11/08/2025

MONDAY | AUG 11, 2025

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BANKING & INSURANCE

Only 35% of digital banking users truly active: Moneythor

RHB offers overseas property financing for Malaysians PETALING JAYA: RHB Banking Group has launched RHB Overseas Property Financing, a ringgit denominated, fully flexible housing financing scheme designed as part of RHB Premier. The financing is for Malaysian real estate investors planning to purchase overseas residential pro perties, specifically in Australia and the United Kingdom. The proposition welcomes Malaysians who are neither per manent residents nor citizens of the UK and Australia, and have plans to purchase prime residential properties located within 30km of the Central Business District of Melbourne or Sydney, Australia, and in London Zones 1 to 3, which refer to the central and inner areas of the city, typically defined accor ding to public transport fare zones. RHB said it continues to support its affluent and premier clients in their wealth-building endeavours, particularly through property investments. RHB Banking Group community banking managing director Jeffrey Ng Eow Oo said, “RHB is committed to being a trusted partner for RHB Premier clients looking to diversify their real estate portfolios beyond borders. Our overseas property financing complements our clients’ aspirations to tap into new growth opportunities, diversify their wealth portfolio and gain access to a new home at an attractive desti nation. “We are here to provide the right expertise to our clients for their real estate investment ambi tions with confidence.” As part of the bank’s plans, the locations of residential properties covered are slated to expand, based on property market outlook and clients’ real estate portfolio aspirations, to include other major cities in Australia and outer zones of London. Clients have the choice to opt for an early release of the financing during the construction period to manage foreign exchange risk, in accordance with Bank Negara Malaysia’s regulations for invest ment in foreign currency assets. The ringgit financing will then be converted into foreign currency and deposited into RHB’s interest bearing Multi-Currency Account. This fund will be earmarked as interim security before remittance to the overseas solicitor as part of the financing disbursement pro cess upon property completion. Additionally, clients benefit from flexible financing structures as the full flexi feature enables them to make excess payments into their financing account at any time. After financing disbursement, these funds are available for redraw at no cost.

similarly personalised digital ex periences,” he said. Frick emphasised that AI is bringing about a new era of banking engagement. With predictive skills and real time data analysis, banks can offer experiences that are not only relevant but tailored to individual customers. For example, predictive AI can forecast cash flow and suggest relevant recommendations based on future scenarios. Along with natural language processing, machine learning and behavioural analytics, banks can now deliver services that feel timely and natural. Frick mentioned that agentic AI takes this further. It evolves in real-time, conti nually learning from a customer’s unique behaviours and preferences, not just from past data but also from ongoing interactions. This enables it to provide proactive, context specific recommendations that align with an individual user’s unique financial journey. Ultimately, this “Spotify-fication” of banking means offering a service that is as easy and customised as booking a ride with Uber or selecting a movie on Netflix – trans forming banking from a simple transaction into a personalised, behaviour-driven experience. “This investment in educational infrastructure supports sustainable learning, ensuring students gain the relevant skills and knowledge needed to make informed financial decisions and effectively manage risks. Championing financial liter acy for all Malaysians, we em power individuals with the know ledge and tools to secure their financial futures. “This initiative reinforces our ESG commitments and plays a vital role in driving Malaysia’s economic growth by expanding financial opportunities for young people, fostering a thriving and financially resilient nation,” he added. In 2024, FWD Insurance launched several key projects – “Know Your Money” with Bank Simpanan Nasional, “JA SparktheDream” with JA Malaysia and “Fun(d) for Uni Life” with Arus Academy. These ini tiatives, along with the digital smartboard sponsorship project, reiterate FWD’s belief in preparing the next generation of Malaysian youth by fostering responsible financial habits from a young age. This also supports the ongoing digitalisation of the education system and makes a significant difference in their financial literacy journey.

o Study reveals ‘silent dropout’ – which translates into missed opportunity for lenders to build lasting rapport with clients

Ű BY JOHN GILBERT sunbiz@thesundaily.com

to 88% in 2023. Both studies highlight a signi ficant shift in consumer priorities. Digital banking experiences now matter more than product offerings and pricing. Frick said customer satisfaction and engagement are increasingly shaped by how confident users feel in managing their finances, how banks communicate, and the level of financial education they receive. “To boost engagement, banks need to shift from just providing transactions to building genuine relationships. This approach, which we call deep banking, aims to create emotional connections, encourage informed financial choices, and foster long-term loyalty. “By connecting business value with customer empowerment, banks can turn inactive users into advo cates,” he explained. Frick noted that as digital-savvy consumers grow accustomed to smooth digital experiences, banks must rethink their traditional methods to stay competitive. He pointed out that leading

KUALA LUMPUR: A global study by Moneythor shows that while many customers join digital banking platforms, only 35% are truly active users. The study found that 15% of newly acquired customers stop using these services within the first three months. Moneythor CEO Martin Frick ( pic ) said this silent dropout represents a missed opportunity for banks to build lasting relationships with their clients. “On a positive note, Malaysia has made real progress in improving its digital banking quality,” he told SunBiz . According to an independent research firm, Forrester Research, customer experience in Malaysian banks has shown steady improvement over the past two years. Market research firm Ipsos’ findings support this – overall customer satisfaction in Malaysian retail banking rose from 81% in 2019

platforms such as Spotify, Uber and Netflix now set the standard for engagement by using behavioural data to anticipate needs and custo mise offerings. “Spotify, for instance, curates music based on listening habits. Uber meets a need for mobility with minimal friction. Netflix customises content based on how users like to relax. “Each platform combines beha vioural insights, user-friendly design and real-time data analysis to encourage ongoing engagement. These are the same aspects that banks can now provide – driven by artificial intelligence – to create

FWD Insurance sponsors 40 digital smartboards for 35 schools PETALING JAYA: With a goal to transform financial education for young Malaysians, FWD Insurance Bhd, an advocate for financial literacy, recently announced the delivery of 40 digital smartboards to 35 schools under the jurisdiction of the Keramat District Education Office (PPD Keramat). financial stability by improving literacy.

Supported by a RM400,000 sponsorship, this initiative aims to equip students with essential financial knowledge. The smartboard distribution, officiated by FWD Insurance CEO Mak See Sen, and deputy district education officer (learning sector) Mohd Helmy Abdul Najib, aligns with Thrusts 4 and 6 of the Education Ministry’s Digital Edu cation Policy, which are to em power the strategic partners to equip the schools with appropriate infrastructures to enable the imple mentation of digital learning. The policy is also in line with PPD Keramat’s Bring Your Own Device to School Programme that has been initiated since 2021. The smartboards have already been installed across the parti cipating schools, and students are actively using them in their learning. These devices serve as key tools to promote the inte gration of digital technology and artificial intelligence (AI) into the

Mak (right) officially handing over a smartboard to Mohd Helmy.

mitted to equipping primary and secondary school students with essential financial literacy skills that will stay with them through out their lives. By investing in these digital smartboards, he said, they are not merely providing tools; they are prioritising the nation’s long-term

Banking & Finance classroom, further underscoring FWD Insurance’s dedication to making financial education accessible to all. “At FWD, our vision is changing the way people feel about in surance, and to shape the children’s mindset towards plan ning for their financial future,“ Mak said, adding that they are com

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