Maybank's Bank Feed Qorus-Infosys Finacle Banking Innovation Awards 2025- Nominated

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Maybank

Maybank Group is the leading financial services provider in Malaysia catering to the needs of consumers, investors, entrepreneurs, non-profit organisations and corporations. The Group, which has expanded internationally, has the largest network among Malaysian banks of over 2,400 branches and offices in 20 countries, employing over 44,000 Maybankers and serving...

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04/06/2025 Banking Innovation

Maybank’s Bank Feed solution, launched in March 2024, Bank Feed is an API-driven solution that allows SME customers to securely connect their bank account to their accounting platform and seamlessly retrieve financial data for the purposes of automatic reconciliation, thus removing the need for manual uploads of bank statements, delays in data entries & reducing human error in financial reporting. The service is provided free of charge to all Maybank SME CASA users as part of its commitment to humanizing financial services for its customers. As the financial services industry increasingly moves toward integrated, superapp-like platforms to better serve its business clients, Bank Feed positions Maybank at the forefront of this evolution. The Bank Feed solution reflects Maybank’s broader Beyond Banking strategy—going beyond traditional financial services to deliver smart, tech-enabled solutions that help SMEs work faster, smarter, and more confidently in managing their businesses.

Innovation details

Country
MalaysiaCategory
Business Banking InnovationKeyword
Open Finance & New FS players, Data, SME Banking, Automation

Innovation presentation

Concept and Objectives: Launched in March 2024, Bank Feed is a transformative solution aimed at solving a persistent challenge for SMEs: the manual and error-prone process of bank statement reconciliation. The project’s core objective is to automate financial data syncing between Maybank’s CASA accounts and popular accounting platforms, Bukku, SQL, AutoCount and Financio, via secure, real-time API integration. This improves accuracy, reduces administrative burden and enhances financial visibility for SMEs.

Reasons Behind the Innovation: The initiative reflects Maybank’s ongoing commitment to meaningful innovation, solving real customer problems through digital tools. By automating back-office processes, we streamline admin tasks, save time and empower SMEs to grow with us, delivering better outcomes and deeper engagement over time. Innovation here isn’t just about technology, it’s about practical, scalable value for customers.

State of Competition: Bank Feed is the first real-time bank feed solution in Malaysia’s SME banking landscape and a unique offering at no added cost for CASA customers. Unlike competitors still reliant on manual or batch uploads, Maybank enables instantaneous data flow through strategic API partnerships. With direct integration to four leading accounting platforms. We are also accounting’s most connected ecosystem, giving SMEs unmatched convenience and choice.

Sources of Inspiration: The idea was inspired by common SME frustrations with manual reconciliation and the success of similar features in mature digital markets. Maybank adapted the concept for the local ecosystem through close collaboration with accounting software partners.

Departments Involved: Key contributors included our SME Banking team, Group Technology and external partners (Bukku, SQL, AutoCount and Financio). The project involved cross-functional coordination across business, IT, compliance and partner management teams.

Main Results So Far: - 80% reduction in manual reconciliation effort - 35% increase in cross-product holdings - 80% of users advocate for the service - Enhanced data accuracy and real-time financial visibility - Significant impact on CASA account acquisition and SME digital engagement

The project exemplifies how innovation at Maybank translates strategic goals into high-impact customer solutions.

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