February 24, 2024

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Malaysian bank introduces digital financial planner for customers

Image Credits: The Star Online, News Report
Image Credits: The Star Online, News Report

A major Malaysian banking firm, through its website, has introduced new digital financial planning tools to help customers’ experience and ability to plan for their future customers plan their savings, monitor their insurance and keep up-to-date on their financial goals, according to a recent report.
The creators of the website said these features, the first of their kind by a bank in Malaysia, were set to further enhance.
It said the financial planning tools include a Goal Savings Plan, Spending Tracker and an Insurance Dashboard.
The Malaysian bank’s community financial services group chief executive officer said that the introduction of the new features was a natural extension of the group’s commitment to creating services that put its customers’ needs first.
In a statement released on 12 September 2018, the financial planning tools aim to help customers visualise where they are financial; giving them valuable data of their spending at a glance.
These smart features enable them to make informed decisions on how they can manage their funds efficiently so that they are able to plan and prepare for a better future by fulfilling their dream goals.
The firm’s leadership stated that the group had seen over 4,500 goals created with over RM31.5 million targeted to be saved, since the pilot launch of the Goal Savings Plan last month.
To complement the launch of these new features, the bank introduced the ‘Double Up Your Savings’ campaign to encourage the habit of saving among customers. The campaign will end on February 28 next year.
To participate, customers will need to save up a minimum of RM200 in their Goal Savings Plan for a minimum of three consecutive months during the campaign period to be in the running to win cash prizes worth RM120,000 which are in a form of a bonus payout. A total of 120 winners will be awarded from this campaign.
The aim of the move is to help the firm’s customers control their money and spend it on things that really matter the most to them. The campaign as well as the new features do just that and will help keep the firm’s customers’ money in one place and also gives them intuitive tools to help organise and protect their money, motivating them to reach their goals.
The new digital features are about enriching the offerings that the banking firm provides through digital banking which is in line with the firm’s commitment to leverage on cutting edge technology as well as its strategic objective of being the digital bank of choice.
The banking company’s website currently has more than 10.9 million registered users accessing the platform via the mobile, tablet and website application.
Another report noted that the bank’s customers can enjoy the goal savings plan feature which allows customers to segment their money into ‘goals’ without having to create separate accounts.
The customers can create up to five goals and set a fixed monthly contribution and once a goal is created, the prescribed amount will be debited from their principal account and credited into their goal savings accounts based on the duration opted for.
All amounts placed in the goal savings account would enjoy the applicable interest.
The spending tracker feature allowed customers to track spending from their debit and credit card and able to understand their expenses based on their card spending.
Meanwhile, the insurance dashboard allows customers to view their purchased Etiqa Takaful Life and General Insurance policies in a single dashboard, giving them an overview of their protection plans.
Customers can also purchase insurance and investment plans from insurance companies seamlessly via the site.

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