Thursday, 29 November 2012

Maybank targets mass affluent retail customers






MALAYAN Banking Bhd (Maybank) is counting on its new offering, which bundles together seven financial products, to help it capture more mass affluent customers as it looks to strengthen its retail banking leadership at home.

Mass affluent customers typically earn about RM3,000 a month and are one of the more profitable customer segments for banks.

As it stands, 95 per cent of Maybank's retail customer base comprises the mass afluent.

The "Maybank One Solution" offering, which includes a personal savings account, personal loan and two other financing schemes as well as insurance, will be delivered only through kiosks located at popular shopping malls, hypermarkets and some of the bank's branches.
Maybank plans to have 33 kiosks by year-end from 23 now and will add another 45 next year even as it looks to expand the service to include Islamic banking products.

Kiosks are a cheaper and more convenient way for the bank to reach out to customers, according to president and chief executive officer Datuk Seri Abdul Wahid Omar.

The cost of setting up a kiosk, which averages RM40,000 each, is only about a fifth of that to set up a branch.

"It's a low-cost model for us. By doing this, we can sell on a low-cost basis and we can cross-sell products. Customers don't have to take all the seven products on offer... they are there, pre-bundled and can be activated now or in the future," he told reporters at the launch here yesterday.

The group will look at offering the service in its overseas markets such as Indonesia in two to three years.

According to its head of community financial services Lim Hong Tat, up to 95 per cent of some 400,000 personal accounts that open a year at Maybank in Malaysia comprise mass affluent customers.

"We'd like to try and convert at least 30 per cent to 40 per cent of these customers to Maybank One Solution," he said.

The service managed to attract 30,000 new customers, who elected for three-and-a-half products on average, when it was piloted at the bank over the last seven months.


Anonymous said...


Anonymous said...

Maybank or PBBank better?

SingBlueSilver Ninenine said...

Hi, i think you better decide yoursrlf. Haha
Different individual have different risk profile and goal