Maybank eyes 30%-40% customer growth for One Solution

by **Cals** Tue 17 Sep 2013, 03:08

Published: Saturday September 14, 2013 MYT 12:00:00 AM
Updated: Saturday September 14, 2013 MYT 6:44:05 AM
Maybank eyes 30%-40% customer growth for One Solution

KUALA LUMPUR: Malayan Banking Bhd (Maybank) expects a customer growth of 30% to 40% next year for its Maybank One Solution, to be driven by expansion into new markets as well as new offerings like credit cards.
Maybank deputy president and head of community financial services Datuk Lim Hong Tat said the solution had started to offer credit cards in July and that the number of applications, although relatively small, was growing by 30% month-on-month. “To date, our total number of customers via Maybank One Solution is more than 70,000 customers,” he told Bernama via an email reply yesterday.
Apart from credit cards, Lim said its Islamic banking products had also received overwhelming response, with an incremental growth of new customers and product take-up. “Islamic banking products that are doing well include our ASB Financing and all Takaful products. For example, 78% of the total ASB loan portfolio through Maybank kiosks has been in Islamic financing,” he said.
Maybank One Solution, when initially launched, integrated seven financial products into one bundled offering with fast approval and activation services that take 10 minutes.
The new money-management solution aims to give customers financial empowerment, and the whole spectrum of financial needs is conveniently met by one solution, from daily transactions to savings, financing and insurance.
Lim said since the launch until July 2013, more than RM400mil worth of loans had been disbursed, with total deposits amounting to more than RM80mil. – Bernama
“Maybank One Solution has received overwhelming support from the public and recorded commendable achievements since its introduction. We started with a pilot project in March 2012 with 10 kiosks. Since the pilot launch, it has achieved the 184% of profit before tax targeted earlier and has recorded a payback of eight months ahead of our projection,” he said.
On expansion, Lim said the bank was looking at introducing the solution to Indonesia and Singapore, but this was still at a preliminary stage.
The bank, which has 34 kiosks that operate Maybank One Solution, will be expanding its operation via another 30 kiosks by December this year. “Most of the kiosks have attained break-even targets and the rest are moving to profitability in less than one year. Intensive studies are done before the opening of the kiosks to understand the traffic flows and customer segments in a particular area,” he said. – Bernama

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