• About
  • Subscribe
  • Contact
Thursday, May 8, 2025
    Login
  • Management Leadership
    • Growth Strategies
    • Finance
    • Operations
    • Sales and Marketing
    • Careers
  • Technology
    • Infrastructure and Platforms
    • Business Applications and Databases
    • Big Data, Analytics and Intelligence
    • Security
  • Industry Verticals
    • Finance and Insurance
    • Manufacturing
    • Logistics and Transportation
    • Retail and Wholesale
    • Hospitality and Tourism
    • Government and Public Services
    • Utilities
    • Media and Telecommunications
  • Resources
    • Whitepapers
    • PodChats
    • Videos
  • Events
No Result
View All Result
  • Management Leadership
    • Growth Strategies
    • Finance
    • Operations
    • Sales and Marketing
    • Careers
  • Technology
    • Infrastructure and Platforms
    • Business Applications and Databases
    • Big Data, Analytics and Intelligence
    • Security
  • Industry Verticals
    • Finance and Insurance
    • Manufacturing
    • Logistics and Transportation
    • Retail and Wholesale
    • Hospitality and Tourism
    • Government and Public Services
    • Utilities
    • Media and Telecommunications
  • Resources
    • Whitepapers
    • PodChats
    • Videos
  • Events
No Result
View All Result
No Result
View All Result
Home Industry Verticals Finance & Insurance

Banking experience in Malaysia lacks differentiation

FutureCIO Editors by FutureCIO Editors
October 18, 2021
Photo by Pavel Danilyuk from Pexels

Photo by Pavel Danilyuk from Pexels

According to Forrester’s 2021 Malaysia Customer Experience Index (CX Index), banks in Malaysia provide average customer experience with little differentiation between each brand.

Based on a survey of more than 2,000 consumers in Malaysia, Forrester’s CX Index benchmarks the CX quality of seven multichannel banks — AmBank, Bank Rakyat, CIMB Bank, Hong Leong Bank, Maybank, Public Bank, and RHB Bank — across three key dimensions: emotion, effectiveness, and ease of use.

Source: Malaysia Customer Experience Index, Forrester 2021

How it works

According to Forrester’s CX Index methodology, how an experience makes customers feel, through a collection of either positive or negative feelings, has a bigger influence on their loyalty to a brand than effectiveness or ease.

As an example, among customers in Malaysia who felt valued by their bank, 41% plan to remain a customer, 61% plan to spend more with it, and 69% will recommend it to family or friends.

In contrast, among customers who felt frustrated with their bank, only 10% plan to remain with the brand, 17% will spend more with it, and just 14% will recommend it to family or friends.

The report further reveals that all seven banks fell in the OK category, with all scores falling within a very tight range, indicating a lack of differentiation within the industry, primarily driven by the challenge that the Malaysian banks face with building positive emotional engagement with their customers.

Leading the pack

Maybank emerged as the leading brand and outperformed all other brands in customer retention, with 41% of customers planning to stay with the bank. Across the three key dimensions of CX quality — ease, effectiveness, and emotion — customers rated Maybank the most effective and easiest to work with. The bank also received positive emotional feedback from 52% of its customers, just below Bank Rakyat’s 53% mark in that category.

Tom Mouhsian

Tom Mouhsian, principal analyst at Forrester, says 2021 has been marked by the struggle to contain the COVID-19 pandemic at least among Malaysian banking customers.

He opined that during this tumultuous year, feeling confident, happy, and valued mattered the most to customers to remain loyal to a brand. In such an undifferentiated market, the ability to invoke positive emotions will be critical to delivering differentiated experiences.

He explained that the Forrester research indicated that 80% of Malaysian firms will be implementing or expanding their digital transformation by the end of 2021 to provide better experiences. This investment is not going to be enough, however, to differentiate CX.

“In addition to investing in digital experiences, businesses must connect emotionally and empathetically with their customers. To achieve this, CX pros must have a disciplined approach to envisioning, designing, and delivering a consistently high-quality customer experience,” he continued.

Related:  Digital payment surge offers a watershed moment for Philippine banking modernisation
Tags: AmBankBank RakyatCIMB BankCustomer Experience IndexForresterHong Leong BankMaybankPublic BankRHB Bank
FutureCIO Editors

FutureCIO Editors

No Result
View All Result

Recent Posts

  • Agentic AI-powered AppSec platform launched for the AI era
  • IDC forecasts GenAI alone will grow at a 59.2% CAGR
  • Dataiku brings new AI capabilities to create and control AI agents
  • Microsoft reveals the rise of a new kind of organisation in the AI era
  • St Luke’s ElderCare enhances data security and user experience with Juniper

Live Poll

Categories

  • Big Data, Analytics & Intelligence
  • Business Applications & Databases
  • Business-IT Alignment
  • Careers
  • Case Studies
  • CISO
  • CISO strategies
  • Cloud, Virtualization, Operating Environments and Middleware
  • Computer, Storage, Networks, Connectivity
  • Corporate Social Responsibility
  • Customer Experience / Engagement
  • Cyber risk management
  • Cyberattacks and data breaches
  • Cybersecurity careers
  • Cybersecurity operations
  • Education
  • Education
  • Finance
  • Finance & Insurance
  • FutureCISO
  • General
  • Governance, Risk and Compliance
  • Government and Public Services
  • Growth Strategies
  • Hospitality & Tourism
  • HR, education and Training
  • Industry Verticals
  • Infrastructure & Platforms
  • Insider threats
  • Latest Stories
  • Logistics & Transportation
  • Management Leadership
  • Manufacturing
  • Media and Telecommunications
  • News Stories
  • Operations
  • Opinion
  • Opinions
  • People
  • Process
  • Remote work
  • Retail & Wholesale
  • Sales & Marketing
  • Security
  • Tactics and Strategies
  • Technology
  • Utilities
  • Videos
  • Vulnerabilities and threats
  • White Papers

Strategic Insights for Chief Information Officers

FutureCIO is about enabling the CIO, his team, the leadership and the enterprise through shared expertise, know-how and experience - through a community of shared interests and goals. It is also about discovering unknown best practices that will help realize new business models.

Quick Links

  • Videos
  • Resources
  • Subscribe
  • Contact

Cxociety Media Brands

  • FutureIoT
  • FutureCFO
  • FutureCIO

Categories

  • Privacy Policy
  • Terms of Use
  • Cookie Policy

Copyright © 2022 Cxociety Pte Ltd | Designed by Pixl

Login to your account below

or

Not a member yet? Register here

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Management Leadership
    • Growth Strategies
    • Finance
    • Operations
    • Sales and Marketing
    • Careers
  • Technology
    • Infrastructure and Platforms
    • Business Applications and Databases
    • Big Data, Analytics and Intelligence
    • Security
  • Industry Verticals
    • Finance and Insurance
    • Manufacturing
    • Logistics and Transportation
    • Retail and Wholesale
    • Hospitality and Tourism
    • Government and Public Services
    • Utilities
    • Media and Telecommunications
  • Resources
    • Whitepapers
    • PodChats
    • Videos
  • Events
Login

Copyright © 2022 Cxociety Pte Ltd | Designed by Pixl

Subscribe