Maybank Indonesia is prioritising digital solutions and customer experience in its transformation efforts.
Maybank Indonesia, a subsidiary of the Malayan Banking Berhad Group, is committed to the goal of ‘Humanising Financial Services’. As one of the leading private banks in the country, the lender has undergone a massive digital transformation to serve its customers better.
This approach has helped Maybank Indonesia land the Excellence in Mobile Banking award at the 14th Annual Retail Banker International Asia Trailblazer Awards. The bank has been recognised for its commitment to providing its customers with innovative, user-friendly digital solutions that enhance the banking experience.
Prioritising customer experience
Effective customer service is about finding ways to make the lives of clients easier within the bounds of real-world limitations such as budgets and time.
Banks that prioritise customer experience in their business strategies and transformation efforts can not only differentiate themselves from competitors but also meet customer demands more effectively. With exactly this kind of approach and with the customer at the core of its strategy, Maybank Indonesia has addressed client pain points by developing digital solutions that are relevant, hyper-personalised and accessible.
Diversifying digital solutions
The lender has a robust ecosystem that supports more than 300 billers and 600 virtual accounts partners, along with 14 million merchants that accept all payment types including debit card, credit card and QR codes. This has enabled it to provide an omni-channel banking experience using ATMs, the internet, and mobile and online systematic transfer plan (STP) account opening, as well as the latest open API technology.
Maybank Indonesia’s retail banking segment follows a micro-segment approach that divides markets and customer pools into small, actionable groups with common characteristics. The bank’s solutions are then tailored to the specific needs of different customer segments.
In addition, Maybank Indonesia’s digital platform offers both conventional and Islamic banking solutions to ensure all communities and societies have access to the financial solutions they need.
Addressing market gaps
In line with its mission to humanise financial services, the lender continues to identify gaps in the market that could fulfil the financial needs of its clients.
Most banks in Indonesia use video calls for Know Your Customer (KYC) verification, for which a stable internet bandwidth is required, which may not be available in certain parts of Indonesia. This has created the demand for a fully online onboarding process. To address this pain point and ease the onboarding process, Maybank Indonesia developed eKYC technology that reduces the account opening process from 45 minutes to just seven minutes, an improvement of 80 per cent.
Another gap the bank has identified is the growing need among the middle-income population in Indonesia for digital solutions to manage finances. To counter this challenge, Maybank Indonesia has developed a fully digital financial planning and wealth management solution to cater to the demands of the country’s ever-increasing millennial and middle classes.
This solution includes a 360-degree customer portfolio dashboard, a goal-based investment plan and an expense tracking feature, all of which are powered by the M2U ID app, the bank’s digital platform. In recent years, the number of customers who have been onboarded through the digital platform has increased by more than 30 per cent year-on-year, while the number of transactions coming from the M2U app has grown by almost 40 per cent year-on-year.