Maybank has become the first financial institution in Malaysia to introduce a banking application, M2UMap on the newly launched iPhone. M2UMap is a free application that can be downloaded onto iPhone.
M2UMap is the latest value added service of Maybank in mobile banking services. First made available in to Maybank Singapore customers in May 2009, its introduction in Malaysia this week marks a milestone in mobile banking services available specifically for the iPhone. M2UMap comes with built-in map for both Singapore and Malaysia and provides information on Maybank branch network, automated teller machine (ATM) locations as well as Maybankard Dining Treats outlets in both Malaysia and Singapore.
"The cross border information of Maybank's network as well as dining treats in Malaysia and Singapore is consistent with the Bank's transformation strategy to be a regional financial services provider and to enable customers to have a seamless experience in countries where we operate," said Lim Hong Tat, Senior Executive Vice President and Head of Consumer Banking.
M2UMap is a free service. iPhone users are required to install the dining guide "buUuk" application installed which is a free application available in the iPhone Application Store. Customers should ensure that their mobile subscription includes a data plan and that the Location Services on their iPhones are activated.
"This service which leverages on current technology reflects the bank's strategy to be in the forefront of technical innovation to benefit our customers. M2UMap is part of the Bank's strategy of offering lifestyle experience beyond just standard mobile banking services for customers particularly those using iPhone applications. Since its launch, M2UMap is the top free application downloads for iPhone under the Finance category. We plan to include other network facilities and its location along the way to make M2UMap an indispensable roadmap for Maybank customers to reach us or enjoy our rewards benefits such as dining treats," said Lim.
Maybank was the first financial institution to offer mobile banking services in 2002 via sms mobile banking. In 2006, M2U mobile was introduced for those with GPRS/3G mobile phones.
"M2UMap will provide us invaluable lessons in adapting to this new mobile phone platform and applications. This will enable us to fine tune our current development to offer mobile banking services on this platform and provide customers the same experience as the on-line banking version," said Lim.
"We see tremendous potential to accelerate the growth of the Bank's mobile banking services via the iPhone platform. Currently our mobile banking services have seen a growth of 36% in our customer base in 2008 compared to the previous year. Our market share of mobile banking customers in Malaysia represents about 45% of the total number of close to 530,000 as at end December 2008 according to Bank Negara Malaysia's Report 2008," added Lim.
Maybank's top three most popular mobile banking services are bill payment, prepaid top-up and fund transfer. In the last financial year, the average transaction value was RM2 million a month. For bill payment it has seen growth in transaction volume by two folds since its launch. "We see great potential of mobile banking services as mobile phone's technology and applications converge on a common platform. We target to grow our mobile banking services transaction activities by double in this new financial year," said Lim.
Lim also said that mobile banking services in Malaysia is currently undergoing a transformation as mobile phone technology increases in functionality and application capabilities. "Maybank's mobile banking services are free and customers are only required to pay for their telco data charges as well as standard transaction fee similar to online banking. There is potential to increase the user base and its popularity as mobile technology and customer confidence improves."