Submitted by

Maybank Berhad

Premium
11/10/2022 Banking Innovation
MAE by Maybank2u app is the first e-wallet in Malaysia to allow users to open a bank account via their mobile phones. The new e-wallet merges both e-wallet functions and mobile banking features, enhancing service capabilities that include an in-app virtual Visa debit card, QRPay contactless payments and seamless money transfer functions. With MAE by Maybank2u app as the new home for MAE e-wallet, users can also apply for MAE Card with the card manageable via the app itself conveniently. This next-generation customer-focused platform in an agile manner, addressing core objectives of financial inclusion, financial management and financial literacy. Comes with many features that create extra convenience to users such as Tabung for ease of savings based on goals, and Expenses to track and monitor spending based on categories and lifestyle of customers.
Innovation details
Country
Malaysia
Category
Reimagining the Customer Experience
Keyword
Retail banking

Innovation presentation

In June 2000, Maybank was the first Bank to launch an internet banking website, Maybank2u.com.my, bringing banking to new levels of convenience, enabling customers to perform balance enquiry, make fund transfers, bill payments, online stock investment and electronic procurement (B2B solutions). Twenty years later, Maybank2u has remained as the backbone for internet and mobile banking in Malaysia, where new features and functionalities have been added over the years, evolving into its very own mobile app ecosystem. MAE by Maybank2u app ecosystem is an orchestra of interconnected financial and non-financial products and services which lay the very foundation of business operations and daily life. Paying attention to not just our customers’ needs but also to the ever accelerating pace of technology and global trends, MAE app has grown and evolved to serve the needs and requirements of our customers from almost every aspect. With fully digital product application and approval, innovative payment solutions for businesses and retail customers alike, convenient bill payments and remittance features, financial literacy tools, a secure e-Wallet with marketplace capabilities and Sama-Sama Lokal, all interconnected within the Maybank2u ecosystem. Just recently, Maybank launched two digital initiatives in our MAE mobile banking app, namely Home2u & Personal Digital Financing, Malaysia’s first-ever digital home and personal financing solution within an integrated banking application, capable of providing approval for financing within 10 seconds. Maybank Home2u enables the user to browse through property listings from reputable developers, making home financing applications and approvals faster, simpler & smoother, and chat in-app with dedicated consultants whenever the user needs assistance. It has an integrated Insurance Ecosystem within the MAE app to offer comprehensive insurance products from full-scale insurance such as home and auto to bite-sized insurance to cover users’ specific needs which allows customers to decide and obtain the right insurance that fulfills their needs anywhere and anytime. Moreover, leveraging on our comprehensive credit risk metrics and modeling capabilities, Maybank Personal Digital Financing, has a new decision engine that boasts pre-qualification checks and assess each application in real-time, and provide instantaneous approval.

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