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After suffering a record decline in the second quarter of 2020, is the Malaysian economy finally looking up again?
Following strict social distancing measures set in place aimed at curtailing the spread of COVID-19, the Malaysian gross domestic product (GDP) plunged 17.1% between April to June with a forecasted contraction between 3.5% and 5.5%.
To cushion the impact on the economy, the Malaysian government announced two economic stimulus and recovery packages in the form of PRIHATIN and PENJANA. The total pledge of 295 billion ringgit towards PRIHATIN included one-off cash transfers to eligible households and individuals in the B40 and M40 income brackets, and a six-month moratorium on loan repayments; while PENJANA, valued at 35 billion ringgit, issued various tax incentives, financial assistance to SMEs and job protection measures.
According to experts, we can be optimistic about two things over the next year: that fiscal policy measures will continue, and a projected economic rebound is due at an average of 6.3% (Source: International Monetary Fund, IMF).
In keeping with this recovery and apparent digital shift in consumer banking, how are the country’s top financial institutions ensuring they stay ahead of the competition when it comes to online presence?
Using the SEMrush Traffic Analytics feature, we benchmark the traffic sources among some of the key players in the Malaysian banking sector: Maybank, Public Bank, RHB, Bank Negara Malaysia and Bank Islam, for the month of July.
Maybank, by virtue of having the largest customer base in Malaysia, takes up the biggest share of inflow traffic mainly coming in from Facebook (social) followed by MEPS (referred site) and direct traffic. This can be attributed to a solid advertising strategy coupled with a strong, ongoing social media presence.
Interestingly its closest competitors, Public Bank and RHB, are quickly closing in on the referral traffic gap – thus presenting an opportunity for the underdogs to score an edge by enhancing their link building efforts.
SEMrush Traffic Analytics is a powerful competitive research tool providing valuable intelligence about your competitors’ web traffic by sources, audiences, geo distribution and device, among other data reports. It allows marketers to easily benchmark, evaluate an industry or market, and engineer a successful media strategy by building upon their competitors’ tactics.
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