WHILE 15 of the recently-surveyed e-wallet companies in Malaysia had excelled in the areas of site security, social presence, mobile, chat and app metrics, a vast majority of the lot have not fully leveraged digital marketing, media and corporate social responsibility (CSR), said Team Lewis.
The global marketing agency has recently launched the E-Wallets Marketing Engagement Index report which analysed 15 of the leading e-wallet companies in the country.
The top 15 e-wallet companies in Malaysia are BigPay, Boost, Fave, GrabPay, GoPayz, KiplePay, Lazada Wallet, MAE by Maybank2U, PayPal, Razer Pay, Samsung Pay, Setel, Shopee Pay, Touch n’ Go and WeChat Pay.
The study pointed to gaps in marketing engagement among e-wallet companies and the need for brands to focus less on the technical, vanity aspects of marketing engagement and more on building stronger connections with audiences.
“As the fintech market continues to attract more players in Malaysia, competition will remain fierce as companies vie for attention and sustained interest from consumers,” remarked Team Lewis managing director (Southeast Asia) Ann Chong in a statement.
“In this battle, how a brand is perceived and its reputation will become almost as fundamental as the product or service it provides.
“This has never been truer in times of a pandemic when consumers are closely watching the behaviour of some of the country’s popular brands.
“Tracking consumer sentiment and analytical data will enable marketers to gain clearer insight into what works for their users and what does not,” she continued.
Key findings of the report include:
- MayBank2U was ranked #1 among the 15 e-wallets analysed in the Lewis Marketing Engagement Index, scoring highest across all categories including social presence, digital engagement, site optimisation and CSR. Other brands that made the Top 5 are GrabPay, Touch n’ Go, Boost and Lazada Wallet.
- All brands in the Top 5 displayed higher-than-average user experience scores, an attribute that consumers today expect as part of their digital brand experience.
- The top performing brands noticeably pivoted their communications on owned platforms by featuring COVID-19 related information, resources or marketing campaigns.
- Although this showed receptiveness and adaptability, overall scores for CSR projects and community engagements were low amongst all 15 brands.
- In general, the Malaysian e-wallet brands analysed had a higher score for mobile, chat and app as compared to the 2020 Global 300 average by a margin of 8%.
- Malaysian e-wallets outperformed the brands in the 2020 Global 300 by a margin of 4% in terms of its social presence.
“In Malaysia, the increasing dependency on digital payments spurred by the pandemic has offered e-wallet brands the unique opportunity to redefine their relationships with customers,” Chong added.
“According to our report, e-wallets are already making notable investments in ensuring a seamless customer experience across mobile, chat and app, ranking higher than the global standard.” – Sept 6, 2021