Fostering Innovation: A Perspective from The Financial Services Industry & Fintech in Malaysia

*Available in digital version only
23 May 2018
31-page report

In recent years, the arrival of the Fourth Industrial Revolution (4IR) has brought with it many exciting innovation possibilities for the financial services industry (FSI). In Malaysia, we have witnessed digital transformation, introduction of Internet of Things (IoT) and utilisation of big data, just to name a few. Development of innovative solutions is expected to accelerate as financial institutions (FIs) together with the key stakeholders of the FSI increase their demand for cutting-edge technology.

Yet, what remains unclear from an organisational perspective is the current state of play regarding innovation in the FSI: do FIs have in place the necessary innovation elements within their organisations? What challenges do the FIs face when it comes to innovation? How do financial technology (FinTech) start-ups fit into the equation? What's in store for the FSI in the next three years?

AIF hopes to shed some light on these questions through this report, which include findings gathered from a comprehensive online survey of over 300 financial services practitioners, as well as a series of interviews and focus group discussions. Senior managers and human resource practitioners should find the report to be an invaluable resource to understand the readiness of their organisations in promoting innovation at work.