Customer-Centric Banking: The Mox Approach to Empowerment

Earlier this year, I wrote about the trends that would be impacting the digital banking landscape in the period ahead. We are approaching our 5th anniversary and reflecting on this, I wanted to revisit these trends in more depth, starting with the key idea of customer empowerment.

At Mox we have always had a customer-centric approach and mindset. This brings two important benefits. Firstly it creates efficiency and optimisation by design because you are building a platform driven by the real needs of the end users. And secondly, importantly, this brings about empowerment as customers are in the driving seat challenging the status quo around the provision of their banking services and pushing us as providers to adapt to the market.

1) One way isn’t the right way

Communicating with your customers to discover what they want from their banking or to ensure they have the level of clarity they need to make a decision may seem an obvious approach. Our design thinking approach means we are in a continual feedback loop with customers through research initiatives and data analytics. Based on what we gather hypotheses are developed, tested and refined based on our understanding. Our structure and flexibility means design and research sit together, allowing constant collaboration.

And this isn’t just talk, we actively take this approach and believe in it. One such example is the focus on our platform relating to instant rewards, such as daily interest, instant CashBack on Mox Credit transactions and instant Asia Miles or cash rewards for placing time deposits. Something that came out strongly in our research and we have adapted for innovative services on our platform accordingly.

Through different touch points, including the “Mox Community”, a panel of existing customers we engage biweekly for feedback in diverse formats, we are redefining the relationship between banking and customer for the digital age. Higher levels of engagement and the close interaction of functions internally means a high level of customer experience shaped by the users.

With this approach, we can also deliver highly personalized banking experience, tailoring services to each customer’s unique financial needs and goals. By harnessing technology, we are democratising access to banking services, breaking down barriers to empower customers with seamless, inclusive financial tools.

2) The tools you need: co-create services together

Giving customers the right tools means ensuring the quality of the platform that we deliver and then sustaining its level.

Not only must we ensure that we provide seamless interaction, allowing ease of discovery of information about their banking and insight into what else they can benefit from. High levels of customer experience on the platform ensures customers can fully access the services on offer.

But also, as explained, the products and offerings on the Mox platform are developed by listening to Mox Community and designed by real need. In this way we are democratising innovation. And we are fully transparent with the risks and costs of the offerings we provide so that there can be no uncertainty and customers can confidently make the right choices for themselves. Real time access to account activity furthers this by providing the most accurate position possible.

With ease of access and the banking tools that are needed, consumers are fully able to achieve their financial goals.

3) Trust from Empowerment

All of these factors will come together to build Trust, which is the very foundation of the partnership with customers. The knowledge that you are being listened to, easy access to the tools that you need to fulfil financial goals, easy to understand products and product journey and reassurance from the security that is provided all contribute.

This empowerment will build trust and that is the most valuable commodity for a digital bank. And this trust needs to be earned, from helping our customers set their financial goals based on their own circumstances, tracking these and ultimately delivering success.

Shaping the future of finance

Empowerment provides a new model for banking and one that is proving itself to be increasingly effective and popular. It changes the relationship between customer and bank for the better, ensuring that the two work together to provide the solutions that make a difference. Safe, simple, smart and even fun, Mox prioritises personalisation and democratises access to financial tools. We give full control to customers like never before, enabling them to manage their finance with confidence, flexibility and ease, paving the way for a more inclusive financial future.