Malayan Banking Bhd (Maybank) has launched a new service with plans of focusing on the mass affluent banking business segment, a customer group that has often been overlooked by the wider local financial industry, according to the lender.
Maybank has launched its new service called Maybank Aspire in Malaysia, a new branded conventional or Islamic-bundled offering comprising cards, deposits, financing, insurance, investment, and will target the mass affluent segment base with it.
The service aims to fill existing gaps by providing a differentiated banking experience that will focus on four main propositions – personal, secure, maximise and empower.
Deputy president and head of community financial services, Datuk Lim Hong Tat, said: “Traditionally, we have tended to define the market as either mass or high-end. Hence, our products have been tailored to these broad categories.
“But in an increasingly sophisticated market, Maybank has noted the different needs of customers who are sandwiched between the mass and high net-worth segments.”
“We have defined our customers into three distinct segments – the mass market, mass affluent and the high net-worth ones,” Tat added.
During the launch of Maybank Aspire, Tat said the offering would first be targeted to 60,000 of its overall 300,000 mass affluent customers.
Maybank’s mass affluent client segment has minimum investable assets of MYR50, 000, and total financial assets of MYR250, 000 or a monthly clean income of MYR6, 000 and more.
Tat reported that the segment’s customer base had been growing at an annual rate of 10.8%, greater than the average market growth of 9.2%.
“In the past three years, the premium high net-worth and affluent customer base has been growing almost three times that of the mass segment,” Tat added.