UOB Malaysia: Online banking users more than double in the last three years

United Overseas Bank (Malaysia) Bhd (UOB Malaysia) has seen a 106 per cent[1] increase over the last three years in the number of customers using its online banking services. With the growing presence of and reliance on mobile phones and tablets, these customers are also making more online banking transactions. The number of online transactions, such as fund transfers and bill payments, rose by 133 per cent over the same period.

According to data from UOB Malaysia, the number of online fund transfers and bill payments increased by 184 per cent and 90 per cent respectively from August 2014 to July 2017. The data also showed that in the first seven months of 2017, online fund transfers accounted for 59 per cent of all online financial transactions[2] while bill payments made up another 12 per cent.

Mr Ronnie Lim, Managing Director and Country Head of Personal Financial Services, UOB Malaysia, said consumers’ busy lifestyles demand that their banking and payment needs are simply and conveniently met.

“Consumers expect to have ease, speed and flexibility to carry out their financial transactions in keeping with the pace of their lifestyles. Rather than queue at bank branches and post offices during their lunch break to pay their bills, now they can carry out their banking transactions on the go and at their convenience[3]. All they need to do is to log on to UOB Malaysia’s internet banking website from their desktops or on their mobile phones.”

UOB Malaysia simplifies online banking service to enhance customer experience

In keeping with the preferences and online transaction habits of Malaysian consumers, UOB Malaysia has improved its Personal Internet Banking (PIB) website to enhance the online banking experience. UOB Malaysia’s PIB facility has been upgraded to include a responsive user interface, which is compatible with tablets and smartphones to enable customers to access their accounts at any time and to transfer funds safely via their mobile devices.

Through PIB, customers are able to transfer funds by simply entering the recipient’s mobile phone number and an access code will be sent to the recipient via a text message. To accept the funds, the recipient will have to log on to the PIB website and key in the code. The money will then be sent to their bank account of choice.

In light of the growing demand for safe-haven investments such as gold, UOB Malaysia’s PIB enables customers to buy and to sell the precious commodity online, without having to visit a bank branch. With the Bank’s enhanced PIB capabilities, customers are also able to transfer foreign currency held in their investment accounts to their ringgit-denominated savings and current accounts.

“At UOB Malaysia, we harness digital technology and data analytics to ensure our customers’ banking experience is simple, secure and widely accessible. Given how indispensable the smartphone[4] has become to our customers, we recognise how mobile technology shapes their expectations, changes their preferences and influences their lifestyles. This is why we will continue to invest in building our internet and mobile banking capabilities to offer our customers access to simple and secure services through their smartphones at their convenience,” Mr Lim said.

Customers can access or activate their UOB Malaysia PIB accounts instantly at www.uob.com.my.

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About United Overseas Bank (Malaysia) Bhd

United Overseas Bank (Malaysia) Bhd (UOB Malaysia) is a subsidiary of Singapore-based United Overseas Bank Limited and has had a presence in Malaysia since 1951.  UOB Malaysia offers an extensive range of commercial and personal financial services through its branches, subsidiaries and associate companies: commercial lending, investment banking, treasury services, trade services, cash management, home loans, credit cards, wealth management, and bancassurance products.

In line with the UOB Group’s regional corporate social responsibility initiatives focusing on children, education and the arts, UOB Malaysia has organised the annual UOB Heartbeat Run since 2008 to raise funds for charity. In 2011, UOB Malaysia established the inaugural Painting of the Year Competition and Exhibition.

For further information, please visit www.uob.com.my.

[1] Growth in number of UOB Malaysia customers registered for to use online services between 1 August 2014  and 31 July 2017

[2] Online financial transactions include fund transfers, bill payments, credit card and loan payments. Non-financial online transactions include accessing account summaries, e-statements, passwords and personal information management.

[3] Source:  Malaysian Communications and Multimedia Commission 2016 Internet Users Survey, 3 January 2017. According to the survey, 36.2 per cent of Malaysians that access the internet do so to access online banking services.

[4] Source: Malaysian Communications and Multimedia Commission 2016 Internet Users Survey, 3 January 2017. According to the survey,  smartphone ownership among Malaysian internet users rose from 74.3 per cent in 2014 to 90.7 per cent in 2016.