Strategic Marketing Analysis of Maybank’s Savings Account Products

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STRATEGIC MARKETING FOR MAYBANK AND ITS
PRODUCT SAVINGS ACCOUNT

Executive summary
In this report, marketing managers’ importances are discussed that guides Maybank to improve
their identity in recent market. Structure of enterprise and product of Maybank are discussed and
they integrate best fair terms and pricing strategy in order to attract more users from the society.
SLEPT and SWOT analysis is performed based on external and internal factors of Maybank.
Managers’ focuses on non margin facilities related to their saving accounts so that they can
perform purchase settlement and saving settlement in an innovative manner. Company overview
has been included and present rank of it in international market. They implement “Pay-as-you-
use” strategy, where users can keep them updated about their present account savings free of
cost.

Table of Contents
Introduction......................................................................................................................................4
Company overview..........................................................................................................................4
Pestle analysis..................................................................................................................................5
SWOT analysis................................................................................................................................7
Market entry option.........................................................................................................................7
Targeting and segmentation.............................................................................................................9
Porter strategy as per environment................................................................................................10
Conclusion.....................................................................................................................................12

Introduction
Marketing managers implement a marketing strategy for the bank which creates a positive effect
on marketing budget management. In this report, Maybank is selected as an organization whose
brief company overview is discussed. Different financial service of the bank and recent needs of
customers are also considered that guides the financial organization to improve their strategy as
per the current trends of community. SWOT and SLEPT analysis of Maybank is performed and
their competitors' analysis is also described that aids the organization to tackle their product
issues effectively. The aim of the study is to convey information about segmentation, market
orientation and positioning of Maybank and also evaluate the competitive level in the market
The main objectives of the report are:
● To understand the factors of personal strategy in banking service that guides Maybank to
improve their performance level
● To identify issues based on the marketing strategy that is created by managers which aids
Maybank to modify their financial services in an innovative way
● To analyze the impact of product saving accounts of Maybank and it can allow the
enterprise to expand their business in the international market
Company overview
History of company
Maybank generally conducts their operation in the Malaysian community and therefore it is
known as Malaysian Universal Bank. As per the brand finance report, Maybank is ranked as the
83rd topmost valuable bank in the international market. It is founded on 31 May 1960 by Khoo
Teck Paul and it generally serves areas such as Southeast Asia, China, the US, Pakistan,
Singapore, and Hong Kong. It’s headquarter is located at Kuala Lumpur, Malaysia and net
income is RM 8.94 billion in the year 2015. The mission of Maybank is to improve their
financial service across all over Asia and they integrate best fair terms and pricing strategy in
order to attract more users from the society (maybank2u.com.my, 2018).

Organization chart
Figure 1: Hierarchy structure of Maybank
(Source: maybank2u.com.my, 2018)
Pestle analysis
SLEPT analysis factors
Social Managers of the Maybank conduct
demographic analysis in order to get a brief
idea about buying attitude of customers. Thus
it guides them to increase their banking
options regarding saving accounts, credit
cards and investment which maximizes the
satisfaction level of users.

Legal It has been seen that Maybank strictly follows
privacy and trade laws so that they can
reconstruct their business framework
innovatively.
Economic Managers of Maybank keeps them updated
about other currencies fluctuation, inflation
rates and spending habits of people so that
they can manage their share margin financing,
Islamic financing, and trading facilities
effectively.
Political Government laws eliminate corruption from
Maybank and it incorporates trade restrictions,
labour laws in order to increase their political
stability.
Technological The mobile application is incorporated in the
banking sector that guides their customers to
scan their banking accounts, transfer funds
and pay their bills without any hindrance
Table 1: PESTLE analysis
(Source: maybank2u.com.my, 2018)

SWOT analysis
Refer to Appendix 1
Market entry option
Product range offered
Maybank provides various product and services to the modern community so that their potential
customers can manage their financial transactions without any hindrance. According to Al-Alak
(2014), recent banking sectors are focusing on different criteria such as business loans, credit and
debit cards, savings accounts and cash management in order to fulfil all demands of their
stakeholders precisely. In the case of Maybank, managers focus on non-margin facilities related
to their saving accounts so that they can perform purchase settlement and saving settlement in an
innovative manner. Along with this Maybank also deals with the trading facilities, share margin
financing criteria and Islamic financing so that they can improve their share market in the
international market (maybank2u.com.my, 2018). Product saving account or personal service is
selected in the report because it guides the organization to improve their collaboration factor with
all their stakeholders especially in Malaysian community. Managers perform effective
demographic analysis so that they can keep them updated about the recent demand of the
community. It guides Maybank to modify their strategy so that they can manage their service as
per their stakeholders' demands.
Figure 2: Customers account saving factors
(Source: maybank2u.com.my, 2018)
Company Orientation
Maybank is practicing product orientation so that it can earn interest irrespective of their account
balance. It has been noticed that Maybank provides the mini statement to their customers based

on their account savings procedure so that they can keep them updated about the present status of
their account. Westjohn et al. (2016) illustrate that online saving account is highly preferred by
the current users as they can earn interest, quick savings and they can perform online marketing
or shopping via debit cards. It has been observed that Maybank has 24,000 branches in 20
countries of the modern world and there is 2500- ATM (Automated Teller Machines) that guides
the present users to control their personal saving account. On the other hand, as per the rules and
regulation of Maybank, it has been seen that Malaysian and the permanent residents of 20
operating countries are eligible for creating saving account in the bank. In account saving
criteria, they provide interest to their customers as follows:
Figure 3: the Interest rate of account savings
(Source: maybank2u.com.my, 2018)
This bank introduces their mobile banking services so that they can manage their GST rate and
interest rate based on a preset amount that is saved in stakeholders personal saving account.
Product orientation has been selected the report, and in general sense, product orientation deals
with better mousetrap philosophy of business that aids the organization to manage their
objectives as per their stakeholders' demands (Hong, Cheong & Rizal, 2016). Maybank has
prepared their account saving facilities and taxation strategy according to present psychological
and economic condition of a community so that they can improve their quality product
systematically. As per the viewpoint of Wilder, Collier & Barnes (2014), customers are charged
with the extra amount if they withdraw their money from saving account by using other banks.
However, in the case of Maybank, they charge only GST tax and provides free withdrawal in
order to attract more users about their facilities (maybank2u.com.my, 2018). In addition to it, it is

found that the bank follows “Pay-as-you-use” strategy where account holders are not charged
with any kind of annual fee for their service. They provide 8 free ATM cash withdrawal from
any bank and no fee has been imposed for noncash withdrawal transactions such as fund transfer
balance inquiry within Maybank.
Targeting and segmentation
Demographic factor
The need is recognized by the managers of Maybank and effective market analysis is performed
so that they can determine recent demands of society precisely. Cultural factors are highly
recognized by managers of the financial services so that they can get a vivid idea about the set of
beliefs, ideas, artefacts’ and other meaningful symbols effectively (Giannakis & Harker, 2014).
For example, Islam does not allow any kind of interest while Chinese people avoid buying life
insurance as they consider it as their bad luck. Thus, Maybank understands the culture and belief
of people before establishing their business in a new market.
Geographic factor
GMAP (Global Maybank Apprentice Program) are performed by Maybank in order to encourage
young people in their organisation to expose their talent in the international community
(maybank2u.com.my, 2018).
Psychographic factor
Managers of Maybank deal with recent needs, demands, and trends of their stakeholders so that
they can easily improve their strategy based on their psychology.
Behavioural segmentation factor
Customer behaviour data allows the enterprise to focus on the personalization, prioritization,
predictive and performance of employees so that they can manage growth pattern as per its
requirement (Sharif & Raza, 2017). In the case of Maybank, customers’ loyalty and user's status
are thoroughly checked by managers in order to modify their business as per their user's interest
(maybank2u.com.my, 2018).
Refer to appendix 2 to get a vivid idea about customers’ profiles for each product.

Porter strategy as per environment
Personal
In most of the time, customers search for a better option in case of account savings so that they
can get a greater amount of interest based on their savings. This nature of consumers aids
organization to take advice from experts related to their financial service in recent society.
Social
Internet banking allows Maybank to improve their ATM rate and also trained their employees
based on modern technology to increase practical skills of their employees (maybank2u.com.my,
2018).
Economic
Effective personal loan strategy in the bank account guides recent community to handle their
financial crisis. The low-interest rate for account holder based on their personal loan increases
Maybank account holder rate and it creates a positive effect on their remembrance
(maybank2u.com.my, 2018). Interest rate based on the account has been discussed earlier in the
report.
Psychological
Changing of account policy as per current demographic analysis and government rules guides
Maybank to enhance their psychological value of consumers.
Economic
It has been seen that the economic condition of the community falls, there is an increment rate
based on credit cards and personal loan. Therefore, adequate advice is taken by managers of
Maybank based on account savings present condition while preparing their loan condition.
Monopolistic market structure is followed by the Maybank so that they can easily control their
trading activities, savings account in recent society. This marketing structure guides the financial
organization to understand their issues and can manage it as per recent demands of the
community. Refer to appendix 3 based on competitors’ analysis of Maybank.

Product orientation is a business approach that guides a company to improve their management
attention based on their recent product. Skålén et al. (2015) illustrate that flexible settlement
operations for account holders guide the financial organization to improve their transparency in
business and it creates a positive effect on their identification in the current merchandise
community. Maybank also integrates moral and ethical standard so that they can focus on their
professionalism and can create a strong network all over the world.
In case of Maybank’s product orientation in a savings account, it reduces their interest rate based
on money withdrawal from other bank and they charge only GST amount on 9-time withdrawal
amount per month. This makes the product unique from that of the competitors and that serves as
a value proposition. It has been seen that Maybank provides free withdrawal of money 2 times in
other countries which maximizes the contentment level of their stakeholders. They implement
"Pay-as-you-use" strategy, where users can keep them updated about their present account
savings free of cost. In addition to it, it has been noticed that there is an annual fee of GST that
helps users to perform unlimited time OTC transactions effectively in the international market.
Katsikeas et al. (2016) opine that client protection strategy is implemented by every banking
organization so that they can promote fair strategies and can decrease illegal activities from their
business operation. However, in the case of Maybank, it applies ground up modeling and
screening so that they can use their qualitative and quantitative tools in client protection areas in
a perfect way. Risk management strategy are followed by managers and 24 hours service are
provided by the marketing executives of Maybank and ATM cards are easily accessible in multi-
country where an overseas transaction can be performed precisely (maybank2u.com.my, 2018).
Needs, wants and demands of customers focuses on the creation of customer value that guides an
enterprise to improve their service and product as per the current trends of society (Armstrong et
al. 2014). It has been seen that marketing procedure as per customers’ needs and demands guides
the organization to operate their business in the recent competitive market without any kind of
hindrance. Maybank has implemented advanced technology in their business strategy and as per
the recent report; it has spent about RM 30mil in order to improve their Future-ready program in
a systematic way (thestar.com.my, 2018). Along with this, Maybank is providing training to their
employees based on their improved technology in order to enhance their digital literacy. This
literacy allows 91% of their employees to handle account issues with technology and can
increase their interaction skills with all their stakeholders within the short period of time