& Digital Officer Maybank Indonesia

To remain true to our strategy and mission, we have defined three key challenges our customers face and demand us to address their needs in terms of financial solutions. These are as follows:

• Enhancing Banking Experience Convenience Level: Provide the most convenient solution by minimizing manual and simplifying the process while balancing convenience and security.

• Providing Hyper-Personalization Product & Solution: Provide the most relevant ‘Banking for All’ solution through relationship-based pricing and understanding each customer’s personal needs.

• Becoming a Trusted Advisor for All of Our Customers: How banks can become the customer’s trusted advisor by providing goal-based and community-based advice and solution

With the customers and above challenges in mind, we also analyze the market condition & situation, where there are still gaps in fulfilling customers’ financial needs, such as:

• Customers now demand a fully online onboarding process, and the solutions offered by most banks are still relying on the Video Call process for Know Your Customer (KYC) verification. This process has become one of the customers’ pain points, as video calls require high and stable internet bandwidth, which may not be available in some parts of Indonesia, including the need to queue for the next available video-based KYC agent. Because of the limitation, eKYC technology is developed to solve customer pain points and ease onboarding. With eKYC, the account opening process only takes about seven minutes, from previously 45 minutes, which translates into an improvement of 80 percent. The ability to perform onboarding with multiple customers simultaneously has increased significantly. In addition, this has also freed-up the workload of our customer service, and they can focus on serving other customer needs.

• With the growing middle-income population, the need for financial planning and wealth management has been growing quite rapidly. Previously, the wealth management solutions were mostly offered and available only to those affluent customers via a dedicated Relationship Manager. On the other hand, the growing millennial and middle-class demand entirely virtual and digital solutions for managing their finances and growing their wealth. With these customers’ needs in mind, we have developed a fully digital financial planning & wealth management solution, where wealth products such as Mutual Funds and Bank assurance are available to be acquired virtually from our digital solution. We have also included a 360-degree customer portfolio dashboard, goal-based investment plan, and an expense tracking feature which is becoming more eminent in helping to manage customers’ financial planning fully digital.

• The so-called ‘new normal’ has driven the need for less contact interaction in every situation, including banking transactions. The need to withdraw cash remains high in Indonesia, predominantly in rural areas. To minimize contact with ATMs when withdrawing cash, we introduce Card-less cash withdrawal using QR code into our mobile banking solution to offer simpler and secure cash withdrawal transactions ATMs.

With this various enhancement and innovation on our mobile banking solution, M2U has been the leading digital platform that has significantly impacted the overall uplift into our Retail Banking business growth. The number of customers onboard via digital platform, usage, and revenue from the digital business has consistently experienced double-digit growth in the past several years. Wealth product (such as Time Deposit and Mutual Fund) sales through M2U have also reached almost 80 percent of total Bankwide sales, making M2U the preferred solution for Wealth product acquisition. While at the same time, we also continue to lower our operating costs constantly, as digital has provided us with the ability to serve our customers more efficiently. We are always committed to exploring new technologies to provide a unique banking approach for customers’ convenience.

Michel Hamilton, Chief Strategy, Transformation, & Digital Officer Maybank Indonesia

The continuous digital transformation initiatives have also resulted in Maybank Net Promoter Score (NPS by Bain & Company) increasing significantly in 2021, reaching 18 percent. Furthermore, Maybank’s image as a digital bank increased in 2021, with the awareness level reaching 76 percent, higher than the industry average (Nielsen BRRM 2021).

Additionally, other benefits that our customers have gained through the various customer-centric digital initiatives are:

• Provide 24/7 banking access anytime and anywhere

• Provide easy, convenient and secure access to the customer banking activities

• Easily do daily transaction activities while balancing the need for wealth management

• Practical (less hassle and non-time consuming) banking transactions, aligned with our mission, Humanizing Financial Services

Aside from leveraging new technology to develop new features, Maybank Indonesia also uses emerging technology to enhance the security on customer transactions and interactions, across our digital touch-points. Security is one of the main aspects that need to be managed by the financial institution to maintain customers’ trust. In addition to that, Maybank Indonesia also adopts a proactive approach in continuously educating customers on the security aspect of using the digital platform to manage their finances.

For financial institution, security is critical to maintain customers’ trust. Maybank Indonesia uses emerging technology to improve & enhance the security on customer transactions & interactions across our digital touch-point. In addition to that, Maybank Indonesia also adopts a proactive approach in continuously educating customers on the security aspect of digital platform to manage their financial portfolio.

In the future, our focus is to continue developing the enhancements of our Digital Banking services to deliver far more superior customer experience, particularly in the spectrum of financial planning through Digital Wealth, Digital Liabilities, Digital Lending, and Digital Payment, and at the same time, strengthen the Digital Platform to facilitate the customers in conducting banking transactions and assist customers in managing their finances virtually.

New and advanced technologies will continue to be explored and utilized to support the new use cases such as Digital Signature, Big Data analytics, AI, NLP, IoT and Blockchain to further elevate the customer experience in using our digital financial solution.

Indonesia has a dynamic and competitive business environment. The situation encourages all functions across Maybank Indonesia to consistently evolve in order to provide a superior customer experience through digital solutions in the digital era.

Through these various developments, it is expected that the number of active digital customers, transactions, third-party funds and income from digital business will continue to take a higher portion from the overall banking performance. On the other hand, various infrastructures modernization will also undergo continuous development to support consistent, reliable and convenient digital banking services while still paying attention to the security and customer protection aspects, which are crucial factors in maintaining customer trust.