Malaysia Islamic Banks Merge for Change
Under the latest news, Malaysia Islamic banking is undergoing change with the government propose merge of Bank Islam, Bank Simpanan and Bank Muamalat. Since this three bank is mainly in serving civil servant, and the impact for after merge for “right sizing” (to eliminate branch and job duplication) , it most likely to take place after the election that is close, as the market news. If merge take place, by right it will forming second largest islamic bank (after Maybank Islamic).
What bring this in our article is the implication for the megatrend of “fintech” adoption of the banking industry and sector in the global scale, the wind for change will result in less physical bank branches presence (less headcount needed) and higher ebanking self services and online banking operation. One of the digital transformation (DT) massive change that undergoing that eventually changing lot of traditional business model.
Massive of former workforce that do not fit the changing new business requirements will require reskilling to cope with new changing requirement. Offcourse, massive layoff will still take place and other industry and sector need to absorb them.
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New source: The Edge Malaysia weekly (20 – 26 Nov 2017 issue).
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