KUALA LUMPUR (Dec 2): Malaysian banks currently lose more than 50% of new sales to competitors, and could potentially get worse, according to a survey. In its recent annual report on consumer banking behaviors, Bain & Company said deposits made up about 55% of purchases from primary banks in Malaysia over the last 12 months, versus just 22% at competing banks. It said insurance was the most-purchased product at competing banks taking up 36% of purchases, followed by deposits. The report said that in Malaysia, about 40% of customers said they would switch their primary bank, if it were easy to do so. “They don’t switch their primary bank, because it’s too much hassle to do so.

Source: The Edge Markets December 02, 2016 04:17 UTC