In the realm of customer service within Malaysia's financial services sector, a distinct preference for human touchpoints and meaningful relationships persists among consumers, particularly in banking and insurance. Kantar's observations shed light on the importance of personalized interactions and the human element in fostering loyalty and forgiveness towards financial institutions.
Malaysian consumers, when it comes to banking and insurance, value the availability of human assistance over automated systems. The ability to connect directly with a banker or representative, bypassing IVR systems, is highly appreciated. A positive relationship with a banker significantly influences consumers' perceptions and their willingness to forgive any shortcomings from their chosen financial institution.
Furthermore, a strong focus on financial stability and sustainability acts as a magnet for customers. Malaysians are drawn to institutions that demonstrate a commitment to responsible practices, aligning with their values and aspirations.
While self-service options such as apps and websites are preferred for routine transactions, affluent and high-net-worth individuals expect a higher level of service. They require personalized attention from knowledgeable and responsive relationship managers who can seamlessly fulfill the dual roles of account manager and wealth advisor. However, many banks struggle to integrate these functions effectively.
Kantar's BrandZ study highlights that in the past three years, the financial sector's success hinges on delivering a differentiated experience that resonates with consumers. Despite not always having the strongest brand recognition, institutions like Public Bank Berhad, Maybank, and CIMB demonstrate significant value in the market through meaningful engagement and relevance.
Key factors driving brand equity include consistent communication, relevance, and a deep emotional connection with customers. Maybank, for instance, excels in brand equity due to its fulfilment of these pillars, positioning itself as both relevant and beloved by consumers.
In contrast, the insurance sector in Malaysia exhibits less emotional engagement, with customer relationships primarily centred around product fit, reputation, and trust. Global brands like AIA, Prudential, and Great Eastern rank highest in trustworthiness, leveraging their global reputation to instil confidence among consumers.
According to Kantar's Trusts Index, the foundation of trust in insurance companies rests on integrity, identification, and inclusion, collectively contributing to inspiring trust among consumers.
In conclusion, Kantar's insights underline the critical importance of customer-centric approaches and emotional connections in the financial services landscape of Malaysia. By prioritizing personalized interactions, sustainability efforts, and consistent brand communication, institutions can elevate customer service levels and build enduring trust and loyalty among consumers.
Maslina M Mokhtar
Client Partner Brand & Customer Experience Malaysia
Experienced professional specialising in consumer behavior and technology advocacy within various industries across Asia and Africa, with over two decades of expertise. Known for strategic planning, brand development, business transformation, and elevating consumer experiences.
Malaysian consumers, when it comes to banking and insurance, value the availability of human assistance over automated systems. The ability to connect directly with a banker or representative, bypassing IVR systems, is highly appreciated. A positive relationship with a banker significantly influences consumers' perceptions and their willingness to forgive any shortcomings from their chosen financial institution.
Furthermore, a strong focus on financial stability and sustainability acts as a magnet for customers. Malaysians are drawn to institutions that demonstrate a commitment to responsible practices, aligning with their values and aspirations.
While self-service options such as apps and websites are preferred for routine transactions, affluent and high-net-worth individuals expect a higher level of service. They require personalized attention from knowledgeable and responsive relationship managers who can seamlessly fulfill the dual roles of account manager and wealth advisor. However, many banks struggle to integrate these functions effectively.
Kantar's BrandZ study highlights that in the past three years, the financial sector's success hinges on delivering a differentiated experience that resonates with consumers. Despite not always having the strongest brand recognition, institutions like Public Bank Berhad, Maybank, and CIMB demonstrate significant value in the market through meaningful engagement and relevance.
Key factors driving brand equity include consistent communication, relevance, and a deep emotional connection with customers. Maybank, for instance, excels in brand equity due to its fulfilment of these pillars, positioning itself as both relevant and beloved by consumers.
In contrast, the insurance sector in Malaysia exhibits less emotional engagement, with customer relationships primarily centred around product fit, reputation, and trust. Global brands like AIA, Prudential, and Great Eastern rank highest in trustworthiness, leveraging their global reputation to instil confidence among consumers.
According to Kantar's Trusts Index, the foundation of trust in insurance companies rests on integrity, identification, and inclusion, collectively contributing to inspiring trust among consumers.
In conclusion, Kantar's insights underline the critical importance of customer-centric approaches and emotional connections in the financial services landscape of Malaysia. By prioritizing personalized interactions, sustainability efforts, and consistent brand communication, institutions can elevate customer service levels and build enduring trust and loyalty among consumers.
Maslina M Mokhtar
Client Partner Brand & Customer Experience Malaysia
Experienced professional specialising in consumer behavior and technology advocacy within various industries across Asia and Africa, with over two decades of expertise. Known for strategic planning, brand development, business transformation, and elevating consumer experiences.