It’s well known in the banking and credit card sector that customers are people of habit. Approximately 90% of all bank customers are still with the same financial institution that they were with when they first opened their bank account.
All banks know that if you get a customer young, you’ve probably got them for life, even if they add awful charges or call in overdrafts or act in the most arrogant and high-handed manner. The fact is: People just do not change their bank accounts. Most people think that changing all your standing orders or other instructions to pay bills are too much like hard work, and besides – who wants my overdraft anyway?
I’m pretty much testament to this. My mother opened an account for me in 1982, and it has followed me around for over three decades, changing branches and managers a couple of times, even changing the name of the bank, but it is – in effect – still the same account, with slightly better rates and a nice jet black debit card.
And this is where Maybank comes in. They know how tough it is to fight for new customers in Singapore, so they’ve launched Maybank Family Plus to get parents to bring their children into a family tradition of banking at the same company.
It’s a cunning strategy by Maybank. The more parents use their accounts, and the more they deposit in savings accounts for their children, and the more they spend on their Maybank Mastercard, the more interest their children earn.
This means that the entire family is using Maybank accounts and credit card regularly, with bonuses which leave them better off. Straits Times says this is a first salvo in an expected war to attract families into banking, so that means more great offers are on their way for customers. As usual, research the market and find the best deal for you and your family.