Banks in Malaysia needs to launch more awareness campaigns and education programmes to teach Malaysians why saving money is important.
According to Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi, saving money is important as Malaysia is heading towards a developed country status by the year 2020.
He also added that the level of saving habits among Malaysians was still low compared to countries like Japan and South Korea.
By inculcating saving habits in Malaysians, the government can resort to less foreign borrowing. Right now, most are practising forced savings such as Employees Provident Fund (EPF), Tabung Haji (TH) and cooperatives.
Earlier today Ahmad Zahid launched the first Virtual Teller Machine (VTM) service in Malaysia. This project involves a strategic collaboration between BSN and Vastcomp.
VTM basically allows you to carry out transactions such as balance inquiry, deposits, withdrawals, interbank fund transfers and bill payments.
But what’s different with the VTM and other ATM machines is that all transactions require customers to insert their MyKad into the VTM and have their thumb print verified, while transactions are also recorded for security purposes.
According to The New Straits Times Online, BSN customers will be able to use the new banking service at 31 branches, with 93 VTMs serving customers which started on Dec 2. The system also involves a total of 450 BSN tellers as virtual teller agents (VTA) nationwide.