SHAH ALAM, Oct 25: Artificial intelligence (AI) can help consumers detect suspicious financial activity, receive timely alerts, and make better financial decisions.
Bank Negara Malaysia (BNM) Governor Dato’ Sri Abdul Rasheed Ghaffour said financial services technology must prioritise consumer needs, helping them understand their options and the associated risks.
“In this regard, AI has the potential to streamline the delivery of information, identify unusual activities, and provide alerts at the right moment,” he said during his address at the launch of the Selangor Financial Literacy Carnival 2026 at Central i-City yesterday.
He said that understanding how consumers make financial decisions enables financial institutions to provide services that are better tailored to their specific needs.
However, Abdul Rasheed emphasised that technology should not replace a consumer’s judgment; it should help consumers understand the implications of each financial choice.
“Instead, technology should help consumers grasp the implications of their choices, safeguard their personal data, and ensure that support remains readily available,” he added.
While technological advancements have made financial transactions faster and more convenient, Abdul Rasheed said both financial institutions and consumers must work together to ensure these conveniences are utilised safely and responsibly.
Consequently, effective financial protection requires consumer vigilance, complemented by financial institutions' efforts to strengthen security measures, including for online banking.
The Selangor Financial Literacy Carnival 2026 serves as a platform to raise public awareness regarding prudent financial management. It also builds on a decade of multi-stakeholder collaboration to expand financial education to broader segments of society.
Abdul Rasheed added that these efforts must be further strengthened to help the public make better financial decisions, secure appropriate protection, and enhance their resilience in the face of financial challenges.
