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Banking, Insurance Sectors Leverage Digital Platform At BNM Carnival
Last update: 06/08/2017

From Nurul Hanis Izmir

KOTA KINABALU, Aug 6 (Bernama) -- The three-day Sabah†Financial Carnival 2017, which comes to a close today, has become the platform for the banking and insurance industries to leverage the digital platform in educating their customers.

Organised by Bank Negara Malaysia (BNM), the carnival aimed at enhancing public awareness on†financial services, financial management and consumer protection, among others.

CIMB†Bank was one of the exhibitors at the carnival, promoting its latest mobile application (app), Electronic Virtual Assistance or EVA, and the newly upgraded CIMB Clicks 2.0.

Speaking to reporters on the sidelines of the event here, its Head of Consumer Sales and Distribution, Nor Azmi Md Yusof said Sabahans, not only the youths but also adults, were†always on the look out for services that could simplify their payment processes.

Launched last year, EVA†is a conversational banking mobile app†that allows customers to check account balances, pay†bills and perform mobile reloads, as well as receive the latest offers by CIMB Bank.

?We observed that the locals here are starting to move into the digital platform when doing their transaction as it is more convenient and easier to use,? he said.

Nor Azmi added that the bank had†received a positive response†during the event.

Besides CIMB, BNM also welcomed a lot of visitors to its booth, especially those who want†to know about their credit information through the Central Credit Reference Information System (CCRIS), which at present contains a database of nine million borrowers in the country.

BNM LINK Department and Regional Office Director,†Datin Arlina Ariff said the central bank was overwhelmed by the interest shown by the Sabahans who wanted to get their CCRIS statements printed.

"We are suggesting that each borrower†get their CCRIS statement printed at least twice a year, or even better to do it on a quarterly basis.

"By doing this, they can get the latest bank statement. This will avoid any mistakes as sometimes the bank also make†some errors, for example, not updating the customer's latest credit information," she said.

Arlina said generally, the system processed†credit-related data received from participating financial institutions and synthesised†the information into credit reports.

The reports will then made available to the financial institutions and borrowers, upon request. This can be done via the machine provided at BNM headquarter†and regional offices in Kota Kinabalu, Kuching, Johor Bahru, Penang and through online.

Meanwhile, Takaful Ikhlas Bhd President/Chief Executive Officer,†Datuk Ab Latiff Abu Bakar said the carnival would help the company, which provides Shariah-compliant protection services, to raise public awareness on takaful†products.

"We want them to know that takaful products are not only applicable to Muslim customers but also†non-Muslim clients.

"Currently, the penetration of takaful products here is only 14 per cent and we hope to grow the number in the future," he said, adding the penetration rate for conventional products now stands†at 40 per cent.

It was reported that the company is expected to introduce an†online platform for basic term life insurance by year-end to encourage youths to obtain insurance coverage.



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