Member ID
User Password

Home  About Us  FREE Registration  Benefits  Contact Us  Partners  News  CRA Act

Latest Credit, Finance & Industry News
Malaysian banks seen offering more customer-tailored products [02-12-2011]  
    Email to friends.

MALAYSIAN banks will offer more customer-tailored products in the future rather than just those in reaction to competition as they improve their risk management processes.

"The next step for financial institutions is to measure risk before pricing products tailor-made for customers," said Accenture Risk Management practice lead Asean Christopher Loh in a media briefing yesterday.

This is already the practice in most developed markets as it will eventually make its way to Malaysia, reckons the consulting firm.

Local financial institutions have invested and focused a lot on risk management over the last decade since the 1997/98 Asian financial crisis.

"That is why the local banks were not so badly affected in the midst of the 2008 global crisis," he said.

"However, there remain many areas that are in need of improvement".

According to Accenture's 2011 Global Risk Management Research report, the top changes that banks now face or will face over the next two years include data quality and management, better integration of risk and finance, process re-engineering and automation and risk software solutions and development.

"Banks across the globe are making large investments in their risk organisation to address change and achieve overall risk integration. "Banking companies also anticipate increased regulations in the next two years," said Loh.

The report found that financial fraud and crime are more sophisticated and challenging to a great extent in the banking industry.

Loh said improved and integrated risk management capabilities can help banks establish and maintain a competitive advantage.

"Proactively identifying capability gaps and aligning business strategy and risk capabilities are key factors for transforming risk management into a competitive differentiator," he added.

Brought by:

Site Map | Best viewed at 1024x768 resolution. | © Copyright BASIS CORPORATION SDN. BHD. (315708-X). | | Share
Customer Notice and Summary of Rights | Personal Data Protection Policy   19-06-2018 12:53 PM