Maybank eyes RM22b transactions through mobile platform by year-end

KUALA LUMPUR: Maybank, which is stepping up efforts in the digital banking space, is eyeing RM22 billion in transactions via its mobile platform by year-end.
“Currently, I think we are grossing over RM19 billion, so the target is most likely achievable,” group chief technology officer, Mohd Suhail Amar Suresh told reporters at a press briefing held in conjunction with Maybank Group’s Digital Day.
“The statistics say more than 48% or approximately 50% actually do engage with us actively through digital platforms,” Suhail added.
The banking group, which has seen a 50% growth in mobile transactions since 2015, views that it is well-equipped to handle the exponential rise in demand and usage of digital channels over the years.
Suhail said one year ago the bank saw every other new account holder becoming a digital customer, now about 90% of new account holders get onto the digital platform.
He said the group is banking on the millennial segment to drive the digital agenda, and is hopeful that its non-digital customers will migrate to digital platforms.
Maybank, which aims to become the digital bank of choice in the region by 2020, has also channelled an undisclosed amount in strategic investments, as part of efforts to enhance its digital channels and build a technologically driven ecosystem.
Additionally, it is also focusing on building its digital foundation and strengthening its internal capabilities via its internal research and development, prototyping and rapid development team and its Bangalore-based offshore development centre.
On strengthening its internal human resource for the digital segment, the group said it will reduce dependency on vendors, as outsourcing may not be a cost-effective move and offerings may not be exclusive to the bank.
While going down the digital path is cost effective and is in line with its 2020 strategic objective of becoming a regional digital bank of choice, Maybank said its brick and mortar branches remain an important distribution channel with a key focus on sales. Its staff has also been re-skilled in line with the transformation.
On another note, commenting on Bank Negara Malaysia’s initiative for a shared payment infrastructure in the form of Payments Network Malaysia Sdn Bhd (PayNet), Suhail said that the move will be good for banks as it will consolidate various payment channels and enhance interoperability between banks.