Maybank

 

The Maybank Family & Friends Card was relaunched in May 2021 to be more customer-centric with three card designs; an app to better track and manage spend; and five customisable cashback  categories that follow users anticipated desires throughout their lives, removing the hassle to get a new card if you want to switch the card’s cashback category selection. It won the Best Credit Card Initiative at the virtual Retail Banker International (RBI): Asia Trailblazer Awards 2021 for the enhanced customer retention, engagement and acquisition capabilities it offers across all ages and lifestyles.

In addition to the original card design, the product now offers two new clean-looking sleek card designs in silver and lilac chrome colors, badged with partner Mastercard’s logo. Research has shown millennials prefer these latter minimalistic designs.

The refreshed product position encourages customisation of five cashback categories from a list of eight different options that are designed to appeal to individuals of all ages, ranging from youngsters, to families and the silver generation. The options span:

  • Groceries; • Dining & Food Delivery; • Transport;
    • Data Communication & Online TV Streaming; • Retail & Pets;
    • Online Fashion; • Entertainment; • Pharmacy & Wellness.

The list of cashback categories offered can be expanded or substituted according to the evolving needs of clients, and will see a customer through their future life stages. Customers can select the categories via Maybank’s lifestyle mobile application, Maybank TREATS SG, which aids convenience and is simple to use. The selected cashback categories can be amended annually as clients’ lifestyle needs change.

A ‘Benefit Optimizer’ dashboard in the app allows cardmembers to keep track of their spending and to see if they have met the required monthly spend to be eligible for the 8% cashback. With this feature, cardmembers can also better plan their spending across the various categories they have selected to maximize their monthly cashback.

Future plans of Maybank Family & Friends Card include having charity organisation suggestions for cardmembers who wish to donate their cashback to Maybank’s charity of choice and they can enjoy associated tax deductions. The product refresh has enhanced the card’s branding, customer ‘stickiness’ and experience.

Commendations  
Maybank Privilege Singapore is a wealth segment created with the bank’s emerging affluent clients in mind. It offers a suite of enhanced financial facilities to help customers achieve their financial aspirations. It received a Highly Commended trophy in the Excellence in Mass Affluent Banking category at the RBI Asia Awards, for offering preferential products and services to Maybank Privilege clients. The bank has excelled in delivering quality service by Personal Financial Advisors (PFAs), providing priority banking services at all branches as well as digital banking capabilites.

Maybank Privilege provides a one-stop shop for their clients' financial needs and offers exclusive benefits with their Privilege Horizon Visa Signature Credit and Debit Card. There is also multi-channel communication with clients via digital, physical and experiential events. It is topped by a newly launched Video Conferencing Wealth Advisory service and MView, a service powered by SGFinDex which provides a consolidated overview of assets and borrowings online, or via a mobile app. All these efforts led to a successful increase in both client base and total assets.

Maybank also scored other commendation at the RBI Asia Awards 2021. It was awarded the Best Advertising Campaign category for its ‘Heart of Singapore’ (#HeartofSG) CSR campaign. The fundraising initiative, launched in collaboration with Giving.sg during SG Cares Giving Week, was designed to help the underprivileged who face challenges during the Covid-19 pandemic. For every dollar raised or donated by members of the public, Maybank matched it, creating a multiplier impact.

The money raised was donated to five Social Service Agencies (SSAs) through the President's Challenge Empowering for Life Fund. Maybank also helped to create videos featuring authentic stories focused on the lives of the beneficiaries. The videos were amplified via Google ads, in tandem with social media to drive the fully digital marketing campaign. Millennials in lockdown could easily participate anytime and anywhere through the Giving.sg platform. Additionally, Maybank engaged disability advocates like Fathima Zohra and influencers like model Nadia Rahmat who volunteered to further spread the word.

There were also caring citizens who started their own fundraising activity under the ‘Heart of Singapore’ umbrella to contribute to the donation received on Giving.sg platform, helping to inform more people about the social situation.  Through it, members of the public were empowered not only to donate money, but also to turn their creative abilities, hobbies and passion into a force for good. The campaign served to highlight Maybank’s brand purpose of ‘Humanising Financial Services’ and remind members of the public that giving can be easy, meaningful and fun.

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The Retail Banker International Asia Trailblazer Awards is an annual platform that celebrates the best in class retail banking institutions and individuals for their innovative service offering and commitment to customer excellence.

If you would like to share your incredible consumer finance journey, then register for the 13th Annual Retail Banker International Asia Trailblazer Awards 2022 and submit your entry!