Customer protectionism ‘vital’ for banking sector

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Customer protectionism became a "very important" agenda for the banking sector, chief executive officer of Bank Muamalat Malaysia Berhad said.

"Customer protectionism has become a very important agenda in the banking sector because there has been a lot of apps and things which are taking out customer information," Dato' Haji Mohd Bin Abdul Wahid told Anadolu Agency late Wednesday, on the sidelines of the General Council for Islamic Banks and Financial Institutions (CIBAFI) Global Forum in Istanbul.

The two-day CIBAFI Global Forum 2018, which ended Thursday with Anadolu Agency as its global communication partner, focused on how the industry will fulfill its obligations while remaining competitive and relevant within global financial markets.

Wahid said the banks have to be careful when getting involved in technology since there is no compromise on customer data that has been given away.

He stressed the customer data should be accurate and said: "We have to educate customers towards protecting their data as well.

"Customer protection is very important moving forward, especially with the advancement of technology. The banks have got to play a role in this."

Wahid said the banks should invest in technology and properly train their staff on which information can be given.

Commenting on the Malaysian business with Turkey, Wahid said Kuala Lumpur wants to engage with the Turkish banks.

"In terms of relationship with Turkish banks, we and Malaysia hope to engage with the Turkish participation banks and see how we can work together, exchange information and increase trade among Turkish and Malaysian banks because there is a lot of common things that we can do with Turkey," Wahid said.

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