In July 2024, Maybank Investment Bank launched its myimpact Invest campaign with the aim to encourage retail clients to trade stocks listed on Bursa Malaysia, by offering opportunities to win prizes such as flights and holiday accommodations.
The ballot-run reward scheme means the more trades customers make the more entries into the ballot, thus the higher chance of winning. Each month a smaller prize (such as a smartphone) will be awarded, whereas the third, second, and first grand prizes will be awarded at the end of campaign. Additionally, the campaign seeks to target Gen Z customers and incentivise trading in ESG and Sharia-compliant stocks.
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GlobalData 2024 Financial Services Consumer Survey
According to GlobalData’s 2024 Financial Services Consumer Survey, not knowing how to invest is the greatest deterrent among Gen Z customers in Malaysia. With 31% of Gen Z lacking investment knowledge there is a clear gap in the market—one that should be targeted by banks through long-term solutions such as financial education or nurturing investors.
Encouraging gamified and emotionally led investing is an interesting move from the largest provider in the country. Understandably, Maybank wants to support investing into the local stock market; however, trying to achieve this through such means may leave customers with gaps in their investment knowledge.
An inability to nurture customers into the investment market could lead to a deficiency in investor confidence, with risk aversion already being an issue for Maybank’s youth. As per GlobalData’s survey, 35% of Maybank customers aged 18–24 years old see risk as the greatest investment deterrent, which is considerably higher than the country’s average of 25%.
A natural aversion to risk cannot be fixed through incentivising reward trading, and therefore Maybank should look at more nurturing, education-led investment campaigns. Especially if it wants to encourage a steady inflow into the local stock market over many years. Financially educating its customer base will also help reduce the influence of ‘risk’ and ‘not knowing how to invest’ deterrents, which will inevitably be more beneficial to Maybank in the long run.
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By GlobalDataMaybank targets growing ESG investment sector
Additionally, ESG investing is becoming increasingly practiced in wealth management, notably in the environmental industry. Gen Z are more ESG conscious than the older generations in Malaysia, representing the general global trend. However, the name of the campaign ‘myimpact’ plays off the emotions of clients due to its reinforcement that customers are making ‘responsible’ and ‘sustainable’ investments that better the planet. Although Maybank has an opportunity to utilise the growing ESG movement, it should be careful not to play off the emotions of Gen Zers too much.
While Maybank’s myimpact Invest campaign looks exciting, its approach goes against conventional investment advice. The bank should focus on financial education to counteract investment deterrents and spur on financial education if it wants to achieve more established trading in the local stock market.
Phoebe Hodgson is an associate analyst, banking and payments at GlobalData
