(Jan 31): The rise of new digital technologies and fintech over the last decade has been a big wake-up call for the banking industry. The disruption these brought, particularly in recent years as consumers became more comfortable using alternatives like GrabPay and Boost to do payments and transfers, was a stark reminder that while banking will remain necessary in the future, banks will not.

It forced lenders, especially the bigger ones such as Malayan Banking (Maybank) and CIMB Group Holdings, to each develop a digital strategy and new capabilities to remain relevant.

“You have the banks really on their toes now, in defensive mode,” a banking expert from PwC Malaysia remarks.

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