comprises an assessment of three sub-parameters to gauge the app’s user-friendliness and effectiveness.
BeU led the chart due to its exceptional mobile app features and capabilities.
Top 3 best practices by BeU:
- Clear Call-to-Action (CTA) for first-time users: The app differentiates between the sign-up and login options for new users in a banking app, which is crucial for providing a seamless and secure user experience.
- App-enabled passcode setup during account opening: Establish a passcode to add extra security, streamline onboarding, and eliminate the need to set up the passcode later.
- User-friendly interface: The app presents information in a clear and organized manner, with intuitive navigation, labels and prompts.
- #2 Customer onboarding experience
The customer onboarding experience comprises an assessment of five sub-parameters to measure how user-friendly, informative, and efficient a bank’s process is for onboarding new customers.
CIMB led the chart due to its outstanding features and capabilities within its onboarding process.
Top 3 best practices by CIMB:
- Clear steps for the account opening journey with document requirements: Transparency and concise information ensure customers are well-prepared at each step of the process.
- Comprehensive information about banking products with benefits: In-depth and detailed information access on available account types enables customers to make informed decisions about the best account type.
- Information about debit card delivery: The onboarding process now informs customers about the availability and delivery of a debit card during the account opening journey, ensuring complete awareness of the convenient digital payment option right from the start.
- #3 Customer service experience
The customer service experience comprises an assessment of four sub-parameters to gauge a bank’s effectiveness towards customer inquiries, concerns, and issues.
Hong Leong Bank led the chart due to its exceptional features and capabilities within its customer service offerings.
Top 3 best practices by Hong Leong Bank:
- Various modes of customer support under one section: Easy access to assistance through multiple channels such as phone support, email support, live chat, and possibly in-person assistance at branches.
- Comprehensive FAQ section: Answer most commonly asked customer queries, reduce the need for direct assistance and empower customers with self-help options.
- Clear CTA for WhatsApp banking sign-up: The customer service experience is enhanced by including a clear CTA for signing up for WhatsApp banking. This streamlined communication channel enables customers to reach out for assistance using a platform they are familiar with.
To gain detailed insights on each customer journey for the top 4 banks –
As more traditional banks in Malaysia embed innovative practices and redefine app experiences, the paradigm shift in banking has never been more apparent, with many aspiring to address the evolving demand of their tech-savvy customers.
Through our report, we invite you to take a closer look at the changing face of Malaysia’s retail banking industry. Discover how banks are gearing up to deliver exceptional digital app experiences that will shape the future of banking in Malaysia.