Studying The Numerous Functions Of Maybank2u Information Technology Essay

Studying The Numerous Functions Of Maybank2u In versionation applied science EssayFund conveyance of title simply means send just about amount of cash from an throwaway to another account via Internet. By having this be given, Maybank2u(M2U) all toldows its registered users to delight farm animal online without having queuing at bank counter to arrest out doing. For example, pargonnts pile channel fund to their children who study abroad by using this service. Besides, bodied user hazard tooth use this get to pay their supplier and so they do not collect to use cheque to make defrayment which is more risky comp ared to fund win away of training because the user or supplier may lost the cheque.On Maybank2u.com, users stomach exaltation specie amid testify Maybank accounts, e.g. from savings account to flow account, to other Maybank accounts, to other local anesthetic banks or financial institutions and fare notes overseas. carry-over between declare May bank accountsM2U users evict transfer funds between own Maybank accounts. To transfer funds between own Maybank accountsUsers must be a registered M2U user.First, login on Maybank2u.com.They eject whence choose banking area of Accounts and Banking to transfer funds.An overview of saving and current accounts oddment get out be shown on screen afterward.By clicking get rid ofs at the pickax panel at left hatful side, it will get users to main(prenominal) transfer page and users can choose own account transfer.Then, users can enter transfer inside information such as amount to be transferred, transfer funds from which account to which account and charter an effective battle for the transfer to take place.After this is d superstar, users can review transfer details to confirm the transaction. If users spend a penny changed their mind, they can correct it by moving back to the previous page.If users confirm the transaction, they can click the Confirm tab and a confirmation s creen will be shown to show whether the transfer is made or fail.Users will be given a unique file name extension number for the transfer as record.They can then print reception of the transfer or make another transfer.This transfer takes less than 3 minutes to be done. It is fast and convenient. There is no sic for users to transfer fund between own accounts as long as thither is balance in their account. air.jpgFigure 1.1 Own account transfer tape drive to troika troupes Maybank accountTo transfer funds from own account to third partys Maybank account, M2U users can choose to transfer funds immediately or at a selected future date, just like how transferring between own accounts does. If users bring forth selected some(prenominal) 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 any measure. However, there is a narrow for chance(a) transfer which is of maximum RM500 0 per day. This service is free of charge.Steps to carry this transfer are al about the same with that of transfer between own Maybank accounts. The differences between these two are users consent to select third party account transfer instead of own account transfer. There are too some functions easy in this transfer.The first function is third Party Account Maintenance. This function allows users to save account details of someone whom users transfer funds frequently, so that users do not need to blusher in account number every time when they want to transfer funds. Users are allowed to save up to 20 favourite accounts and update or delete the account details.Another function provided for this transfer is Transaction limitation Maintenance. The maximum limit of amount that users can transfer per day is RM5000. Users may set their own mundane transaction limit from 1 penny to maximum of RM5000.Besides, for immediate transfer, users are allowed to send e-mail to recipients in fix up to inform them that they have transferred money to their accounts.Transfer1.jpgFigure 1.2 Transfer to 3rd partys Maybank accountTransfer to accounts of other local banks or financial institutionsM2U 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 cheque Interbank Transfer. There are a few types of payment can be made through giro cheque which is funds transfers to savings or current accounts, honorable mention display panel payment, loan payment and hire purchase payment.During weekdays, recipients will receive fund transferred at the same day if users transfer fund forrader 12pm and the money will be ac quoteed to recipients account before 12 midnight. For funds transferred after 12pm, recipients will receive the amount in the next working day. For funds transferred during weekends and public holidays, recipients will receive the money in the next working day.Steps to carry out this transfer are almost the same with the steps above but transmitters have to select New Interbank GIRO Transfer and they also needed to select which bank to transfer to before they enter transfer details. Senders will also be questioned about whether they want validation of recipients ID at their bank.m2.jpgFigure 1.3 Transfer to other banks accountThere is also a daily transfer limit for this transfer which is RM5000 and there is also RM2 charge for service fee. handle 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 overseasIf M2U users want to transfer funds (cash or credit money) overseas online, users can do this by using Foreign telegraphic Transfer. Users can transfer money to 3rd party account by Credit to Account to 50 countries in 24 currencies conveniently plot for cash, users can notwithstanding sen d it to 6 countries.Maybank2u has set a daily transfer limit for this fund transfer. To transfer cash, users must transfer at to the lowest degree 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 it is fast and safe. Besides, Maybank2u is able to calculate the value of the funds that you want to transfer by converting currency instantly. The amount will then be debited straight from users Maybank saving or current account to 3rd party account.Maybank will charge a transaction fee of RM10 to sender for each transaction carried out. Recipient will also be charged by their bank and the amount is different in every country. The time taken for recipient to receive money depends on recipients bank.Besides all these transfers functions, on the Transfers page, users are also allowed to check transfer history, future transfers and impertinen t telegraphic transfer history and manage their favourite transfers.CREDIT separateThere are thorough 23 types of credit card available in Maybank. Details about various types of credit cards are available on Maybank2u.com. People who are Malaysian and aged twenty-first to 65th years old with specified range of amount of income can apply for Maybank credit card. For supplementary cardholders, they must be of at least 21st years old. For those who wish to apply Maybank credit cards, they are provided with a function which can help them to get a card that is outperform suit themselves.First, they will be questioned about their income and also what type of card are they looking for. After make selection, all results will be shown and users are allowed to make comparison between cards.credit card2.jpgFigure 1.5 make out income range and types of cardAfter users have made decision on which card to choose, they can download application form from Maybank2u.com, print it and come acros s in details. For applicants who wish to have a supplementary cardholder, they can download supplementary form online too. After all these are done, they can hand up the application form attach with all required documents to one of the branches to apply for credit card.dl application form.jpgFigure 1.6 Download credit card application formIMPROVEMENTThere are total 8 methods available in Maybank to transfer fund which are Maybank funds Express, Foreign Telegraphic Transfer, 3rd 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 only three methods available on Maybank2u.com.In order to increase clients option in transferring funds, Maybank should include a few more methods on Maybank2u.com. In other words, it should make any of the five methods available to use online.For example, Maybank Money Express is one of the methods that allows over seas recipients to receive money instantly. By providing reference number given by the sender, recipients can receive the money immediately without having to confront. If this function is available online, users (sender) do not have to travel to branch physically to perform this transaction and recipients can still receive money at once. By having this, users can transfer funds in a more efficient manner. This directly increases customers satisfaction and also the banks reputation and it may attract more customers since it provides the most convenient way 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 have to wait until next working day or proceed to ATM to take aim the transaction. This causes inconvenience to users who wish to transfer funds in a larger amount without having travel to branch physically. So, M2U should increase its daily transfer limit so that users can transfer more money online.NEW FUNCTIONSIn order to response more promptly to customers request, M2U should provide a function which allows customers to have direct conversations with customer service representatives online when they face problem in using functions on M2U. This is also known as chat box. umpteen online shopping websites adopt this function so that they can react hot 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 take time and some customers may feel impatient while time lag for their reply. Businesses should always place their customers as their top priority and they should fulfill customers need as much as possible and as fast as possible. So, if M2U develop this function, it can response more quickly to customers need and this indirectly increase customers satisfaction and they can retain customers loyalty.For users who wish to apply Maybank credit card online, M2U again causes another inconvenience as there is no function that allows customers to apply credit card online. All it has are only detailed information about credit cards and users can download application form if they want to apply credit cards.So, M2U should insert this function and it can further develop another function for applicants to upload keep documents. By having this, supporting documents such as NRIC, latest BE form with official tax receipt, latest 2 months salary slips, latest 3 months savings account activity/current account statements, etc can be uploaded and submitted online by the applicants together with the application of credit card. This function really bring great convenience for people who are busy and always have no free time to travel to branch physically.