Top Reason Malaysians Don’t Fully Trust Digital – Only Banks

What’s Holding Malaysians Back?

1. Lack of familiarity
   Most Malaysians grew up with traditional banks — Maybank, CIMB, RHB. There’s comfort in seeing a physical branch and knowing where to go if something goes wrong.
   
2. Security concerns
   With scams and phishing cases constantly in the news, people are wary of digital-only platforms. Can they protect our money? What happens if something goes wrong?
   
3. No human touch
   Sometimes, you just want to talk to a real person. Chatbots and email support don’t always cut it, especially for older users or complex issues.
   
4. New players, new questions
   Most digital banks in Malaysia are still new or not widely known. Without a long track record, customers are cautious about trusting them with their savings.
   

But It’s Not All Bad News

Younger users and tech-savvy Malaysians are more open to trying out digital banks. Features like zero-fee transfers, higher interest rates, budgeting tools, and 24/7 access are drawing in early adopters.

Plus, Bank Negara Malaysia has put strict guidelines in place to ensure digital banks operate safely and responsibly.

What Needs to Happen Next?

To win over Malaysians, digital banks need to:

• Build brand awareness through transparent, clear communication
  
• Invest heavily in security and fraud protection
  
• Offer real, accessible customer service
  
• Prove reliability over time with consistent performance and user satisfaction

Iishu