‘Clo­sure of bank branches to im­prove ef­fi­ciency’

The Sun (Malaysia) - - SUNBIZ -

PETALING JAYA: The clo­sure of bank branches is an on­go­ing ef­fort to en­hance op­er­a­tional ef­fi­ciency of banks, ac­cord­ing to the As­so­ci­a­tion of Banks in Malaysia (ABM) and the As­so­ci­a­tion of Is­lamic Bank­ing In­sti­tu­tions Malaysia (Aibim).

In a joint state­ment yes­ter­day, the as­so­ci­a­tions stressed that the bank­ing sec­tor re­mains op­ti­mistic on the prospects of em­ploy­ment in the in­dus­try in the new fi­nan­cial land­scape.

“To en­hance pro­duc­tiv­ity and ef­fi­ciency, bank staff may have to be re­de­ployed and reskilled to fit the con­stantly evolv­ing re­source re­quire­ments of the in­dus­try,” they said.

CIMB Group Hold­ings Bhd closed 22 branches in the past one year, while Malayan Bank­ing Bhd also ad­mit­ted to do­ing the same with­out re­veal­ing the num­ber of clo­sures.

ABM and Aibim said the ad­vance­ment in tech­nol­ogy and growth of elec­tronic pay­ments have led to the con­ve­nience of con­duct­ing bank­ing trans­ac­tions with­out hav­ing to visit a phys­i­cal bank out­let.

“Trans­ac­tions are be­ing in­creas­ingly au­to­mated to pro­mote bet­ter ef­fi­ciency and ex­pe­di­ency,” they noted

“In this en­vi­ron­ment, banks are fo­cus­ing on dig­i­tal plat­forms, as op­posed to phys­i­cal branches in de­liv­er­ing their ser­vices to con­sumers and busi­nesses.”

They re­as­sured, how­ever, that bank­ing in­sti­tu­tions will con­tinue to pro­vide fi­nanc­ing to sup­port all sec­tors of the econ­omy.

ABM and Aibim also noted that the in­dus­try will be in­creas­ing its fo­cus on ar­eas such as risk man­age­ment, fraud mon­i­tor­ing, reg­u­la­tory re­port­ing, anti-money laun­der­ing com­pli­ance, cy­ber-se­cu­rity and in­for­ma­tion tech­nol­ogy.

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