Covering Disruptive Technology Powering Business in The Digital Age

Home > DTA news > News > MAE by Maybank2u App Raises Digital Banking Game
MAE by Maybank2u App Raises Digital Banking Game
October 9, 2020 News

 

There is no doubt that the COVID-19 pandemic has accelerated the digital economy with more customers opting for digital services. Be it shopping or banking, the use of applications not only offers a safe experience but also a seamless one. While the digital economy is boosted from the spending, customers often lose track of how much they are spending and struggle with their savings.

For Maybank, the launch of MAE by Maybank2u will enable Malaysians to take charge of their shopping habits. The new app built with a unique ecosystem offers an experience beyond the regular banking needs. This includes mobile banking, QR Payments, the MAE digital wallet and new exciting features to help its customers better manage their finances.

According to Maybank’s Group President and Chief Executive Officer, Datuk Abdul Farid Alias, the app was developed in house by Maybank’s developers in the tech department. He added that the bank was well aware of the ethics and morals when it came to dealing with customer data and are continuing to improve the capabilities of the app to better serve customer needs.

Being a bank, Datuk Farid explained that security is a prerogative for them with the focus on three key areas; the customer experience, the element of trust for customers and the stability of the app. These three components are non-negotiable for the bank when it comes to developing new applications and services.

Maybank currently has 10 million customers on Maybank2u with 1.8 million customers on the MAE e-wallet and 7 million active customers on Maybank2u. The bank aims to get all of them to convert MAE.

“The MAE app will replace the Maybank2U app eventually, as we have embedded Maybank2U within this new app.  However, for the time being, we will have 2 banking apps in the app stores to give our customers the chance to get used to the new experiences in the new app. We will ensure a smooth migration to the MAE app before we eventually stop offering the existing Maybank2u app. There is no fixed timeline”, added Datuk Farid.

To help customers understand their spending habits better, Maybank has created a brand new tool called “Expenses” on the app which provides a single, holistic view of everything spent across Maybank accounts, cards and QR transactions. These expenses are sorted into easy-to-understand categories such as Food, Utilities and Shopping to give more insights into where their money goes. Even cash transactions that are not normally captured by the app can be easily included with a few taps.

“Tabung” is another new feature, designed to help Maybank customers save consistently and regularly to achieve their goals. It makes saving more fun, progressive and convenient by aligning the process to their lifestyle. To help accelerate the saving process, Maybank has also introduced new complementary features called Boosters which transform micro-spending moments into saving moments.

At the same time, Maybank has also introduced the MAE Visa Debit card which complements the MAE wallet. It comes with a host of benefits including competitive foreign exchange rates and exclusive perks to enjoy locally and abroad.

“Our digitalisation efforts have always been focused on one key purpose and that is to simplify our customers’ lives and answer their problem statements. Our ambition is for MAE by Maybank2u app to be our customers’ trusted companion that improves the ways they spend and save while delivering a revolutionary user experience that we hope will delight them. We want to turn their dealing with money, which can be stressful, into a convenient and pleasant experience.  Ultimately, we hope it will help them achieve their goals and dreams, and enable them to make sound financial decisions”, said Datuk Farid.

The MAE by Maybank2u app is available for download from Google Play Store and Apple AppStore. Existing Maybank customers are only required to undergo a simple security set-up, after which they can start using the app immediately and seamlessly, with the data from all their Maybank accounts automatically made available in the new app.

Non-Maybank customers are able to conveniently open an MAE wallet via the app and complete the application without having to visit a branch. Once the application is successful, they may start using the app and have access to all the banking features and money tools within.

(0)(0)