Bms7014 Managing Strategies Assignment 1

BMS7014 MANAGING STRATEGIES
ASSIGNMENT 1
1.0 Introduction
Financial technology or known as fintech is developed with the main goal to improve the
consumers experience in managing money transaction. Over the past five years, fintech has
dominated the financial operations in Asia Pacific region [1]. Malaysia is one of the Asia Pacific
countries that heavily implementing the technology to the local banks, as the result of increasing in
mobile phones capabilities. This led to the expanding usage of fintech in Malaysia. As stated in
Malaysia country profile, Malaysia is one of the largest countries in Asia Pacific, which consists of 11
states of Peninsular Malaysia, as well as the predominantly rural areas of Sabah and Sarawak [2]. Due
to this, fintech is implemented in order to serve the consumers from rural areas with less innovation
and low cost.
In the current emergence of COVID-19 [3], the consumers behaviour in doing daily money
transaction using fintech is increasing as the government encouraging consumers to utilize cashless
transaction in performing payment for daily shopping to avoid the spreading of the virus [4]. For this
reason, Malayan Banking or known as Maybank stepped up their game in expanding their fintech
services. In addition, undoubtedly Maybank lead the Malaysia financial technology by offering
multiples of products and services that received a good response from consumers [5].
This paper is to analyze Maybanks’ fintech initiatives and market trends alongside with the
pandemics period. The analysis is based on the general environment which including the
technological, demographic, economic, political or legal, sociocultural, global, and physical
environment trends. The analysis is not only based on the general environment, but also based on the
industry environment which comprise of the threats of new entrants, the power of supplier, the
power buyer, the threats of substitute products, and the rivalry among competitors.
Besides, this paper also will discuss on the internal analysis that need to be taken by Maybank in
order identify their ability, especially with current situation in Malaysia. Finally, this paper also will
investigate the environmental opportunities and threats, and firm strengths and weaknesses by using
SWOT analysis.
2.0 Background of Organization
Maybank was established and formed by a business tycoon named Khoo Teck Puat together with
several partners in 1960 and located in Kuala Lumpur, Malaysia [6]. Initially, Amirsham Abdul Aziz was
appointed as the CEO in 2002 and led the company until March 2008 and later was replaced by Dato’
Sri Abdul Wahid Omar (May 2008 – June 2013) [7]. After that, Datuk Abdul Farid Alias, which is the
Maybank’s Deputy President and Head of Global Banking, was chosen to be the President and CEO of
Maybank Group [8].
Maybank has the total assets of USD165 billion and listed among the top 5 banks in South East
Asia [9]. It employs 45,000 employees with 2,400 branches of an international network and offices in
20 countries. Based on the Malaysia Bourse [10], it is the biggest company by market capitalization
and hold the first position among the top 500 Malaysian companies in the Forbes Global 2000 leading
companies of the world [11]. It caters a wide range of products and services including internet banking
which needs the financial technology to be implemented.
Maybank strongly hold their T.I.G.E.R value which stand for Teamwork, Integrity, Growth,
Excellence and Efficiency, and Relationship building as their guiding principle in order to achieve the
mission to humanizing financial services [12]. This mission is fulfilled not only by building trusted
relationships that lasting for generations during high and low but also believe in fair treatment
towards the stakeholders and serve simplified financial solutions [13]. On account of the mission,
Maybank is aspired with vision that said ‘Advancing in Asia’s Ambition with You’ which means to be
the top ASEAN bank, fulfilling the customers’ ambitions in the region and link the customers to Asia
and beyond [14].
Motivated by vision and mission, Maybank Group’s 2020 strategic objectives is to be The Digital
Bank of Choice [15] and put the customers at the frontline by focusing on building a differentiated,
sturdy, resilient, and sustainable digital ecosystem. Moreover, Maybank believes that developing
trust and understanding motivations and needs of the customers together with personalizing the
customers’ experience can help them to improve the customers’ digital experience, nurturing
relationships with technology participant such as FinTechs and TechFins [16] which help to enhance
the digital ecosystem. Apart from this, the implementation of the digital innovations such as MAE,
M2U, and QRPay [17] across Maybanks’ markets are believed resulting a good aftermath to the
customers. Prefer to be the digital bank of choice not only help to calibrate the business model and
growing in productivity but also refining the business model.
As a result, Maybank recorded numbers of achievement in 2019 such as managed to launch MAE,
the first e-wallet that shows the lifestyle of the consumers with banking facilities in Malaysia [18]. The
success in implementing the system attracted many consumers and as a result, over 1.1 million
registered users in 2019 [19]. In addition, Maybank also has a mobile app known as Maybank2u MY
App [20], that enable the consumers to perform their money transaction only by using mobile phone.
The MAE application is the extension to the mobile app, which is basically an e-wallet many interesting
features such as helping the consumers to understand the expenses made across the Maybank
accounts including via cards, QR transaction, and more.
3.0 Analysis
General environment analysis is to analyze how the company is doing in the market by
analyzing 7 segments that affect the industry and firms within it [21] in terms of various field such
as demographic, sociocultural, political or legal, technological, global, and physical segment. Apart
from that, the industry analysis is to analyze the position or power of suppliers, power of buyers,
threats of new entrants, product substitution, and the intensity of rivalry among competitors. In
order to understand the competitor behaviour, some competitor analysis also will be discussed.
Finally, after understanding the competitors’ behaviour, the discussion will proceed to with some
internal analysis to identify what can be done by the firm in order to survive in the market by
exploiting resources and turn it into capabilities to develop competitive advantages.
3.1 General Environment Analysis
Demographic Segment
The usage of financial technology in the system is undoubtedly ease the consumers’
experience. However, there is still some challenge to make full use of the technology because
of the age structure [22]. Apparently, the younger generations have no problem in accepting
and using the technology, but it becomes challenging to the older generations.
The usage of financial technology might cause them some difficulties in adapting the new
way in manage daily transaction as they are used to do the transaction in traditional way
which go the nearby physical bank. However, this will not stop Maybank fintech from growing
and expanding because as day goes by, consumers will become more sophisticated and
knowledgeable in technology.
Technological Segment
Based on the mobile phones report data from Euromonitor [23], there are great number
of mobile phones consumer in Malaysia. This indicates that nearly every individual in Malaysia
own at least one smartphone for daily communication. Each consumer obviously subscribed
to data packaged offered by the local telecommunication companies such as Maxis, Digi,
Celcom, U-Mobile, and others regardless of the package type, be it postpaid or prepaid [24].
The main point is to occupied consumers with the access to the internet.
As much as the outbreak of the COVID-19 in Malaysia, it will not stop the government
from expediting the connectivity of 4G with the aim to make sure the consumers have the
access to the latest networks, as mentioned by the Minister of Communications and
Multimedia, Datuk Saifuddin Abdullah [25]. In addition, the government also continue to
optimize the 4G network which strengthening the foundation of implementing 5G in Malaysia
by 2022 [26]. Following this, Maybank fintech such as Maybank2u and MAE have the
opportunity to operate well and continue to serve consumers confidently.
Furthermore, digital services are evolving and the numbers of consumers that depends
on the online products are also increasing. This will lead to some concern with the cyber
security and privacy such as cyber attacks and data breaching. However, Maybank tackles
this problem by enhancing and refining the IT infrastructure and security controls and also
conducting the cyber awareness program [27].
Political / Legal Segment
Political event that takes place in country also contributes some impact to the
performance of Maybank business. Generally, change of politic in a country will affect the
implemented policy because different government will implement new policy or change the
current policy in that particular country. This seriously affect the business performance in a
country. This may lead to a slower growth in credit due to the fragility of the business.
In 2019, Maybank was aware of some politic event in other country might affect their
businesses in Malaysia and other region. For example, some political event in US, EU, UK, and
other regions such as the election of US president in 2020, fallout from trade war between US
and China, and the cyber warfare may restrict the growth of the economy [28]. Obviously,
these events will rise some doubt among the consumers on the data security. Most of the
consumers will be afraid and hesitate to use the online services to perform money transaction
because of the unstable system in the country. Nevertheless, despite all of the issues,
Maybank still stand firm and initiated some actions by developing communication across the
Group to be always in a standby mode in making better decision.
Global Segment
Financial technology in banking help Maybank to penetrate the other countries market
and expand the number of branches across the globe effortlessly without spending extra
money to invent new physical products. For instance, one of the mobile banking services
provided by Maybank is an app called Maybank2u app [29] which is an online platform that
allow the consumers to perform any money transaction on-the-go by only using mobile
phone. The services are including e-wallet and Quick Response (QR) codes that let consumers
pay for their goods without using cash.
Maybank Mobile App is not only implemented in Malaysia but also implemented in
another five Asia countries like Singapore, Indonesia, Philippines, and Cambodia [30]. The app
is completely standardized in the five countries after the enhancement of the app in
Singapore and Indonesia in 2019 after the app upgrading in Malaysia, Cambodia, and
Philippines in 2018 [31]. Further improvement was done to the app in Malaysia with the aim
to let the consumers conveniently investing in ASNB (Amanah Saham Nasional Berhad) unit
trust funds with the on-the-go application [32].
Physical Environment Segment
Any transaction that is perform using the fintech does not require any physical receipt or
document printing as those documents can be downloaded from the application in the form
of digital documents. As the result, the employment of fintech in the system definitely help a
lot in preserving the nature because paper consumption is decreasing. For example, Maybank
encourage consumers to use the Maybank2u apps to view online statements and this is
considered as a big step on saving the environment in conjunction to the love the earth
campaign [33]. By choosing the online statement service which is called as ‘Bills & Statements’
consumers able to viewing and downloading all the bills and statements.
Apart from this, Maybank donated RM1 to a numbers of NGOs such as TrEES (Treat Every
Environment Special S/B), GEC (Global Environment Centre), and REACH (Regional
Environmental Awareness Cameron Highland), for every consumers that agree to use the
Online Statements service [34]. At this point, by using this technology, Maybank is producing
environmentally friendly products which contribute a positive value in maintaining the
ecosystem.
3.2 Industry Analysis
Threats of New Entrants

Threats of new entrants is very high as many local banks also coming out with their own
financial technology service such as the mobile banking app. For example, other bank like
Hong Leong Bank, RHB, Public Bank, and CIMB are among the local banks that rapidly
introduce their online platform services in the market [35]. These services are including the
mobile banking app, e-wallet, and QR pay code. All of these are the threats that face by
Maybank to compete in the market. However, Maybank does not see this as a threat, instead
it is an opportunity to create new competitive advantage and reach a bigger market in
enhancing the consumers experience and also improvise the operations and the systems
efficiency [36].
Power of Supplier
Bank Negara Malaysia or known as BNM is by default the legal supplier for all local banks
in Malaysia [37]. BNM has absolute power to control and monitor all the banks activity in
performing their business which follow the banking acts. Therefore, Maybank needs to obey
the acts by only receive base rate of 1.75% from BNM, which is the smallest amount compared
to another banks [38]. The small amount of the base rate given by the BNM is indicating that
Maybank has a stable liquidity. Apart from that, the base lending rate offer by Maybank to
the consumers is currently 5.40% which result to a quite high profit in returns [39].
In order to maintain the stability, Maybank also put focus in diversifying their services by
providing Merchant Programme for the retailers to sell their products and services in the
market by collecting payment through an online platform banking, Maybank2u [40]. As the
result, it helps a lot in expediting the business performance in productivity by performing
online cashless transaction. The implementation of the program to the system successfully
attracted big number of consumers dealing with Maybank. As the result, Maybank won NEF-
Awani ICT Awards 2011 as Favourite Online Banking Service Provider [41].
Power of Buyer
Apparently, consumers play a huge role in determine the successful of a business. Any
consumer behaviours toward the business or firm must be taken seriously because it reflects
how good is the products or services provided by the firm. In this case, power of buyer is high
due to the plenty of bank in the market that able to provide the same services. However,
Maybank take some actions in controlling the buyer’s power by always looking at the risks
and opportunities ahead.
Furthermore, bank system security is vulnerable to cybercrime attack such as phishing,

scam, and ransomware and cause the consumers expect a lot from bank to constantly vigilant
and up-to-date with the cyber security threats. To overcome this problem, consumers are
continuously promoted with the cyber security awareness by alerting the consumers through
media or short message service (SMS) to notify regarding the cybercrime [42].
Threats of Product Substitution
As Maybank continuously merge the financial technology into the system, the threats of
product substitution are decreasing because consumers do not face any switching cost. It only
needs the consumers to download the Maybank Mobile App into their phone and able to use
it immediately. Besides, there is no charge imposed to download the app from Google Play
Store and Apple AppStore. Everybody in the community able to have access to the app easily.
Furthermore, the introduction of an e-wallet application named MAE app in 2019 as the
extension to the Maybank Mobile app gives freedom to the consumers accessing their
accounts, pay bills, perform money transfer, and monitor the expenses. Besides, the MAE
apps help the consumers to comprehend the expenses habit because there is an option in the
app known as ‘Expenses’ that illustrate a view of every transaction across Maybank accounts,
debit cards, credit cards, and QR transaction [43]. Consumers not only limited to those
benefits, but also able to set goal in saving by using the Tabung features [44]. Interestingly,
this feature even allows the consumers to save with family and friends to achieve a set goal
[45].
Rivalry Among Competitors
Following the introduction of MAE app in the market, it reduces the intensity of rivalry
among competitors because non-Maybank consumers also can utilize the app and able to
complete the application without going to a Maybank branch. There is moderate number of
competitors in the market to compete with Maybank in term of financial technology such as
CIMB, RHB, Hong Leong Bank, and Public Bank [46]. All of these competitors are serving the
consumers with the same services but the advantages are still at the Maybank side due to the
introduction of the mobile banking app is more advance as compared to the competitors.
3.3 Competitor Analysis
Currently, Maybank is competing with another local bank such as Public Bank and CIMB.
Both banks are also operating in the same market by delivering the same products and
services which is providing consumers with the same financial technology such as the online
banking and this has an impact to Maybank. For example, Public Bank introduced an online
banking app known as PBe [47] and CIMB Clicks [48] for CIMB online banking app. Both were
developed with the same target to enhance consumers experience in managing online money
transaction. However, as the first-mover that introducing the online banking system [49] in
the local market, Maybank has more experience and this led to the success of inventing an
extension to Maybank2u app which is called as MAE, an e-wallet that is more customize for
the consumers to monitor all the expenses.
Besides, Maybank has the largest assets, which is USD165 billion [50] compare to CIMB
with the total assets of RM596.0 billion [51] and Public Bank which has RM432.83 billion [52].
Other than that, Maybank also own the greatest number of employees as there are 2,400
branches and offices in 20 countries [53]. As this being said, Maybank have the ability to
continue coming out with new and fresh ideas or services due to the access to the great
numbers of employed IT expertise that help in enhancing and optimizing the current system
by developing new ideas and algorithm for a better improvement.
3.4 Internal analysis
Maybank has a strong financial capital because supported by strong internal capital
generation with the net profit of RM8.20 billion in FY2019 and stable Group CET1 capital ratio
of 15.729% as stated in Maybank Annual Report 2019 [54]. In addition, the financial capital
also supported by an extensive retail franchise that produces a large consumers funding base
of RM565.27 billion.
Having such a strong financial capital and aspired by the mission of Humanising Financial
Services, Maybank capable to continuously creating value for consumers by put an effort in
maximising the potential in ASEAN [55] which experience a rapid growth of middle class but
has less access to the bank. This inspired Maybank to ensure their services are accessible to
all consumers and partners in ASEAN that look for opportunity to expand businesses. Besides,
Maybank disperse the created value in sentimental ways to the employees. The employees
receive intangible benefits such as providing an upskilling programme [56] as the effort to
improve the service delivery by having a strong internet and mobile banking platforms in the
ASEAN markets including Malaysia and Singapore.
Maybank shared core value as the core competencies which is T.I.G.E.R is stand for
Teamwork, Integrity, Growth, Excellence & Efficiency, and Relationship Building [57]. Driven
by the core value, all community in the group work as a team by applying mutual respect and
dignity towards each other. Besides, all employees implement honesty, professionalism, and
ethical in doing the job. Furthermore, by applying the Growth value, the group is passionate
in improvement and innovation which help the group continuously growing and lead the
financial technology in Malaysia. The group also committed to deliver the best performance
and superb service. Last but not least, Maybank continuously build long term and mutually
beneficial partnership by applying the Relationship Building value [58].
Driven by the mission of Humanising Financial Services, Maybank come out with firm
competitive advantages that believe able to support the strategy to generate growth for a
long-term such as having a global network with extensive regional footprint which has over
2,400 retail branches in 20 countries. Apart from that, the implementation of multi-channel
customer engagement contributes +26 of net promoter score and has 8.68 billion online
transactions on Maybank2u in FY2019 [59].
4.0 SWOT Analysis
Strengths
Maybank is listed in the top 5 banks in South East Asia with USD165 billion total of revenue and
also owns 2,400 branches of international network with widely distributed offices in 20 countries that
employ 45,000 of employees [60]. Furthermore, Maybank also has a high number of consumers which
is more than 21 million which is a strength that contribute to the increasing of consumers that use the
mobile banking app developed by Maybank [61]. The developed app such as the Maybank2u and MAE
are very convenient to the consumers those apps are allowing the consumers to perform money
transaction anytime and anywhere on the go without visiting any nearby physical branch. The usage
of the apps is very time efficient because consumers can save lot of time without having to go
anywhere.
Other than that, Maybank also come with a Live Chat on Maybak2u app and Maybank mobile app
for consumers in Malaysia [62]. This feature enables the consumers to get answers to enquiries in
real-time mode. Moreover, Maybank is the first bank in South Asia that implement Tap2Phone
payment solution app to provide merchants with the simplicity and efficiency in accepting card
payment from customers by using the mobile app [63]. Not only that, in 2017, Maybank launched the
Regional Collaborative FinTech Sandbox Platform and become the first bank that introduced facial
and voice recognition features in Maybank2u app [64]. A year later, Maybank developed partnership
with Grab to drive the Grabpay and launched “FutureReady” digital upskilling programme [65].
Weaknesses
Online banking has a very good security, however, at some point, the implementation of the
technology in the system also has risks because lack of security will cause the system becomes
vulnerable to cyber-attack such as phishing scam and ransomware. Especially during the current
outbreak of COVID-19, there is rising cases involving identity theft and fraudulent [66]. If those legal
activities take place, it may cause the consumers lost their money and takes time to fix.
Opportunities
Despite of the weaknesses, Maybank takes those as the opportunities for them to improve more
on their system provide a more personalized customer service to their consumers. This also allow
Maybank to explore and identify more of their potential in creating value in serving consumers. For
example, Maybank introduced an online platform that involving text-based coding such as Online
Python and R Challenges [67], which allow the employees to explore knowledge in coding for analytics
purpose. This program welcomes any employees as it does not need any prerequisite in programming
knowledge [68]. The employees are free to develop new algorithms that meet the needs. Besides,
Maybank also come up with an artificial intelligent (AI) learning tool to help the employees to step up
the learning of analytic algorithm that relevant to the jobs [69]. To provide the employees with the
latest skill, Maybank come out with Social Media Upskilling Programme, which utilize the social media
platform in providing financial expertise digitally to the consumers [70].
Threats
Obviously, Maybank has good performance and continuously growing. However, awareness on
changes of policies in the involved countries and Malaysia need to be emphasized. Certain events
might take place in politic of a certain country be it locally or other involved countries and cause huge
impact to the operation significantly. These changes might change the cyber policy between countries
and affect the current operation.
5.0 Recommendation
Apparently, Maybank is using the differentiation strategy in operating the business. This can be
seen by producing internet banking service at an acceptable cost that successfully attracting high
number of consumers. Here, Maybank obtain the differentiation advantage by lowering the buyer’s
cost in using the internet banking and the developed mobile banking app with continuously put efforts
to enhance the service performance. Due to this, Maybank managed to create sustainability through
the consumers perception of uniqueness. Maybank also invest in the development of new technology
and innovate new services as the product. In order to ensure good operation, Maybank also invest
certain amount of money to provide the employees with a training platform that will occupy the
employees with the latest technology knowledge especially in programming. The development of the
internet banking services and the mobile banking app that also including a feature that enable the
consumers to get a real-time answer and enquiries. This way of approaching consumers lead to the
development of a strong and positive relationship with consumers.
However, this Maybank cannot be too comfortable in utilizing the differentiation strategy because
the competitors might able to replicate the current differentiated features and ceases to provide
value that the consumers want. It is advisable for Maybank to implement the integrated cost
leadership / differentiation strategy. The current core competencies and competitive advantage that
possessed by Maybank will help the group to adapt quickly to the environmental changes. By
providing the Online Python and R challenges, and implementing AI learning tool for employees,
employees can learn new skills and technologies quickly. This will help Maybank to produce another
new app or features that will enhance the consumer’s experience. Of course, there will be some risk
in implementing the integrated cost leadership / differentiation strategy like involving compromises
and becoming stuck in the middle, but Maybank can overcome the risk as the group is passionate with
improvement and innovation. Besides, Maybank are also very committed to deliver an outstanding
performance and superb service which will continuously build a long-term and mutually beneficial
partnerships.
6.0 Conclusion
In conclusion, Maybank will continue to become the number one bank in Malaysia because of the
consistency in improvising and enhancing the current system especially in financial technology.
Despite of all the current competitor, Maybank still survive in the market holding the top position
in leading the financial technology by responding with an aggressive attack which always become
the first one in the market introducing new services that always meet the consumers needs.
7.0 References
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Corporate_Book.pdf

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BMS7014 MANAGING STRATEGIES

3.1 General Environment Analysis

Political / Legal Segment

Physical Environment Segment

3.2 Industry Analysis

Threats of New Entrants

Furthermore, bank system security is vulnerable to cybercrime attack such as phishing,

Threats of Product Substitution

3.3 Competitor Analysis

[6] Maybank History. (n.d). Retrieved from https://www.companieshistory.com/maybank/

[7] Maybank History. (n.d). Retrieved from https://www.companieshistory.com/maybank/

[8] Maybank History. (n.d). Retrieved from https://www.companieshistory.com/maybank/

[9] Maybank Overview. (n.d). Retrieved from https://www.maybank.com/en/about-us/who-we-

[10] Maybank Overview. (n.d). Retrieved from https://www.maybank.com/en/about-us/who-we-

[11] Maybank Overview. (n.d). Retrieved from https://www.maybank.com/en/about-us/who-we-

[12] Maybank Overview-Core Values. (n.d). Retrieved from https://www.maybank.com/en/about-

[23] Euromonitor International. (2020, September). Mobile Phones In Malaysia-Context-Mobile

[29] Maybank2u app. (n.d).Retrieved from

[33] Love the Earth Campaign.(n.d). Retrieved from

[34] Love the Earth Campaign.(n.d). Retrieved from

[37] About the Bank-Roles and Functions.(n.d). Retrieved from

[40] Maybank Merchant Programme. (n.d) Retrieved from

[47] PBe Online Banking. (n.d). Retrieved from

[48] CIMB Clicks. (n.d). Retrieved from

[50] Maybank Overview. (n.d). Retrieved from https://www.maybank.com/en/about-us/who-we-

[52] Corporate Profile. (n.d). Retrieved from https://www.publicbankgroup.com/About-

[53] Maybank Overview. (n.d). Retrieved from https://www.maybank.com/en/about-us/who-we-

[60] Maybank Overview. (n.d). Retrieved from https://www.maybank.com/en/about-us/who-we-

[61] Maybank Overview. (n.d). Retrieved from https://www.maybank.com/en/about-us/who-we-

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