VIDEO INTERVIEW: The profound effect of mobile devices on traditional banking has hit home already but Raja Teh Maimunah – MD and CEO of leading Malaysian financial institution Hong Leong Islamic Bank – highlighted how it will also impact online transactions in the future.
“Most things will be done through mobile at least once you’ve opened an account and done your purchase. Your transactions after that will all be done via mobile, so I think in the next five to ten years there is a going to be a huge shift to mobile, leaving online behind”, she told Mobile World Live.
Maimunah predicted branch banking will “look very different” in the future as a result of customers using their mobile devices for traditional services.
Given the forecasts that some have made for closures of physical branches, Maimunah might be considered an optimist given she thinks they will not disappear altogether.
Indeed, Hong Leong Islamic Bank has already taken steps to freshen up its branch network, in the face of digital and mobile competitors.
Like many of its peers, the Malaysian bank has created a digital sub-brand to better face nimble rivals. Its brand is called Mach.
And the bank has launched a flagship service which allows users to make P2P payments using only their mobile number. Banks in other markets around the service have launched similar services.
Watch the full video here