(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.