KUALA LUMPUR: Malayan Banking Bhd
(Maybank) is targeting to onboard 20,000 new-to-bank customers by next year with its newly-launched Maybank Goal-Based Investment platform on top of the nine million customers who are already using the bank’s digital platform.
Maybank Goal-Based Investment is a beginner-friendly digital retail investment tool that allows customers to kickstart their financial wealth journey easily and conveniently, available on the MAE App and Maybank2u Web.
Group chief executive officer of Community Financial Services Syed Ahmad Taufik Albar said the latest investment feature empowers customers to achieve their financial goals through a seamless digital experience with no branch visits required.
The bank understands that those who are just starting to invest can get overwhelmed and may not know where to start, while some may be worried about high fund management or processing fees, he noted.
"Maybank Goal-Based Investment helps to remove these barriers by making investing accessible and affordable for everyone, requiring only a low investment amount and providing a guided experience through digital banking platforms.
"Customers can embark on their investment journey easily by simply picking their personal financial goals. For convenience, goal options are aligned with their life aspirations such as retirement, children's education planning or growing their wealth,” he said at the launch of the digital wealth product here, today.
When asked about the revenue to be generated by the platform, Syed Taufik said that the 20,000 targeted new-to-bank customers are not a huge addition to the nine million customers already using the bank’s digital platform but it will surely bring in some revenue.
However, the bank is looking at the Goal-Based Investment platform as the additional offering that complements the other suites of products that it offers.
"By having this, besides capturing new customers, we will also be able to foster loyalty among our existing customers by addressing their needs in the best way possible,” he pointed out.
Meanwhile, strategic programme director Joanne Lee, in her presentation, shared that the Maybank Goal-Based Investment is designed to serve the needs of all types of customers. The registration is simple and convenient for all which is made available through the MAE App or Maybank2u Web.
She said customers can easily create portfolios out of a range of unit trust funds that are catered towards their risk appetite, financial goal and goal timeline.
Maybank Goal-Based Investment enables customers to select their preferred investment funds to suit their financial objectives, with both conventional and Shariah-compliant funds available from a comprehensive suite of offerings managed by professional fund managers.
"With just a minimum amount of RM200, customers can start investing in funds with low sales charges and no lock-in period. The sales charge is set at a maximum of 1.5 per cent. From now until June 25, 2024, customers can also enjoy a 0 per cent sales charge on their initial investment,” she noted.
As part of Maybank’s quest to strengthen its business presence and position in the region, Lee said the Maybank Goal-Based Investment is also available to Maybank Singapore customers via the Maybank2u SG (Lite) App and Maybank2u Web. - Bernama
