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Why Trust Should Be The Top Priority In Financial Transactions?

Why Trust Should Be The Top Priority In Financial Transactions?

Kuala Lumpur, 22 Oct: Trust has always been the main issue that builds worrisome among users when it comes to financial transaction.

A typical digital transaction that involves a third party, be it a bank or any financial institution puts us in a dilemma whether we trust the organization or the system per se.

In the United States of America, there are around 34 percentage of millennials and Gen Z who don’t believe in the banking system. The question is, what if this situation that has taken place in other countries happened in Malaysia?

Sweden in example has became the first country in the world to fully adapt cashless financial transaction has developed the Digital ID system.

Senior executive and partner in Covr, Mats Holmfeldt shared about the Swedish financial transaction system at the SCxSC Fintech 2019 Conference, 7.5 million out of 10 million residents in Sweden are using the Digital ID system.

Covr was one of the pioneering companies to develop the system and has been used in many institutions, not just in the banking industry but in the government organizations as well.

“There are 1.5 billion individual identities in the world that cannot be identified. It is impossible for them to engage with society without any proper identification,” he explained.

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He added further that since 2007, the Swedish government has raised awareness regarding the system, resulting in 95 percent of them are aware and understand about the system or using the system.

He stressed that the issues on safety and trust should be the top priority for any company or organisation especially the banking institutions to strike balance in securities as well as providing outstanding customer experience.

The Swedish technological advancement in their financial transaction should be the role model for every country, overcoming the trust and safety issues in every service provided should be the main concern.

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