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Studying THE MANY Functions Of Maybank2u Information Technology Essay

Fund transfer simply means send some amount of money from a merchant account to some other account via Internet. With this function, Maybank2u(M2U) allows its new users to transfer fund online without having queuing at bank counter to carry out transaction. For instance, parents can transfer fund with their children who study overseas by using this service. Besides, corporate user can use this function to pay their supplier and they also need not use cheque to make payment which is more risky in comparison to fund transfer because an individual or supplier may lost the cheque.

On Maybank2u. com, users can transfer funds between own Maybank accounts, e. g. from checking account to current account, to other Maybank accounts, to other local banks or financial institutions and transfer funds overseas.

Transfer between own Maybank accounts

M2U users can transfer funds between own Maybank accounts. To transfer funds between own Maybank accounts:

Users must be a registered M2U user.

First, login on Maybank2u. com.

They may then choose banking region of Accounts and Banking to transfer funds.

An summary of saving and current accounts balance will be shown on screen afterward.

By clicking Transfers at the choice panel at left hand side, it will bring users to main transfer page and users can pick "own account transfer".

Then, users can enter transfer details such as amount to be transferred, transfer funds that account to which account and select an efficient date for the transfer to occur.

After this is performed, users can review transfer details to verify the transaction. If users have changed their mind, they can correct it by moving back again to the prior page.

If users confirm the transaction, they can click on the 'Confirm' tab and a confirmation screen will be proven to show if the transfer is prosperous or fail.

Users will get a unique reference number for the transfer as record.

They can then print receipt of the transfer or make another transfer.

This transfer takes significantly less than three minutes to be done. It really is fast and convenient. There is absolutely no limit for users to transfer fund between own accounts as long as there is certainly balance in their account.

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Figure 1. 1: Own account transfer

Transfer to third party's Maybank account

To transfer funds from own account to third party's Maybank account, M2U users can pick to transfer funds immediately or at a selected future date, exactly like how transferring between own accounts does. If users have selected any future transfers, all the outstanding future transfers will be recorded in a table and users are allowed to check on pending funds transfer and cancel them anytime. However, there is a limit for daily transfer which is of maximum RM5000 each day. This service is free of charge.

Steps to transport this transfer are almost the same with that of transfer between own Maybank accounts. The distinctions between both of these are users have to select '3rd party account transfer' instead of 'own account transfer'. There are also some functions available in this transfer.

The first function is third party Account Maintenance. This function allows users to save account information on someone whom users transfer funds frequently, so that users do not need to type in account number every time when they want to transfer funds. Users are permitted to conserve to 20 favourite accounts and update or delete the account details.

Another function provided because of this transfer is Transaction Limit Maintenance. The maximum limit of amount that users can transfer each day is RM5000. Users may set their own daily transaction limit from 1 cent to maximum of RM5000.

Besides, for immediate transfer, users are permitted to send e-mail to recipients to be able to inform them they have transferred money with their accounts.

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Figure 1. 2: Transfer to 3rd party's Maybank account

Transfer to accounts of other local banks or financial institutions

M2U users can also transfer funds to savings or current accounts of other local banks or financial institutionssuch as Alliance Bank, CIMB Bank, HSBC, Citibank, etc. This transfer is named GIRO Interbank Transfer. There are many types of payment can be made through GIRO which is funds transfers to savings or current accounts, credit card payment, loan payment and hire purchase payment.

During weekdays, recipients will receive fund transferred at the same day if users transfer fund before 12pm and the money will be credited to recipient's account before 12 midnight. For funds transferred after 12pm, recipients will receive the amount within the next morning. For funds transferred during weekends and public holidays, recipients will receive the money in another morning.

Steps to handle this transfer are almost the same with the steps above but senders have to choose 'New Interbank GIRO Transfer' plus they also needed to select which bank to transfer to before they enter transfer details. Senders will also be questioned about if they want validation of recipient's ID at their bank.

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Figure 1. 3: Transfer to other banks' account

There is also a daily transfer limit because of this transfer which is RM5000 and addititionally there is RM2 charge for service fee. Just like the transfer funds to third party, users can also set their favourite IBG Transfers to their favourite list and there is a maximum of 20 favourites.

Transfer funds overseas

If M2U users want to transfer funds (cash or credit money) overseas online, users can do that by using Foreign Telegraphic Transfer. Users can transfer money to third party account by 'Credit to Account' to 50 countries in 24 currencies conveniently while for cash, users can only send it to 6 countries.

Maybank2u has set a daily transfer limit because of this fund transfer. To transfer cash, users must transfer at least RM250 or maximum up to RM1000. For credit to account, users must transfer at least RM250 and maximum up to RM10000. This transaction is processed by SWIFT and TAC (security code) authentication, so that it is fast and safe. Besides, Maybank2u can calculate the value of the funds that you would like to transfer by converting currency instantly. The amount will then be debited directly from users' Maybank saving or current account to third party account.

Maybank will charge a transaction payment of RM10 to sender for every single transaction completed. Recipient will also be charged by their bank and the amount is different in every country. The time taken for recipient to receive money is determined by recipient's bank.

Besides all these transfers' functions, on the Transfers page, users are also allowed to check transfer history, future transfers and foreign telegraphic transfer history and manage their favourite transfers.

CREDIT CARDS

There are total 23 types of credit card available in Maybank. Details about various types of bank cards can be found on Maybank2u. com. People who are Malaysian and aged 21st to 65th years of age with specified selection of amount of income can apply for Maybank credit card. For supplementary cardholders, they must be of at least 21st years old. For individuals who desire to apply Maybank bank cards, they are given with a function which can help them to get a card that is best suit themselves.

First, they will be questioned about their income and also which kind of card are they looking for. After make selection, all results will be shown and users are permitted to make comparison between cards.

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Figure 1. 5: Choose income range and types of card

After users have made decision which card to choose, they can download form from Maybank2u. com, print it and complete details. For applicants who want to have a supplementary cardholder, they can download supplementary form online too. In the end they are done, they can hand up the application form attach with all required documents to 1 of the branches to use for charge card.

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Figure 1. 6: Download credit-based card application form

IMPROVEMENT

There are total 8 methods available in Maybank to transfer fund that are Maybank Money Express, Foreign Telegraphic Transfer, third party & own account transfer, GIRO Interbank Transfer, China Remittance Service, MEPS Interbank Funds Transfer, Foreign Worker Telegraphic Transfer and MoneyGram Money Transfer. However, there are just three methods available on Maybank2u. com.

In order to increase customers' option in transferring funds, Maybank will include some more methods on Maybank2u. com. In other words, it will make any of the five methods available to use online.

For example, Maybank Money Express is one of the techniques which allows overseas recipients to get money instantly. By providing reference number distributed by the sender, recipients can have the money immediately and never have to wait. If this function can be obtained online, users (sender) do not have to happen to be branch physically to execute this transaction and recipients can still get money at once. Insurance agencies this, users can transfer funds in a far more efficient manner. This directly increases customers' satisfaction and also the bank's reputation and it may attract more customers since it offers the easiest method for customers to transfer funds overseas.

Besides, M2U should increase daily transfer limit for transfer fund to 3rd party account. The default daily transfer limit is RM5000. If users want to transfer more than RM5000, they need to wait until next morning or proceed to ATM to conduct the transaction. This causes inconvenience to users who wish to transfer funds in a more substantial amount without having happen to be branch physically. So, M2U should increase its daily transfer limit so that users can transfer more income online.

NEW FUNCTIONS

In order to response more promptly to customers' request, M2U should give a function which allows customers to have direct conversations with customer support representatives online when they face problem in using functions on M2U. That is also called chat box. Many online shopping websites adopt this function in order to react faster to customers' question and need. Conventionally, when users face problems, they either give a call to customer service department or send e-mail and wait for their reply. These devote some time plus some customers may feel impatient while looking forward to their reply. Businesses should always place their customers as their priority plus they should fulfill customers' need whenever you can and as fast as possible. So, if M2U develop this function, it can response quicker to customers' need which indirectly increase customers' satisfaction plus they can retain customers' loyalty.

For users who wish to apply Maybank charge card online, M2U again causes another inconvenience as there is no function which allows customers to apply mastercard online. All it has are just detailed information about bank cards and users can download form if indeed they want to apply bank cards.

So, M2U should insert this function and it can further develop another function for people to upload supporting documents. Insurance firms this, supporting documents such as NRIC, latest BE form with official tax receipt, latest 2 months' salary slips, latest 3 months' checking account activity/current account statements, etc can be uploaded and submitted online by the job seekers together with the application of credit-based card. This function really bring great convenience for people who are busy and always have no free time to travel to branch physically.

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