Malayan Banking Bhd (Maybank) has launched its new MAE by Maybank2U mobile banking and e-wallet application in a recent statement.
Via a virtual launch recently, the lender announced that the new app has features such as expense tracking, individual and group goal-based saving, a Visa debit card and dining recommendations.
The bank also highlighted that customers can access their accounts through the new app, allowing for transactions such as bill payments and fund transfers.
Under the new platform, users can monitor their expenses across their different accounts, cards and QR transactions, which can be sorted into different categories. Cash transactions can also be included in this tool as well.
Meanwhile, the new app also has a new individual and group goal-based saving feature called Tabung. It is the first bank in the country to offer customers to jointly save with friends and family towards a particular goal in mind.
In order to assist with this tool, the bank has introduced several methods to help with such savings. It can round up expenses and transfer the balance into the Tabung (Spare Change), credit savings earned using during QR transactions (Scan & Save) and allow one to set a daily spending limit on any category of purchase, with a certain amount to be credited into the Tabung in question if that limit is exceeded (Guilty Pleasure).
The lender has also introduced a new card, the MAE Visa Debit Card, which complements its MAE e-wallet. Customers can apply for the card via the app, after which it will be delivered to their respective addresses.
The app’s dining recommendation (Makan Mana wheel) suggests dining options while allowing customers to enjoy promotions from its partner merchants across the country.
“MAE by Maybank2u was developed to be more than just a banking app; we want it to be an all-encompassing platform to help our customers manage their day-to-day money matters. Imagine it to be a pocketable digital bank but with many cool features to help you take control of your money. The app contains the existing features within Maybank2u to help with your daily needs such as paying bills and fund transfers, but we have also introduced new tools to help customers track their spending while encouraging them to save too,” said Maybank group president cum chief executive officer (CEO) Datuk Abdul Farid Alias at the launch.
He noted that the bank is expecting three million downloads of the app in the next 12 months.
When asked during the question and answer (Q&A) portion of the launch on how much capital expenditure (capex) was involved the development of the new app, Maybank Community Financial Services CEO Datuk John Chong noted that the app was developed internally.
“Frankly this whole thing was developed internally, so any cost was more on internal talent,” said Chong.
Farid added the bank’s strategy is that any apps or internal technologies must be developed within the group and must be in-house.
As it stands, Chong said the lender has approximately 1.8 million customers for its MAE e-wallet.
“We have seven million active customers on Maybank2U, so these are our customers who are comfortable in the digital space, so we hope to convert them to use this [new MAE app] at the end of the day,” he said.
At 11:50am, shares in Maybank were up 0.42% or three sen at RM7.13, valuing it at some RM80.15 billion. It saw 1.71 million shares transacted.
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