WITH the advent of mobile banking, Maybank is offering its clients a mobile application where they can open a savings account without going to the physical branch.
Vincent Dexter Go, head of virtual banking of Maybank Philippines, said there are only 14 percent of Filipinos who use online banking.
“We’re offering them the iSave savings account where they can apply for an account with Maybank with no initial deposit requirements and zero maintaining balance. They no longer need to go to the bank. iSave is an online only savings account that can be applied through a Maybank2U PH App,” he said.
To open an iSave account, an individual should download the Maybank2U PH App on Apple App Store or Google Play Store.
Process
Once you open the app, go to “menu,” click “apply online” and choose the option to open an iSave account.
Fill in the customer information form, take a selfie, take a picture of your government ID together with your signature written on a piece of paper and upload your documents.
Once you have submitted your application, you can wait for the approval sent through SMS and email and within 24 hours, your account will be open.
“Your automated teller machine (ATM) card will be delivered right on your doorstep. You can use it to withdraw cash from all major ATMs for free as long as it’s a Bancnet member,” Go said.
Individuals from age 18 to 60 are qualified to open an iSave account.
The app is also equipped with three safeguard features like fingerprint and facial recognition, a pin code and SMS notification to protect the users from hackers and other cybersecurity concerns.
Since their initial launch in the country in August 2018, the app already has attracted 6,500 registered users.
“It continues to grow but we still see the need to spread awareness on online banking especially since banks in the country have a low penetration rate,” he said.
Most of the app users are in the age range of 25 to 45.
“That’s the profile of our existing iSave users because probably for those who are over the age of 45, most of their banking transactions are the more complex like their investments or financial needs. That’s where the branches will come in,” said Donna Michelle Barroga, head of marketing of Maybank Philippines. (JOB)