The digital bank of the Pangilinan Group of Companies, Maya, was once again chosen by Forbes Magazine as one of the World's Best Banks 2024, because of its efforts to transform the unbanked Filipinos to be banked.
Forbes, together with market research firm Statista, surveyed customers on their banking satisfaction and willingness to recommend their bank, propelling Maya to stand out as the third best bank among the nine local financial institutions to hit this year's global top ranks.
A total of 403 banks were on the Forbes list after surveying more than 49,000 individuals across 33 countries in 17 different languages.
"Our innovation is fueled by our desire to delight our customers," said Shailesh Baidwan, Maya Group President and Maya Bank co-founder.
"This global recognition shows we're on the right track, and it's a testament to the hard work of Team Maya," she added.
Baidwan admitted that in the Philippines, banking challenges persist, in which 44 percent of adults remain unbanked, as per the 2021 Financial Inclusion Survey by Bangko Sentral ng Pilipinas (BSP).
Despite 18 million having bank accounts, she said a mere 1.4 million have taken bank loans and only 9 million save with banks, the same BSP survey says.
Dissatisfaction among banked Filipinos with their banking apps is also common, reflected in underwhelming app ratings.
"Banking with Maya simplifies everything: with just one valid ID, customers can save, borrow, spend, invest, and earn rewards—all within a single digital banking app. There are no minimum savings or balance requirements," she said.
While traditional banking might offer paltry interest rates on savings, Maya offers up to 14 percent per annum with its innovative high-engagement banking product.
"Maya Savings includes personal budgeting and financial management tools like Personal Goals, providing up to 4 percent interest p.a. without lock-ins, and Time Deposit Plus, allowing investments that can yield up to 6 percent interest p.a.," she said.
Compared to traditional banking, in which borrowers need to show proof of income and a long list of documents and IDs, Maya makes the process much easier.
Besides this, eligible customers can access up to P250,000 in loans, based on AI-driven credit scoring that considers alternative data such as payment history and app usage.
"Maya also democratizes investing. Where traditional banking often sets minimums between P1,000 and P5,000, Maya enables users to start investing in mutual funds and stocks for as little as P50 through its partners. Finally, customers can receive the globally accepted Maya Card for free. It's personalized with their @username and accepted at over 130 million merchants and ATMs worldwide," she said.
Maya's all-in-one banking experience has led to unprecedented growth in customer engagement, with bank customers transacting up to 4x more than e-wallet-only users.
The Maya app is also the #1 top-rated consumer finance app on the Apple Store and Google Play Store, outperforming other e-wallets and banks.
With its growing network of highly engaged customers, Maya has doubled its depositor base to 3 million, achieved a 69 percent increase in deposit balance to P25 billion, and booked a sevenfold growth in loan disbursements to P22 billion in 2023.
