Steady rise:

The Star Malaysia - StarBiz - - Front Page - By TOH KAR INN karinn@thes­tar.com.my

(from left) May­bank head of vir­tual bank­ing and pay­ments Kalyani Nair, group chief tech­nol­ogy of­fi­cer Mohd Suhail Amar Suresh, head of group com­mu­nity fi­nan­cial ser­vices Datuk Lim Hong Tat, group chief strat­egy of­fi­cer Michael Foong and head of com­mu­nity fi­nan­cial ser­vices Malaysia Datuk Hamir­ul­lah Boorhan at the launch of the new In­ter­net bank­ing plat­form May­bank2u to cater to the ris­ing on­line bank­ing trans­ac­tions.

KUALA LUMPUR: Malayan Bank­ing Bhd (May­bank) ex­pects its on­line bank­ing trans­ac­tions to in­crease to 6.4 bil­lion this year from 4.27 bil­lion in 2017.

This will be driven by the new and reimag­ined May­bank2u web­site, which will be launched on April 19.

May­bank group head of com­mu­nity fi­nan­cial ser­vices Datuk Lim Hong Tat said the to­tal num­ber of on­line bank­ing mon­e­tary trans­ac­tions via May­bank2u last year to­talled around 360 mil­lion, and at its peak, May­bank2u had recorded some 20 mil­lion trans­ac­tions in one day.

“In 2017, some 99.6% of our to­tal con­sumer bank­ing pay­ments and trans­fers were con­ducted over our on­line and self-ser­vice plat­forms (ATM).

“The value of mon­e­tary trans­ac­tions on May­bank2u amounted to RM318­bil last year, which marks a 34% growth from 2016.

“The trend will con­tinue, given the quan­tum leap in on­line bank­ing users and the added func­tion­al­i­ties that have sim­pli­fied bank­ing even more in the new May­bank2u web­site,” he said at the me­dia pre­view on the web­site.

The num­ber of reg­is­tered users of May­bank2u in Malaysia has been grow­ing steadily and cur­rently stands at 10.69 mil­lion, with this fig­ure ex­pected to grow by 20% to 30% an­nu­ally.

The new May­bank2u comes with a com­plete change of user in­ter­face and of­fers an en­hanced ex­pe­ri­ence when trans­act­ing.

It has also been sim­pli­fied, tak­ing into ac­count the per­son­alised needs and feed­back of cus­tomers.

Lim added that May­bank’s aim to mi­grate as many cus­tomers as pos­si­ble to dig­i­tal en­ables straight­through pro­cess­ing, such as in­stant on­line ap­proval for cards.

Straight-through pro­cess­ing ef­fec­tively cuts costs for the group, with cost re­duc­tions of up to 80%.

“Our ex­pe­ri­ence shows that when cus­tomers open ac­counts, that would be the best time to get them to open on­line bank­ing ac­counts with a pen­e­tra­tion rate of 90%.

“The chal­lenge lies in the mi­gra­tion of our ex­ist­ing cus­tomers to on­line bank­ing, which makes up 30% to 40%.

“Hence, there is ex­po­nen­tial growth for on­line bank­ing trans­ac­tions and we ex­pect more cus­tomers to come on board as we con­tin­u­ously strive to cre­ate greater value through the ad­di­tion of new ser­vices and en­hanced user ex­pe­ri­ence for our cus­tomers,” said Lim.

Ad­di­tion­ally, the new May­bank2u will be pro­gres­sively rolled out to May­bank’s key mar­kets over­seas such as Sin­ga­pore, In­done­sia, and the Philip­pines, with work in progress al­ready un­der­way for the new May­bank app, in line with the group’s mo­bile first strat­egy.

Lim ex­pects the new and reimag­ined May­bank2u to be avail­able for its Sin­ga­pore and In­done­sian cus­tomers by early next year.

To date, the num­ber of reg­is­tered May­bank2u users in Sin­ga­pore and In­done­sia stands at 275,000 and 660,000, re­spec­tively.

Some of the new fea­tures of May­bank2u in­clude per­son­alised se­cu­rity im­age and web­site theme, as well as a dis­play of re­mit­tance op­tions for over­seas fund trans­fers, which will pro­vide trans­parency of the charges, for­eign ex­change rates, and in­di­ca­tion of time taken for trans­fers.

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