Asia: Maybank sees increase in mobile banking transactions

Following an upgrade on its mobile banking app two years ago, Maybank in Malaysia has seen a significant increase of its Maybank2u app usage in the past two years. According to the bank, the volume of transactions being carried on its app has been growing at a faster rate compared to transactions carried online (through computers or tablets). As of December 2016, the bank has seen a 72% surge in mobile banking transactions versus a 41% surge in online transactions. Maybank’s Chief Strategy Officer, Michael Foong contributed this growth to the refreshed Maybank2u app which offers its users a significantly faster and easier interaction. Maybank’s customers who use phones which enables fingerprint recognition, will be able to log in into their account easily. Once logged in, customers can get instant access to their aggregated balances, giving them a better view of their overall financial state.

As of December 2016, the bank has seen a 72% surge in mobile banking transactions versus a 41% surge in online transactions.

In addition, the app will introduce a new feature to help customers enjoy enhanced security on their transactions by allowing them to acknowledge and verify transactions through the app. Delay in receiving One-Time-Password (OTP) via SMS will be eliminated since this new feature allows OTP to be generated on the app itself. This new feature, Secure2u will be introduced by end of April and the bank expects to see an increasing number of customers transacting digitally in the next few years.

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