News – Better access to banking services

In this current environment where money are mostly digital, access to banking, especially electronic banking, is crucial. One of the main advantage is ease of use. But the other aspect of electronic banking is something that most people not aware of. Every transaction can be monitor, recorded and stored indefinitely (storage is not an issue since storage cost per GB has drastically reduced). Which means that people with agenda on their mind. It is not always the government that is interested in the information but other special interest group like bankers, corporation or any entity with deep pocket money (since the data can be package and sold to the highest bidder). But government are the most happy bunch of all groups since they can maximise their tax collection! Compared to now where government depends on ‘honesty’ of its citizen to report their income. A little bit of scare tactics also help in collecting the tax but its nothing compared to sitting in front of monitor and seeing every transaction done by each of its loyal subjects and clicking on each to mark as taxable!

 

He said agent banking provided a cheaper alternative for FIs to reach out to the under-served segment of the population.

As at end-July, during the pilot run of agent banking, some 1.1 million transactions worth RM194 million have been conducted through 2,322 agents of the three participating banks.

The three FIs are Malayan Banking Bhd, RHB Bank and Bank Simpanan Nasional.

“It was noted that the most popular services were bill payments (76.6 per cent), bank deposits (14.5 per cent) and bank withdrawals (6.3 per cent).

Kamari said he hoped to see more FIs adopting agent banking, now that BNM had issued its guidelines on it.

The guidelines are aimed at facilitating the implementation of agent banking in unserved areas in a reliable, safe and sustainable manner while safeguarding consumers’ interest and confidentiality.

The guidelines list the requirements to be observed by FIs in the areas of governance and oversight, management of agents, customer protection, awareness and education.

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