Industry.
The banking and financing industry has shown a very impressive feedback in Malaysia as
the industry has growth rapidly and definitely moving forward to a better future of economy.
A lot of people are more aware of the future and they have taken early precaution such as taking various kind of insurances, savings account, educational plan and other financial plan for themselves. The banking industry is pretty competitive as more and more banks started to see Malaysia as a great potential to expand the banking area.
the industry has growth rapidly and definitely moving forward to a better future of economy.
A lot of people are more aware of the future and they have taken early precaution such as taking various kind of insurances, savings account, educational plan and other financial plan for themselves. The banking industry is pretty competitive as more and more banks started to see Malaysia as a great potential to expand the banking area.
The banking industry can play a key role in promoting insurance products in Malaysia that reflect lower pricing structure and improvement in operational efficiency. However stated by Bank Negara Malaysia's deputy governor Datuk Mohd Razif Abdul Kadir, the Malaysian insurance industry dominated by five of the largest insurance players was still facing high operating costs, lack of economies of scale and lack of awareness on the importance of insurance covers.
Many domestic banks have yet to leverage on the banc assurance (insurance products provided by banks) strategy. The insurance industry which is relatively untapped with only 44 per cent of Malaysians having life/takaful coverage can be further promoted with increasing significance on insurance products that give greater returns and cost savings to consumers.
There are positive growth prospects for the industry moving forward with increasing disposable income of the population and demographic changes providing increasing demand for medical insurance and retirement plans. The banking industry has led to many branches of banking services and products , some of the services are deposits and loans/hire purchase , taking up loans, phone banking, online shopping, topup from ATM machine.
All of these features are made especially for bank customers to make their way of banking become more simpler and more sophisticated.
In addition to improving banking features and methods, it has also led to the introduction of new products and services like credit and debit cards, investment products (insurance and unit trusts), financing products and services (trade and share financing), trade and credit facilities, remittances, loans to priority sectors and Islamic banking. As for CIMB, the market share of CIMB is right under Banking/Financing. CIMB is a very well known and promising bank, CIMB’s strategy to promote CIMB Junior Savers Account is a great way for the kids to start spending from early age therefore, children would be ready to overcome financial problem in the future.
