Malaysia is fastest growing online market in StanChart's regional network

KUALA LUMPUR: Malaysia has topped the position as the fastest-growing online banking market within the Standard Chartered Bank (StanChart) network in Southeast Asia.
“There has been a growing appreciation of online banking facilities in Malaysia, where Internet users are increasingly paying bills online due to its convenience and flexibility,” StanChart Malaysia general manager and head of retail banking products Anupam Shrivastava said.
As of June this year, the bank recorded an 83 per cent year-on-year growth in transaction volume, while transaction value doubled the amount garnered last year.
“StanChart Malaysia recorded a 46 per cent growth in active online banking customers in Malaysia from January to October 2011,” he added.
Anupam said the growth in online users is relatively consistent with industry trend.
He cited an independent study by comScore, which found that online banking sites in Malaysia received a total of 2.7 million visitors in January this year, a 16 per cent year-on-year growth.
Another survey report released by VISA revealed that 68 per cent of the respondents in Malaysia had paid bill over a period of a year, with average spend of RM303.
According to Anupam, the pervasive use of Internet and mobile devices presents an encouraging opportunity for StanChart Malaysia to increase its online banking users and activities in the country.

“It is part of the bank’s strategy to enabling customer-focused services by widening access its products and services through the innovative range of online banking platforms. This provides customers greater ease of use and a higher degree of convenience,” he explained.
StanChart Online Banking, he said, offers secure, convenient, and instant up-to-date access to user accounts from anywhere with Internet access, any time.
Last year, the bank launched its new mobile banking application for iPhone called “Breeze” and recently, for Android device users.
He said with greater connectivity and mobility in the country, users are increasingly demanding for the ability to bank remotely and on-the-go.
Anupam said the bank will continue to enhance and differentiate its online banking facilities with a two pronged strategy; to activate customers to bank online and increase online transactions.
This, he said, is in line with Bank Negara Malaysia’s strategic intent to promote the migration from paper-based payments to electronic payments which would provide meaningful cost savings and efficiency to the economy.
StanChart Malaysia recently enhanced its online bill payment facility to provide customers with a more complete range of registered billers for greater convenience.