Maya, is revolutionizing banking with a high engagement banking (HEB) strategy, leading to a 52% year-on-year growth in deposit balances to ₱36 billion by September 2024.
With 52% of Filipinos still keeping savings at home according to the 2021 survey by the Bangko Sentral ng Pilipinas, Maya offers an attractive alternative via HEB by providing up to 15% per annum interest — far higher than the 0.0625% to 1% typical of traditional banks. The interest rate increases the more customers use Maya for everyday transactions like paying bills or purchases through QR code or card – making it even more exciting for customers to save and transact with Maya.
Additionally, customers earn interest daily, which makes the benefits of saving more tangible compared to the traditional monthly accrual. This experience is further enhanced by an intuitive interest-earning tracker, which empowers customers to actively manage and visualize their growing savings in real time.
“We’re redefining how Filipinos master and grow their money,” said Shailesh Baidwan, Maya Group President and Maya Bank Co-Founder. “We’re not only helping people save but also giving them tools to grow their financial health and access opportunities previously out of reach.”
A New Era for Financial Inclusion
Maya’s strategy goes beyond deposits. It leverages transaction data from the program to enhance credit access through its AI-powered scoring system.
By analyzing customer transaction data, Maya has disbursed ₱67 billion in cumulative loans to over 1.4 million borrowers as of September 2024. About 50% of these borrowers are receiving their first formal bank loan through the platform.
High-engagement users — those making regular transactions and earning higher interest — make up 72% of Maya’s lending customers. They have better borrowing profiles, ensuring more sustainable and profitable lending.
Changing Consumer Behavior and Financial Habits
Users are increasingly seeing the value of Maya’s all-in-one banking app for saving, spending, borrowing, and investing, leading them to deposit more over time. On average, balances double within 12 months and triple by the 23rd month, reflecting strong financial discipline and deeper engagement.
“At Maya, we’re creating a financial ecosystem where savings, credit, and investments all grow together for our users,” said Angelo Madrid, Maya Bank President. “We’re revolutionizing how Filipinos bank by combining convenience, innovation, and value all in one experience.”
Maya’s HEB strategy is leading the transformation of banking in the Philippines, promoting smart financial habits and addressing gaps in financial inclusion.
