New AIF report reveals strong faith in fintech among consumers

KUALA LUMPUR: A new online study launched today by the Asian Institute of Finance (AIF) reveals that the financial technology (fintech) industry in Malaysia is perceived as trustworthy by 92% of Malaysian consumers.
This is translated into high adoption levels – with four out of five consumers having used fintech in the past year.
The report revealed that the top three key drivers that will establish trust for fintech adoption are strong company brand and reputation; data protection and compliance; and support by government institutions.
Meanwhile, consumers also consider the Malaysian financial services industry (FSI) to be trustworthy. A key driver of this is the high proportion of consumers (70%) who perceive their
financial services providers being able to fulfil their service-related commitments and promises.
The study showed that ethically-related factors such as having consumer interests at heart, is
an area where trust should be built, with 57% of consumers perceiving this to be a lesser priority among their financial services providers.
About 1,000 Malaysian online consumers participated in the survey.
AIF’s study, entitled "Consumer Trust in the Digital Economy: A Perspective from the Financial Services Industry & FinTech in Malaysia", measures consumer awareness and the trust levers fintech stakeholders should embrace to ensure continuous consumer engagement within the fintech ecosystem.