Consumer Insights Research in Malaysia

Categories : Customer and Users of Digital Payments, Customer needs and HCD


Author: UNCDF

The consumer insights research series is designed to inspire providers, regulators and other financial market facilitators to design financial services and markets that respond to the aspirations of low-to-moderate income (LMI) people and improve their financial health. Why financial health? Financial health matters because our research shows that financial pressures prevent LMI people from having a sense of fulfilment in life. While most Malaysians now have a bank account, much more can be done to make financial services relevant for the 15 million LMI customers.

‘Meet the customers’, presents six customer groups that emerged from the interviews. We explored the low usage rate of financial services, especially services enabled by technology. Considering customer groups designing a digital financial product can increase uptake and financial health of LMI customers.