Maybank sees higher online deals in 2018


Malayan Banking Bhd (Maybank) is confident its online transactions will increase to 6.4 billion this year, following the newly revamped Maybank2u website, which will be launched to the public tomorrow.

Maybank community financial services group head Datuk Lim Hong Tat said since the inception of the bank’s online services in 2000, the number of transactions conducted on its online platform had risen steadily each year.

Last year, it reached 4.27 billion transactions.

“With the advent of mobile banking and the increasing use of smartphones, coupled with growing Internet penetration, the growth in online transactions had accelerated, recording a 49% increase last year,” he told reporters after the launch of the new website yesterday in Kuala Lumpur.

The total number of online monetary transactions via Maybank2u last year was around 360 million. At its peak, it recorded about 20 million transactions in one day.

“Given the speed, security and convenience offered by Maybank2u, we have seen a rapid shift in the number of transactions conducted online compared to over-the-counter (services),” Lim said.

Last year, about 99.6% of Maybank’s total consumer banking payments and transfers were conducted online, as well as self-service platforms (ATMs/automated teller machines).

Lim said the value of its online transactions in 2017 came up to RM318 billion, which is a 34% increase from the previous year.

“The number of registered users on Maybank2u in the country currently stands at 10.69 million and it has been growing steadily. It is expected to grow 20% to 30% annually,” he said.

The newly revamped Maybank2u will be rolled out to Maybank’s key markets overseas such as Singapore, Indonesia and the Philippines by this year or early 2019. With regard to Maybank2u’s technology, Lim said the bank will not be using the blockchain technology at the moment.

Maybank’s newly revamped website will incorporate several new first-of-its-kind features that will provide its users with even more convenience.

It will offer a display of remittance options for customers transferring funds overseas. The display will provide transparency of the charges as well as the exchange rates.

There is also a 360-degree Dashboard which provides each customer a holistic view of his or her accounts and investments.

Apart from that, a debit and credit card spending pattern tracker will also be introduced in stages. This will allow users to track, adjust and manage their spending according to their needs.

Along with this, it will also set forth the Goal Savings Plan, which offers a customised savings planner for customers to plan and achieve their goals by putting aside savings in specifically created sub-accounts.