GOOD FRAUD PROTECTION TOP PRIORITY FOR MALAYSIANS OPENING BANK ACCOUNT

KUALA LUMPUR, July 18 (Bernama) -- Global analytics software leader FICO in its latest global consumer fraud research, revealed that consumers in Malaysia have a low tolerance for inefficient digital experiences when opening an bank account via mobile app or website.

However, in a statement, FICO said Malaysians selecting a new financial account place a high value on both good fraud protection and ease of use.

According to the study, nearly two in three (64 per cent) expect to answer 10 questions or less or they will abandon a personal bank account application, while one in three (33 per cent) will drop out if asked more than five questions.

Regardless of the number of questions asked, one in four Malaysians will give up on a personal bank account application after 10 minutes.

The survey also highlighted that Malaysian consumers show varying levels of patience for different account opening processes, whereby they are most likely to abandon savings accounts (41 per cent) or personal bank accounts (39 per cent) applications due to complex or time-consuming identity checks.

Close to one in three have abandoned credit card applications (31 per cent) for the same reason, while close to one in four (24 per cent) have been frustrated enough to abandon mortgage loan applications.

In the past year, half of Malaysians have noticed more identity checks when they log in to bank accounts (51 per cent) or make an online purchase (49 per cent).

Despite the rise in identity checks, the survey found that three in 10 Malaysians will stop or reduce the use of existing accounts if the identity verification experience is poor, while seven in 10 consumers expect to answer 10 questions or less, or they will abandon a savings account application.

While some consumers are more tolerant of detailed processes for certain financial products that require thorough scrutiny, the survey clearly shows that expectations for ease of use remain high.

The survey was conducted in November 2023 with 1,001 Malaysian adults surveyed, along with approximately 12,000 other consumers in Canada, the United States, Brazil, Colombia, Mexico, The Philippines, Indonesia, India, Singapore, Thailand, the United Kingdom and Spain.

-- BERNAMA