As one of the pioneers of mobile banking in the Philippines, Maybank Philippines is at the forefront of transforming banking in the country with the launch of its upgraded Maybank2U PH (M2U) mobile app.
Aiming to deliver better security for customers across Southeast Asia, the app integrates advanced technologies and partnerships to ensure a seamless banking experience.
In an interview with the press, Maybank Philippines OIC President and CEO Patrick Dennis Solosa and Head of Virtual Banking Paolo M. Salcedo discussed the key features, security measures, and future developments that set M2U apart from other mobile banking options in the country.
According to Salcedo, customers can expect three things from Maybank’s upgraded mobile app: improvement, convenience, and security.
“The customer experience is actually very, very similar even if you use it in the Philippines or the other countries in Southeast Asia. We also employ our proprietary [Secure2U] platform, which provides enhanced security,” Salcedo told Manila Standard Life.
Talking more about its security featured, Salcedo elaborated on its S2U feature which enhances the security by locking transaction authorizations to the user’s mobile device. This means that only the device holder can approve transactions, minimizing the risk of fraud from phishing or unauthorized access.
“Essentially, [through S2U], the customer will only be able to authorize their transactions using their mobile device. The reason why we did S2U is because, again, we have experienced a lot or we’ve heard a lot about phishing, about account takeover. So with S2U, essentially, the authorization is locked to the device,” he added.
Users do not need to rely on SMS for transaction approvals, enabling them to authorize transactions even when abroad. This innovative approach addresses prevalent security concerns in the digital banking space.
In terms of convenience, M2U recognized the importance of balancing digital convenience with physical banking experiences. While the app offers extensive features for online banking, customers still have the option to visit branches for assistance.
Solosa also noted that the bank is planning to expand its physical presence, especially in provinces, to cater to clients who prefer in-person interactions.
“The thing is we want to also leverage on digital right now because after banking hours, during the weekends, if you go abroad as well, you won’t have access to physical branches,” Solosa stated.
“I think the next best thing is to do things over digital. So, that’s the reason why we really had to put a lot more enhancements and really push for this new mobile app,” he continued.
The M2U app also boasted a robust feature set, including partnerships with key players like GCash, allowing users to apply for EasySave accounts directly through the GCash app. Furthermore, M2U has established a comprehensive biller network with over 600 billers, facilitating easy payments for various services, including loans and insurance.
M2U plans to enhance its app by linking with ride-hailing services and providing daily updates based on user feedback. It is also exploring loan management features for users to manage their loans directly in the app and will introduce promotional activities to boost engagement during the holiday season.
