Online Banking Tools Key to Effective Finance Management, Says Standard Chartered

KUALA LUMPUR, Oct 29 (Bernama) -- Online banking tools are key to effective financial management with payments, transfers, investments and financial advice available at the touch of a button. According to Standard Chartered’s Emerging Affluent Study 2018, 64 per cent of Malaysia’s emerging affluent believed managing their money digitally has helped them get closer to meeting their financial goals, and 67 per cent feel familiarity with digital tools has been vital to their personal success. In addition, 63 per cent of emerging affluent consumers in Malaysia said they felt having more control over their money and investments, thanks to online banking. Malaysians are also embracing digital wealth management with 58 per cent saying they would invest in financial products online with assistance from an on-demand adviser, according to the study. Standard Chartered Malaysia Managing Director and Chief Executive Officer Abrar Anwar said the emerging affluent consumers are on an upward trajectory and were demanding convenient financial services and digital technology to broaden access to money management and advance their financial wellbeing. He added that the digital financial products were enabling the emerging affluent to achieve their goals, and these tools would be crucial in helping them take their personal financial success to the next level. “Confidence with new technology is important for those who want to be financially digitally savvy, and this will allow them to make the most of new banking technology to manage and grow their wealth,” he said in a statement Monday. The emerging affluent in Malaysia have faith in their bank’s online services with 60 per cent trusting an online advisor, with some, or all of their life savings. But, trust in online-only financial institutions drops off steeply, with just 39 per cent saying they would do the same for online-only banks. Abrar noted that the study also revealed that not being up to speed with technology can block the emerging affluent from achieving their wealth goals at all. The Emerging Affluent Study 2018 titled, Climbing the Prosperity Ladder, examines the views of 11,000 emerging affluent consumers from 11 markets across Asia, Africa and the Middle East. These are individuals who have enough money to spend, save and invest and their economic power has an impact on market growth. -- BERNAMA