Digitalisation efforts have allowed Maybank to scale in a more efficient manner, earning it the accolade of Best Digital Bank for CX in Malaysia by The Digital Banker, and Best Mobile Banking by The Asian Banker Malaysia Award in 2022.
With more savings, loans, and a higher TFA compared to non-digital users, Maybank is now moving towards deepening relationships with its’ digital users. Digitally engaged customers have shown higher deposit balances across segments, further driving this move from the bank.
As such, Maybank introduced its M25+ aspiration, an expanded phase of its initial M25 plan.
Maybank’s M25+ Stated Purpose:
“We are a values-driven platform, powered by a bionic workforce that humanises financial services”
Through M25+, Maybank reinforces the push for differentiation and focus across five strategic thrusts; three of these strategic thrusts hinge on digitalization and technological modernization.
In the M25+ purpose, “platform” refers to the bank’s digital aspiration seeking to integrate customer offerings through a common digital infrastructure. “Bionic workforce” alludes to the bank’s focus on upskilling and equipping Maybankers with technological capabilities to drive the bank’s collective potential. Finally, the phrase “Humanises financial services” places customer-centricity at the heart of efforts; anchoring the developments of solutions and services that serve all aspects of their life and financial journeys.
This article outlines the digital strategy employed by Maybank to drive these priorities.
Overall Digital Investment:
To enable Maybanks M25+ strategy, the bank will channel strategic investments of approximately RM3.5 – RM4.5 billion over the next three to five years to drive several key programs and build new capabilities across key focus areas:
Tech for Tech:
This outlines the banks digital investments towards driving improvement of the bank’s digital infrastructure, accommodating digitalized operational processes. 24% of the groups IT investments are allocated towards initiatives within this pillar.
Tech for tech expenditure is the engine driving the ‘platform’ aspect of the M25+ aspiration; shoring up the digital infrastructure that enables the development of digital services.
Key initiatives:
Channel/Customer Enablement Integration:
- To enable unified omnichannel experience based on shared reusable services.
Shared Data Platforms:
- To facilitate the ease of data consumption for business through automation and data quality enhancement.
- For example, the bank implemented an Enterprise Metadata Management (EMM) platform, serving as a data catalogue and further fuelling the bank’s data-driven journey.
- The bank also created a Data Quality Management System (DQMS), allowing users to report data quality issues.
Enterprise Collaboration:
- Deploys all necessary tools in an integrated environment for all workforce in the enterprise.
STPs and APIs:
- End-to-end STPs with API and micro service layer enabling integrations of ecosystems within and beyond banking services.
Cloud and Automated Infrastructure:
- Enabling the transition to cloud via a dedicated secure cloud offering.
- Aims to automate all infrastructure and environment.
Tools Enablement for Developers and Tech Talents:
- Enhancing the developer environment by deploying supporting tools and improving automation across processes.
Cybersecurity:
- Supporting the deployment of all necessary tools, platforms and controls across the group with no deviation
- Incorporated a Zero Trust security framework aimed at minimizing risk of cyberattacks.
Agile Governance and Processes:
- Efforts underway to streamline governance processes, reducing time to develop and launch projects.
- Supports agile engineering mindset across the enterprise.
Tech for Business:
53% of the bank’s digital investments will be geared towards enhancing consumer and SME customer journeys end-to-end (E2E), with business-driven architecture enablement to support business unit Strategic Programmes.
This supports the “Humanising Financial Services” aspiration of the M25+ strategy. While it intertwines heavily with Tech for Tech providing the necessary digital infrastructure, Maybank is placing a large emphasis on the development of services and solutions that enable and enhance the digital customer journey.
These new services and solutions development cater to several of Maybanks customer segments:
- Consumer & SME: Customer Experience (CX) Journey E2E
- Wholesale Target Operating Model (TOM): Creating loan originating systems
- Regional wholesale: Creating payment hubs and trade
- Islamic banking: Creating regional Islamic wealth platform
- Insurance: Front-to-back (F2b) transformations
Key initiatives have brought big successes to Maybank, establishing its’ position as a frontrunner among ASEAN:
CX Journey E2E:
- Launched Home2u, Malaysia’s first digital home financing solution, and Personal Loan Financing STP via Maybank2u and MAE app
- Expanded Digital Wealth solutions to include goal-based investing on Maybank2u and MAE app in Malaysia and in Indonesia via M2U ID app. The expansion generated 10,200 goals created, amounting to RM18.20 million in sales.
- Collaborated with ApplePay to enable contactless payments via iPhones or Apple Watches in Malaysia and Singapore
Regional wholesale:
- Implemented Regional Cash Management System (RCMS) in Shenzhen and Kunming branches in China, upgrading existing payment modules and consolidating all four China branches into a single provider.
- Implemented RCMS in Cambodia, enabling cross-currency payments.
Islamic banking:
- Allows application for Islamic mortgage financing through the MAEapp (Maya Home), enabling a fully digital home ownership journey with a shorter turnaround time.
Insurance:
- Etiqa Malaysia enhanced its All Things Auto (ATA) system, which included automated case assignment to the nearest active service provider. An additional functionality allowed policy holders to track the location of their service providers in real time.
- Etiqa Singapore launched its new AI chatbot on its’ customer web portal.
Maybank’s efforts are in offering omnichannel experiences with smooth navigation across the various touchpoints and offerings within the same platform. With a focus on delivering differentiated customer experiences, Maybank has seen the fruits of its’ labour by the ability to maintain its’ position as an industry leader, with a Net Promoter Score (NPS) of +24, along with recognition as the Best Digital Bank for CX in Malaysia from the Digital CX Awards in 2022.
People & Other Investments:
To accelerate the institutionalization of Agile Delivery among Maybankers, driving talent investments and appointment of expert resources to empower Maybankers with new-age skills and roles. These efforts are comprehensively aligned towards developing the “Bionic workforce” behind the groups M25+ strategy, with a focus on developing next generation talents and capabilities.
Key initiatives:
- Enable a myriad of on-demand digital learning platforms such as Harvard ManageMentor (HMM), Spark, MyCampus, and the Learning Outreach Future App (LOFA)
- Enforced a Mobile Work Arrangement for flexibility to work from varied locations, implementing a variety of engagement platforms suited for the hybrid-working environment.
- Launched the Techies Internship Programme (TIP) as part of the bank’s pipeline building strategy.
- Rolled out various FutureReady programmes, focusing on enhancing employees’ digital skills. Modules include Business Analytics and Digital Marketing training, which enabled employees’ to generate an additional RM5 billion in sales.
Key takeaway
Maybank is steadfast in its conviction that digitalization serves as a catalyst for achieving its M25+ aspiration. As such, the bank is committed to intensifying its efforts to cultivate stronger relationships with digitally engaged customers. In essence, Maybank demonstrates a commitment to a comprehensive digital approach; positioning the bank as a leader in meeting the evolving needs of customers while driving innovation in the banking industry in the country and regionally.