Strategies Used by Maybank to Differentiate Themselves

SERVICE MARKETING
Mohammad Amimul Ehsan
ID - 2025299660

1. Explain the strategies that have been used by Maybank to differentiate themselves from
those of competitors, in terms of self-service technologies.
In this era of globalization, Banking has become the unseen hand of development that has
shaped the modern business world in Malaysia. Since the independence from 1957 financial
services industry of Malaysia has gained significant milestone. It is very important to
differentiate your product or service in the market or to be the first mover in your segment to
capture the larger portion of the market. Maybank has taken this first mover advantages to
initiate some of the new methods and services of banking that has helped them to achieve
success.
We all know the benefits of ATM although we don’t appreciate enough its value and how it has
made our life much easier. But think about a time when there was no service as such and
people had to stand in queue to transact money. Maybank was the pioneer in technological
advancement at banking sectors and introduced the first computerized ATM machines for their
users.
In the 1990s, Maybank launched the first computerized telephone service known as Maybank
Autophone and, through collectively with Malaysia Airways (MAS), to provide domestic flight
passengers the benefit of ticketless tour via MAS electronic Ticketing (MASET).
Maybank launched the internet banking portal known as maybank2u.com where customers can
pay and view about their credit card and debit card services.
Maybank went the extra mile to be the first financial institution in Malaysia to offer on-line
cellular banking service via short messaging offerings (SMS) and M2U cell offerings through
GPRS or 3G smartphones. These improvements are the reflections of Maybank’s commitment
to high quality alternate in growing more value for its clients. Also, Maybank introduced
Maybank2u Pay in 2013 which delivers fast, easy, convenient and reliable shopping experience
to online shoppers.
2. How do individual customers engage in the value-creation process with Maybank?
During the initial phase of its creation, customers could only access the M2U on home
computers and laptops. In 2011, Maybank released M2U mobile Apps for iPad, iPhone, Android
and windows for its users with the hope of increasing its market percentage, enhance its online

value and improve its leadership within the online banking industry (Maybank2U.com 2015a).
These multiple channels have allowed clients to increase their technology-mediated self-service
platforms. As a result, M2U active users grew via 17.0% to 2.15 million in 2012 in conjunction
with the range of cell banking customers by an amazing 135.2 %. Maybank released a variety of
revolutionary products via M2U.
Maybank refers to the M2U as a one-stop all in center which presents “the convenience of an
all-in-one banking solution, all at one forestall” (Maybank2U.com2015b). With M2U, clients
enjoy services as they are able to personalize and customize their personal banking transactions
at their personal comfort. For instance, clients take care of their daily transactions by checking
their account statements and transferring money from their bank accounts without problems
while not having to visit the branch and having to queue up. but, in engaging in cash transfers,
it's crucial that customers double check all of their details such as account name, number,
amount, branch etc. Before they transfer any money as if any disputes arise bank cannot be
held responsible.
Besides funds transfer, customers are able to pay bills such as utility bills, loan instalments,
credit card payments, summons, insurance premiums, and other payments to various creditors
or merchants of their choice.
3. What are some initiatives taken by Maybank to recover their service failures?
Maybank surveys indicate that customers are sometimes dissatisfied with problems for TAC
system issues, security issues, phishing, and others. To make matters worse, the response and
feedback on customer complaints was sometimes not tracked properly. To solve this problem,
in July, 2012, Maybank launched a project called "G.I.F.T." (Join and Follow Through) whereby
all complaints are routed to a centrally managed unit called, the Customer Feedback and
Resolution Management (CFRM) team. With the implementation of the GIFT project,
complaints received through different contact points are recorded in a centralized system. This
allows the CFRM to focus relentlessly on resolving complaints by providing status updates until
the issues are fully resolved (Maybank 2012).
4. How does customer value co-creation via M2U benefit Maybank and its customers?