Maybank Philippines has been lauded for its efforts to innovate and create products that enhance customer experience.
Maybank Philippines has made its mark in the banking industry by streamlining its deposit onboarding process and solidifying its position as a leader in fintech. Continued efforts to innovate and create products that enhance customer experience have earned the bank recognition at the 14th Annual Retail Banker International Asia Trailblazer Awards in the Best Fintech Partnership category.
In January 2022, Maybank Philippines launched the second phase of its digital deposit process, allowing customers to create an iSave digital deposit account through the Maybank2U PH (M2U) application. With the digital deposit account facility, customers can use their accounts for banking transactions such as paying bills and transferring funds.
This move has streamlined the deposit onboarding process and has allowed the lender to eliminate deposit restrictions and tedious post-account reviews. The bank has thus been able to reduce attrition from 50 per cent to just 10 per cent following the launch of this phase.
Digital presence
Maybank Philippines has further strengthened its fintech presence by joining forces with GCash, the largest wallet provider in the Philippines. This partnership and the launch of EzySave+ in October 2022 have allowed the bank to accelerate its digital strategy.
Verified GCash customers can open an EzySave+ digital savings account via the GSave marketplace on the GCash app, thus eliminating the need to visit a physical branch.
EzySave+ offers numerous benefits to customers, including interest payable of 5 per cent a year as cash credited to their account for the first 90 days from account opening (for average daily balances [ADB] of up to PHP3m [$54,683]).
Customers also get up to PHP1m in personal accident insurance with a minimum ADB of PHP50,000. By maintaining a minimum balance of PHP1,000, this experience extends to include a free debit card delivered directly to the customer’s address.
EzySave+ has been a resounding success, increasing Maybank Philippines’ customer base by 50 per cent within six weeks of its launch, helping the lender achieve its full-year target for 2022.
The recognition received at the 14th Annual Retail Banker International Asia Trailblazers Awards is a testament to the bank’s commitment to innovation and its success in creating a product that meets the needs of its customers.