Maybank Singapore wanted to reach out to young adults in an attempt to rekindle a connection with a consumer group that is disengaged from the conventional branch banking offer and associated services. With a prime location on Orchard Road, the challenge was to create an environment and concept that would break down barriers and invite participation.
Our research revealed that re-framing a traditional branch format would not appeal. Young consumers were looking for a space that they could own and congregate. The opportunity was to create a space that would serve as a meeting point for friends and a place that would enable young customers to relax and make new connections while at the same time gaining access to financial services and advice when needed
Two key components were combined to create the ideal environment for this customer group. The branch was designed to include a coffee shop, so became a branch within a coffee shop. This was combined with a range of e-banking services including ATMs and tablets to deliver on-demand services. The branch was branded MSpace and positioned to millennials as ‘my space’ to encourage young customers to explore banking in a new way that was framed for them.
In a highly competitive, saturated market dominated by jargon and confusing terminology, the branch has achieved significant success in encouraging young adults to reconsider Maybank as a progressive banking option on their own terms.