Smart banking, anywhere: Maybank’s new take on branches
From sleek “phygital” flagship locations to smart, mobile Pop Up booths, Maybank is transforming what physical banking means in the digital age. This article explores the bank’s latest innovations in branch strategy across Malaysia and ASEAN—designed to boost efficiency, reduce costs, and meet customers wherever they are.
From sleek “phygital” flagship locations to smart, mobile Pop Up booths, Maybank is transforming what physical banking means in the digital age. This article explores the bank’s latest innovations in branch strategy across Malaysia and ASEAN—designed to boost efficiency, reduce costs, and meet customers wherever they are.
Maybank operates the largest retail banking network in Malaysia, with a regional presence in several other ASEAN markets, including Cambodia, Indonesia, the Philippines, Singapore and Thailand. It has more than 954 touchpoints, which include branches, premier service and commercial banking centers. In the insurance sector, Maybank collaborates with over 10,000 agents, 46 branches and 17 offices. Its bancassurance network spans over 490 branches, cooperatives, brokers and online platforms.
Recent achievements
The individual account opening process has been streamlined across all Malaysian branches, addressing common customer frustrations and offering a more efficient, seamless and personalized banking experience. This improved process was also rolled out at select branches in Indonesia.
Maybank has improved service delivery efficiency at its Malaysian branches and simplified over-the-counter individual account openings, reducing the time required by 70%, from 51 minutes to 15 minutes, while the transactional NPS score improved from 84% to 97%.
In the Philippines, Maybank has established five branch-lite sites (satellite offices) to distribute auto and mortgage loans. These branch-lites achieved a 67% reduction in operating expenses and a 75% decrease in set-up costs compared to a conventional branch. The aim for 2024 is to add four branch-lite sites in high potential areas for auto, mortgage and RSME.
Special focus: Signature branch in Malaysia
In July 2023, Maybank launched its first ‘Phygital’ Signature Branch at Pavilion Bukit Jalil in Kuala Lumpur, blending physical and digital services to provide a seamless banking experience for 1.5 million residents in the area. This innovative branch serves both individual and commercial clients, offering a comprehensive range of banking services, including retail, wealth management and commercial banking.
The five-story branch integrates advanced technologies, such as straight-through-processing (STP) for faster transactions and digital SME loan applications, to enhance customer experiences. The Digital Lounge on the first floor enables quicker service for online transactions, while private virtual engagement rooms offer personalized consultations with bank officers.
The Signature Branch also supports sustainability and financial inclusion, particularly for women entrepreneurs, by offering tailored advisory services and networking opportunities. Premier customers can access private pods, rooms and exclusive services, including market insights and direct access to the branch via a dedicated parking space with facial recognition entry.
Designed to modernize banking, the branch aligns with Maybank's M25+ strategy, which focuses on enhancing customer experiences through digitalization and technology integration. The Commercial Banking Centre provides corporate clients with convenient access to Maybank officers, ensuring efficient service for busy entrepreneurs.
Special focus: Maybank Pop Up in Cambodia
In December 2023, Maybank launched a portable, smart and functional banking booth, the ‘Maybank Pop Up’, offering a variety of financial services and products at select locations for a limited promotional period. The first Pop Up debuted in Cambodia, marking the nation's first portable banking booth, providing a full range of services in select locations.
What makes it special for customers?
• Accessibility: Banking services available 7 days a week for a limited time.
• Rewards: A hub for rewards and exclusive offers.
• Fast account opening
• Lifestyle banking: A banking experience that integrates leisure and convenience.
Services offered:
• Opening savings accounts
• Signing up for debit/credit cards
• Registering for mobile banking
• Applying for loans
• Offering scholarships and career advancement opportunities
• Serving as a community engagement hub
This initiative demonstrates Maybank's commitment to engaging a dynamic customer base in new and impactful ways. The first Pop Up proved a great success, attracting eight times more customers per day than a typical branch while reducing costs by 10% to 16% compared to establishing a new small branch. A total 575 new accounts were opened, saving customers time and eliminating the need to visit a traditional branch. With 84% of targeted account openings achieved, the Maybank Pop Up shows significant promise as an innovative and unconventional hub for banking and marketing.
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