Maybank To See 50% Growth In Mobile Banking Transactions

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The Malay Mail Online

Malay Mail

KUALA LUMPUR – Maybank expects the value of banking transactions via its mobile platform to rise by over 50% this year to some RM25 billion, driven by the new Maybank2u app as well as growth momentum achived last year.
Maybank group chief strategy officer Michael Foong said the volume of digital banking transactions via all online channels (including desktops and personal computers) rose by 14% demonstrating that users are increasingly comfortable with digital platforms,” he said.
The refreshed app allows customers to get instant access to their balances, with fingerprint recognition technology. Weaved into the app is the ability to view an aggregated balance of all accounts, providing a better view of the customer’s financial standing.
Another first for mobile banking is the Secure2u feature enabling customers to enjoy added security for their transactions. To be introduced by end-April, Secure2u allows a customer to have the option to acknowledge and digitally verify transaction via the new app.
Delays in receiving transaction authorization codes (TAC) via SMS will also be eliminated as Secure2u comes embedded with Secure TAC which allows for TAC to be generated on the mobile app.
The new app also enables Open Fund Transfer following customer feedback, allowing them to perform transactions to a third party who is not listed in the “ favorites list”.
Foong said over the next few months, Maybank’s product roadmap will see new app features such as facial recognition as well as the progressive rollout of the new look-and-feel in key overseas markets.
The bank recorded a growth of 34% in the number of active online users in 2016 compared with 2015, while the number of active mobile users rose nearly 42% in the same period. The number of transactions carried out online was closed to three billion in 2016, with close to 500 million being done on mobile.
Maybank expects the proportion of customers transacting digitally will grow exponentially over the next few years.
The pilot launch of the new Maybank2u app in mid-March has seen good traction with more than 57,000 downloads to date, and 82% of users rated the app as excellent.
Separately, Maybank and Bizsphere Brand and Marketing Group jointly presented a four-day exclusive workshop on a weekly basis last month, designed to provide small and medium enterprise (SMEs) with in-depth knowledge on how to gain competitive advantages in running and growing their business in these difficult times.
Participants were engaged on 14 topics facilitated by industry experts from Malaysia Productivity Corporation, Matrade, Seek Asia and seven of Bizsphere’s SME and branding affiliate consultants including managing consultant Yap Keng Teck.
“Many SMEs know the importance to leverage on branding and the need to be more efficient in operation but just do not know where to start and how to justify their case to their management. “In this workshop series, we go in-depth, providing statistics, processes, templates, case studies to give the SMEs much cleaner idea so to start them off,” Yap said.