The Covid-19 pandemic has accelerated the mass adoption of the digital lifestyle, with a majority of Filipinos transacting electronically in the past two years because of the government-induced strict mobility restrictions to prevent the spread of the virus.

However, the disruption of our daily routine and the quick-fix solution provided by digital technology also created a new segment of "unhappily banked," with a messy financial landscape brought by too many e-wallets and bad experiences in banking and investments.

"The pandemic led to the acceleration of a wide range of apps in the Philippines. But post-pandemic, customers have been left with a messy financial experience with their money scattered across e-wallet, banking and investments," said Pepe Torres, chief marketing officer of digital bank and finance app Maya during the latest Google Think Fintech 2022 in Dubai.

Maya is the only Southeast Asian Fintech player featured in the event.

Torress added, "We don't just have the unbanked; we now also have the unhappily banked. We saw an opportunity to simplify all this complexity for the customer by transforming it into an all-in-one banking app that the BSP supervises. And based on the market's response, we're confident that Maya is on the right track."

Since rebranding in April 2022, Maya has been redefining the fintech landscape in the Philippines. It leaped forward from pure payments play as the first and only integrated financial solutions platform to become the leading digital bank in the Philippines.

Maya's ability to innovate at the speed of digital has propelled its phenomenal growth, acquiring over 1 million new bank customers and posting more than P10 billion in deposit balance five months after its launch.

According to Torres, boldness was a crucial attribute in making Maya the top-of-mind brand seizing the opportunity to serve the larger market of the unhappily banked and unbanked Filipinos.

The digital banking app continues to innovate with industry-high daily interest payouts to encourage customers to save, a feature to boost your interest rate by paying for essentials using the app,
creating Personal Goals sub-accounts for specific goals that customers want to save for, and hyper-personalized experiences with @usernames which enables customers to send money to a customer's chosen username instead of a mobile no or QR code. These features aim to empower Filipinos to make bolder life choices through better money management.

Torres also highlighted the importance of translating such a bold move into equally groundbreaking and memorable branding and marketing executions. "We invested in a bold design identity that doesn't just communicate our transformation into an all-in-one digital bank but also helps our customers to have a more delightful relationship with money," explained Torres.