Submitted by
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...
MalaysiaCategory
Product and Service InnovationKeyword
Customer experience, Savings & Investments, Digital channels & Omnichannels, Cybersecurity & Authentication
Innovation presentation
Maybank introduced the Money Lock feature in December 2024 to enhance the security of its digital banking services. This feature allows customers to lock their savings accounts, preventing unauthorized access and offering an extra layer of protection against fraud. The primary objective is to provide customers with greater control over their funds and ensure peace of mind amid increasing digital threats.
The development of Money Lock was driven by the growing need for stronger security measures in online banking. As financial crimes become more sophisticated, traditional security methods are no longer sufficient. This proactive approach aligns with Bank Negara Malaysia's regulatory directives to enhance digital banking security.
In a competitive market, Money Lock sets Maybank apart from other banks by offering an innovative solution that addresses customer concerns about digital safety.
Since its launch, about 11,000 customers have adopted Money Lock, showcasing the feature's success in bolstering trust and security in Maybank’s digital banking services.
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