TheMillennialDigitalBankingExperience.

Note: This case study was done in July 2020 (before the new launch of MAE e-wallet as a separate app from Maybank2U in Oct 2020).

Subject Study

Maybank2U

Maybank's M2U app is by far one of Malaysia's leading and forward-moving banking app among traditional banks. With features like QRpay and recently last year, a new e-wallet MAE as an addition, it is definitely one of the more go-to apps for Millennials when it comes to digital banking.

This case study touches upon how can we reimagine Maybank2U's digital consumer banking experience for Millennials with the rise of digital financial services and growing interest in virtual banks and FinTechs.

Source: "Virtual Banking: Malaysian Customers Take Charge". (November 2019) PwC

Inference

As smartphones are now considered a staple in most Millennials' fundamental necessities, digital financial services apps are more driven towards creating more lifestyle-centric features to accommodate cashless transactions. E-wallets are slowly becoming a norm with cashless transactions being preferable in shopping, dining, travel, gaming, etc.

With Maybank being a bank in itself with an E-wallet feature, there is great potential in leveraging it to cater to Millennials with more lifestyle-centric features while also being the leading digital banking provider.

Image source: "Banking on the E-wallet in Malaysia". (October 2018) PwC

Competitor Analysis

Head to Head: Comparing the top eWallets in Malaysia (for consumer)

For this case study, I will be using Touch 'n Go, Boost and Grab as study subjects for competitor analysis.

Image source: "Banking on the E-wallet in Malaysia". (October 2018) PwC

Boost

Pros

Open-loop
146,000+ touchpoints
Multiple type of selling points
Boost Coins, Shake Rewards
Gamification via Boost Mission to collect coins

Cons

Limited merchants
Too many sections/categories; confusing and a little cluttered
UI seems dull sometimes, lacking their CI colour that makes them identifiable

Touch 'n Go

Pros

Open-loop
150,000+ touchpoints
Easily pay for toll
Cashback e-Vouchers
Nice and clean UI. Not too overwhelming

Cons

Lacking in rewards feature
Cannot use e-wallet to top up Touch 'n Go card at petrol stations

Grab

Pros

Open-loop
3000+ touchpoints
Highly safe and secure
GrabRewards Points. Can be redeemed for Promo Deals
UI design consistent and clean

Cons

No direct cashback
Can be quite buggy sometimes. Issues with GrabCall and app crashing

While Maybank2U has also already an existing platform with various lifestyle digital products, from this research we can infer that MAE as an E-wallet within M2U, has great potential to offer Millennials plenty of Lifestyle products in bite-size.

Redesign & Prototype

Privacy and security are important. Users should feel at ease and comfortable when opening the app in a public space without having to worry about their sensitive information like their savings amount being exposed.

A Hide/Unhide function is added where users will no longer have to feel uncomfortable opening the app while queuing at a store to make payment. Users may also switch to Show All to reveal all amounts in accounts.