Digital wallets & online payment firms dominate YouGov's Bank and Payment Brand Rankings in M'sia

Local brands also excelled, topping the overall ranking and the Improvers’ list

Malaysian digital wallet and online payment platform Touch ‘N Go eWallet has come up tops in YouGov’s Bank and Payment Brand Rankings 2022 (39.9 points), ahead of second-placed Maybank (38.7 points).

The rankings are based on YouGov BrandIndex’s positive Consideration score, which measures the percentage of a brand’s customers who would consider it when next in the market to use a Financial Institutions & Services brand. The rankings show the brands with the highest average Consideration score between 1 October 2021 – 30 September 2022 compared with the same period in the previous year.

Touch ‘N Go was not the only digital banking service on the rankings, with DuitNow (29.0 points), FPX (23.2 points), Paypal (22.8 points), Visa (22.4 points) and GrabPay (20.2 points) also ranking within the top seven.

Retail bank CIMB was the only other traditional bank on the rankings in eighth with a Consideration score of 19.9 points. Malaysian debit card MyDebit (18.8 points) and electronic payment services company Mastercard (18.5 points) rounded off the top ten.

Alongside the overall rankings, YouGov also released the ten “most improved” brands of the past year for the financial services sector. Digital banks and payment companies continued to dominate the Improvers’ rankings, with DuitNow (+8.8 points) and Touch ‘N Go eWallet (+8.2 points) being the two most improved brands for the past year.

MyDebit (+3.0 points), FPX (+2.1 points) and bill management and payment system JomPAY (+1.8 points) were the next most improved.

Want to see how other markets compare? Download the full report here.

Methodology:

The data included in the YouGov Bank and Payment Systems Consideration Rankings report 2022 has been drawn from YouGov BrandIndex.

For the brand ranking, brands were ranked based on their ‘consideration’ score. In this metric people are asked, “when you are in the market next to make a purchase, which brands would you consider?”. Brands were ranked by this consideration score between October 1, 2021, and September 30, 2022. To determine the biggest improvers, brands were sorted by change in score between that time and the previous twelve months.

All scores listed above have been rounded to a single decimal place; however, we have used additional precision to assign ranks. All brands must have been tracked for at least six months to be included in either ranking.