Strengths And Weaknesses Of Maybank

The electronic banking has various advantages than the traditional banking system which is simple and convenient for the users. The advantages are-

　　Maybank is the largest banking service provider in Malaysia with more than 2600 ATM machines around the country in Malaysia. Besides that, Maybank is the first instant international money transfer service adopted by a Malaysia bank obtainable through Malaysia, Singapore, Indonesia, Brunei, Philippines, Cambodia, Vietnam and Pakistan. Not to be out done,they also the first to present internet banking in Malaysia which is a user-friendly website, www.maybank2u.com.my. Therefore, customer will feel more convenient and efficiency when they do their money transaction online instead of using cheques all around the world (Maybank2u 2000).

The Malaysian lender known as one of seven local systemically important banks in Singapore, which requires it to incorporate its local retail business. Maybank has said it is targeting families and young professionals, in its encourage to grow its retail survival in Singapore. Despite potentially are higher costs, Maybank said it remains committed to the domestic market.

There are over 2400 branch offices of Maybank in 20 countries and it has correspondent banking relationships with 700 foreign banks throughout the world. Besides that, Maybank has 402 domestic branches and 2,600 automated teller machines (ATM) in Malaysia. In 1985, Maybank successfully to issue the first ATM and debit card in order to accessing the balance of the savings account. Maybank also launched credit card in October 1997. In addition, Maybank provides wide range of financial products and services such as commercial banking, investment banking, Islamic banking, offshore banking, insurance and takaful, factoring, trustee services, asset management, stock broking, nominee services, venture capital and internet banking (Maybank website,

Malayan Banking Berhad is the holding company and listed entity for the Maybank group with branches in Malaysia, Singapore and other international financial centres such as London, New York, Hong Kong and Bahrain. Maybank was established in 1960, and today is the largest company by market capitalisation on the Malaysian Bourse. It is ranked first among listed Malaysian companies and among the top 500 companies in the Forbes Global 2000 leading companies of the world. The Maybank group offers a comprehensive range of products services that includes commercial banking, investment banking, Islamic banking, offshore banking, leasing and hire purchase, insurance, factoring, trustee services, asset management, stock broking, nominee

As their name suggests, they only execute their operations online. Customers can only be in contact with their money over the internet since they do not have any physical branches. Because online-only banks require lower overhead costs, they have the capability to offer more free services and higher interest rates compared to a traditional bank. Online banking provides many customers the convenience of handling their business at any physical location as long as they have access to internet. This is possible because of the variety of services that online banks provide despite limiting interaction to only the internet. Some of their services include applying for loans online, transferring funds and paying bills online. While the convenience of being able to access banking through the internet is worthwhile, there are limits to it. For example, making large deposits to the bank is limited and can only be made through the mail, they don’t service cashier checks for transactions, and withdrawing money from the account is very inconvenient. Luckily, the role of the internet in financial transactions is becoming increasingly prominent so that spending money online is more accessible, but it is important to understand both the benefits as well as restraints of online banking. Nowadays, many large brick-and-mortar banks have caught on and provide some online services in attempts to

Maybank has to keep in mind the effect on their clients because they are among the biggest group of banking, so they can improve their group to be better than others. Maybank plan something better for all their clients and just for client’s satisfaction. The community will interested to be the clients of Maybank.

The banking sector is the division of society’s economy, which is devoted to managing financial assets for its people. The industry invests on the finances, leveraging them to produce more wealth as it follows the regulation of the government. The holding of people’s financial assets is done as per customers’ wish and request. It all starts with a simple account opening, which in turn involves giving full individual information including their dates of birth, full names, next of kin, national document registration numbers, residence, gender, nationality, and so on. The bank vows to keep this information secure, and the

Technological advancement has had a gigantic effect in the banking industry. Over the past few decades, the financial services industry has changed considerably with banking transforming from the pen and paper method to the computers and internet method. The pen and paper method took weeks or even months for the transaction to be eventually completed, and then the dramatic introduction of the computer and internet method which changed that time frame to only a matter of seconds to be completed, which reduced the amount of time and labor needed to complete a transaction significantly. Banking is considered one of the most important economic sectors with it being severely influential and responsive to any little change, whether it is domestic or international. Some extreme changes that were brought about by the development of this new technology turned into a globalized nature for the financial services industry. One stroke of a key on a computer could and would change a person 's life extensively or even have a global impact. The new technologies that were created and introduced changed how the consumers managed their money from that time on. Technology has helped to protect peoples’ hard earned money and make it much more impossible for people to be able to write out bad checks or even holding up a bank. The advancement in technology however, also came with some security risks as most things do, that could affect the money that people trusted with the bank and

The use, acceptance, adoption and application of internet technology to businesses to boast their performances are not something new. Saffu et al., (2008), states that there has been a significant increase in the use and application of e-commerce in businesses in the past decade. E-commerce has benefits such as reduction in costs, increased business opportunities, reduced lead time and providing more personalized service to the customers (Turban et al., 2008). Internet banking or e-banking is one of the many tools of e-commerce adopted by the banking industry. Tools of information technology such as internet banking have significantly improved the quality of services offered by the banking

Current technology is evolving fast, which brings new dimensions to people’s daily life. Moreover, network technological innovation not only brings huge economic benefits to the bank, but also has brought new needs for the requirements of online banking. The interaction between user and bank has been substantially enhanced by deploying computer operations, which not only reduce the cost of bank service, improving the efficiency of service, but also achieve a new kind of operation without using paper .However, Online banking transactions can be a double-edged sword. These conveniences give also rise to a series of safety problems such as phishing sites and cyber crime. Thus customer’s behavior has been limited on account of the unsafe e-commerce environments. This essay will argue that there exist risks in online banking which can lead to criminal behavior, and a number of reasonable solutions have been developed to reduce the risk for customers such as improving online banking system, raise citizens’ internet knowledge and workers’ professionalism to a new and higher level.

In recognition that robust and well thought-out corporate governance practices are essential to safeguard the interests of the Group’s stakeholders, the Maybank Board is guided by the Board Manual (Manual) in respect of the Board’s role, powers, duties and functions. The Board Manual is reviewed by the Board at least once every two years (Principle 1, Recommendations 1.1 and 1.7 of the MCCG 2012).

The banking industry in Malaysia started getting significant back in the 1900s when rapid economic development occurred. The growth in economic was the result of sky-rocketed profit from the rubber plantations and the tin industry, which later causing the opening of foreign bank branches and the setting up of Malaysia’s first domestic bank – Kwong Yik (Selangor) Banking Corporation in 1913, which is also now known as MayBank.

A secure and safe online electronic banking transaction should be maintained to have an approach to security that is extensive. Most banking organizations don 't have such practices and strategies set up. This expense can be measured in dollars as well as in many-sided quality, effectiveness and time. To make things secure and prevent fraudulent transactions, money plays a key factor. It is necessary to spend money and perform more procedures to complete.

(Joseph; Stone, 2003) have said that the internet deals with a huge number of various financial transactions like customer payments, securities transactions applications for insurance acquisitions or loans. The result of the intention of the internet is to be an open network which means a high security risks are implicated with financial transactions. Today, different techniques and standards are presented in order to control these risks. Basic requirements are as follows: customer and financial institution have to trust each other; private data have to be encoded. No third party can be able to quickly get access to the private information such as financial transactions; It necessary to be guaranteed that the receiver and the sender have the same intentions. Gautam and Khare (2014) also reference about security issues in online banking by saying “Security violation can be categorized as Violation with serious criminal intention, Violation by 'casual hackers ' or Flaws in systems design and/ or set up leading to a security violation. E-banking system users still face the security risks with unauthorized access” (Gautam and Khare, 2014). (Mohammad, 2008) has a study about the emerging gap between banks’ expectations (or at least what their written customer policy agreements imply) and users’ actions related to the security requirements of online banking, the study discussed the issue about using online banking