About
MSpace at Maybank, a new concept bank branch that breaks away from traditional banking. A space created for the community, a space for learning and a space for discovery. A branch that blends both new technology innovations and people centricity creating a breakthrough multi-sensory customer experience.
Innovation presentation
Concept and objectives
• The strategy is to reposition and reinvent the branch from traditional bank branches.
• The objective of the MSpace at Maybank is to build brand presence in a strategic location & to better engage the younger millennials in Singapore
Reasons behind
• MSpace at Maybank is designed with the value proposition of being highly visible in heart of the community, a space for learning, and a space for discovery.
• This is a branch with many milestones achieved.
Results so far
• First branch in the network which is fully integrated within a café, cashless, digitally engaged, with an integrated e-menu within the Maybank Branch App.
• First Integrated Branch App in Maybank group, with the aim of giving our customers the digital experience that integrates banking services, the café experience and giving the customer a holistic and uninstructive experience. Get a Q from the App and you will receive an SMS to when your turn is coming, while you enjoy a cup of coffee, or as you browse through the lifestyle portals in the app.
• Personalised Experience- the next level of client engagement. Through integration between the q-system and the bank’s database, customer will be surprisingly greeted by name as they approach our service staff. A Mobile CRM tool within the Branch App is then used to have a 360-degree view of client’s portfolio, the next best buys and scalable in the future with face-to-face video bankers. As these systems are on an ipad, for the first time, we are able to bring the banking services to our customers in the at their convenience, even doing banking at the café lounge.
• Differentiated customer engagement levels at the store. Regular seminars and workshops covering lifestyle (e.g coffee appreciation) and financial related topics (e.g. Will planning). CEO engagement sessions. CSR and festivity events across the year with highlights from CNY event, Valentine’s day to Christmas theme in Sept.
Uniqueness of the project
At MSpace at Maybank, the bank meets its objectives through its value proposition and many milestones are achieved in this journey.
Milestones:
1. Launched the first concept branch in the network which is fully integrated within a café.
• Collaboration with an existing SME customer to setup a cashless enabled Café, where the POS and café’s e-menu are integrated within the Maybank Branch App.
• Food and beverages are specially curated for the crowd with 3 signature coffee specially curated for the bank and only available in this outlet.
2. Launched the first Integrated Branch App in Maybank Group.
• The Maybank Branch App is designed and launched with the aim of giving our customers the digital experience that integrates banking services, the café experience and giving the customer a holistic and uninstructive experience.
• Get a Q from the App and you will receive an SMS to when it’s your turn is coming, while you enjoy a cup of coffee, or as you browse through the lifestyle portals in the app.
• It is also a digital library with information on products and services available at the bank. It is designed with call to actions like ‘apply now’, ‘make an appointment’ with a relationship manager, ‘get a queue’, and even an option to ‘email me’ the information back to the customer to peruse it at their convenient time.
3. Provide and WOW our customers with personalised engagements of the next level.
• Through the technological integration between the q-system and the bank’s database, customer will be identified and greeted by name as they approach our service staff.
• A Mobile CRM tool within the Branch App is used to provide a 360-degree view of client’s portfolio, the next best buys and this application is scalable in the future with face-to-face video bankers option.
• As these systems are on an ipad, for the first time, we are able to bring the banking services to our customers at their convenience, without them moving away from their seats and doing banking straight at the café lounge.
4. Designed a branch that blends both new technology innovations and people centricity creating a breakthrough multi-sensory customer experience. This is a place for learning where there are regular thematic workshops and seminars are organised with industry experts, bankers, and professionals. This is also a space for discovery where our customers and the bank to experiment new ideas and innovations.
• Regular seminars and workshops covering lifestyle (e.g coffee appreciation) and financial related topics (e.g. Will planning).
• CEO engagement sessions.
• Festivity events across the year with highlights from CNY event, Valentine’s day to F1 theme.
• CSR events, e.g organising financial literacy talks for the under-privileged, donation drive.
• Product promotions and product launch
• Social media campaigns through FB, IG, capitalising on social media influencers to reach out to the target group.
5. A new dimension of marketing and social media outreach.
• Marketing outreach includes a pre-launch campaign to excite customers on the upcoming opening of the concept store.
• The bank has also outreached to the Millennials via social media influencers via YouTube, Facebook, Instagram, Blogs (financial and lifestyle) for e.g. eatbook.sg, Shout, Money Digest.
• The bank for the first time will be able to penetrate these non-traditional medias and lifestyle channels to attract the target segments.
• A series of videos including a short film was produced by a local millennial youtube channel to spread the news on the new concept store with 81K views of the video as at Dec 2018.
