History of Maybank
Maybank have first established its business incorporation at 1960 and after 52 years of operations it is undoubtly that the group has proven its commitment to excellence and innovation to becoming Malaysia’s regional finance leader. It first incorporates on May 31 1960 at Mayson House and are the first that introduced credit scheme at 1964. Maybank debit cards is first launch in 2008, and Maybank visa debit is the first dual purpose bank card that offers both domestic and international acceptance at millions of other merchant worldwide that accepts visa cards.on the other hand Maybank debit card are also the first to introduce reward points offering for debit card payment. For the full summary history for Maybank plase refer to the appendix at the back.
Vision /Mission / Values and Objectives
Maybank’s vision is ‘to be regional financial service leader’ it means they will strike to be the region’s leader in finance services. On the other hand, Maybank’s mission is ‘humanising financial services across Asia’ in other words, they would aim to increase the financial service available now across Asia.
Maybanks have various values which are:
Teamwork: we work together as a team based on mutual respect and dignity Integrity: we are honest, professional and ethical in our dealings Growth: we are passionate about constant improvement and innovation Excellence and efficiency: we are committed to delivering outstanding performance and superior service
Relationship building: we continuously long-term and mutually beneficial partnerships
* Maybank’s objective to develop its awareness in the insurance and takaful sector in some identified growth market aside from Malaysia. (Maybank.com, year 2011)
Maybank is listed in stock exchange Malaysia (Bursa Malaysia), not only that they are known as the largest listed company in Bursa Malaysia by capitalism, RM54 Billion (Wikipedia, year 2012). It is also listed in some other countries’ stock exchange like the Singapore stock exchange (SGX) (maybank2u.com, year 2002)
Maybank Porter 5 Analysis
As accordance to the Principles of Contemporary Marketing by Kurtz and Boone,the Porter’s Five Forces is the model developed by strategy expert Michael Porter that identifies five competitive forces that influence planning strategies, the five forces includes, the threat of new entrants(competitors), the threat of substitute products or services, the bargaining power of customers, the bargaining power of suppliers and the rivalry among the already existing firms in the industry in this case, it would be the banking industry. These five forces determine the ultimate profit of an industry, which allows Maybank to have a better insight and understanding about the banking industry context to develop strategies in oder to counter the vigorous competition in the banking industry. After years of efforts, Maybank has now become Malaysia’s largest financial services group. (Wikipedia, 2012)
The threat of new competitors
The threat of new competitors in the banking industry is high. Nowadays, banking industry has become a popular sector due to its high profitability. This ultimately attracts many entrepreneurs to venture in this particular industry. Traditionally, only banks are the sole grantors for consumer finance. But now there are lots of institutions that engage in this business for instance private finance companies as well as other unlicensed companies. When many countries and cities financial institution join World Trade Organization (WTO) along with the Internet effect, the barrier of bank has disappear. Many financial and non-financial organizations can easily enter into the banking industry. With just a small amount of capital those banking...