Financial inclusion is supported through a number of strategies amongst which includes increased access to financial services, access to financial information and advisory services and consumer education. Currently, 98% of the adult population in Malaysia have a savings account. Given this greater financial inclusion, banks need to recognise their role and their special relationship with their customers. Customers expect banks to provide relevant financial information to them to ensure that they will be able make informed judgments. Avenues for the public to seek redress is also an important part of the financial safety net. The Financial Mediation Bureau provides an alternative redress mechanism between the service providers and consumers on financial disputes. In addition, with the objective of promoting prudent financial management, the Credit Counselling and Debt Management Agency offers free advisory services. This is to ensure the sustainability and resilience of the household sector. In addition, there is also the BNMLINK and BNMTELELINK at the Central Bank to provide a further interface with the public. The objectives of financial inclusion can also be met with the support of banking institutions as the benefits would justify the effort. Banks and other financial institutions that approach their business strategies responsibly and with the consumer interest in mind will stand to reap long-term gains from enhanced franchise value, a strong reputation and positive association with socially responsible values that will engender public trust and confidence. Public confidence is an important pre-condition for financial stability.

The Malaysian financial sector has undergone significant transformation and progress since we launched the Financial Sector Masterplan in 2001. This is particularly most evident in the banking sector which has undergone restructuring, consolidation, and rationalisation. Gradual deregulation and liberalization has also altered the financial landscape bringing with it improved performance and enhanced resilience. This has further matured the banking sector and paved the way for new areas of growth. Besides these tangible results, structural changes have also taken place in the form of the emergence of new entities, the increased presence of new international players and more diversified and developed financial markets. The advancement of deregulation and liberalization have also increased competition which has in turn resulted in further new business opportunities. Within the context of these developments, the banking sector has become an important pillar of strength of our economy. One dimension that is growing rapidly in the context of these developments is the rise of consumerism. The improvement in the quality of life, the rising affluence and better education has resulted in a new generation of consumers whose financial requirements are becoming increasingly more sophisticated. This has resulted in a major reorientation of the banking industry to become consumer driven and to become more focussed on consumer needs. This has brought new financial products and services for consumers. The rise of consumerism demands that products and services can no longer be just generic but must now be tailored to meet consumers' evolving needs.