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Banking Industry In Malaysia

1355 Words6 Pages

Since Malaysia gained its independence in year 1957, the financial landscape has witnessed some remarkable development. Customer satisfaction is considered to be the essence of success in today’s highly competitive banking industry. In this chapter, discussion will be focused on identifying and stating the background of the study, problem statement, research objective, research questions, justification of study, scope of study, significance of study, limitation of study and the conclusion. In general this topic will able to give an insight of the direction of the research and its deliverables.

1.1 Background of the Study
In 19th century, the journey of banking industry in Malaysia started which is during British colonial developed covering …show more content…

For instance, banking hall layout and interior design are not much considered but it’s very crucial for customer experience in today’s banking environment. Customer’s trust has been build up over the period of time and transaction volume increases including remittances services. Banks started to invest in continuous improvement especially on the design resulting each bank compete to provide greater and high technology facilities to their customer. The design of each bank’s branches sketched based on customer experience concept in order to retain and fulfill basic customer necessities. Moreover, banks focused on excellence customer service such as face to face interaction with pleasant setting. Furthermore, the banking sector is undergoing a period of alliance under Financial Sector Master Plan (FSMP) where Commercial Banks are merger with their finance companies and it enables financial institutions to become one-stop financial centers to be more competitive and to better prepare for the financial services sector. Malaysia Bank recorded 17% profit growth in year 2013 although global fluctuations caused by instability in US interest …show more content…

The analysis result will be shared in industry in order to establish better service quality in the banking sector. The regulatory and supervisory framework of Malaysia enters a new stage of its development as the Financial Services Act 2013 (FSA) and Islamic Financial Services Act 2013 (IFSA) come into force on 30 June 2013. The great recession is raising concern among regulators worldwide on shadow banking. The FSA and IFSA is BNM’s response toward efforts to revolutionize the laws to ensure that these laws remain to be appropriate and operative to sustain financial steadiness, funding inclusive development in the financial structure and the economy, as well as to offer acceptable safeguard for

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