Banks, trust, and having the right scrutiny
Tan Jee Yee | 01 Feb 2019 00:30
The inaugural Financial Services Reputation Index for Malaysia, released recently by MHP Communications, yielded a number of surprises. As it turns out, a large majority of Malaysians – 83% of those surveyed – believe financial services companies have become more trustworthy in the past decade.
As a whole, Asia has shown surprising trust towards financial institutions: 90% of consumers in Singapore and India have a positive perception of the industry, while China and Hong Kong are at 84% and 82% respectively.
The findings are startling because the 1997-98 Asian financial crisis and the 2008 global financial crisis had ushered in much uncertainty in the financial sector globally, as noted by MHP’s Index.
“Despite the challenges faced by Malaysia’s financial sector in the past year, following the developments at 1MDB and the change in government, the sector’s reputation remains surprisingly resilient,” says Emma Smith, CEO of MHP Communications Asia Pacific, during the index’s uncovering event.
Only 13% of the respondents in Malaysia rated the reputation of financial services here as “bad” while another 3% said “don’t know”.
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