Embedding Finance for the future of banking
Embedding Finance for the future of banking
The Year of the Snake has arrived and that means an opportunity to shed the old and forge ahead with the new. In my role at Mox, I am always looking at how digital banks can provide the innovation and evolution needed to drive forward banking and make sure that it is fulfilling its purpose. Banking is a fundamental service that empowers people and businesses, and there is a collective responsibility to strive to make it easier, simpler, faster, fairer and more transparent.
For me, there are five key trends which we will be pursuing in all of what we do at Mox in the year ahead, and will provide the benchmark against which we will measure our success.
Empowered Customers. Banking in a sustainable manner requires empowered customers who have control and awareness. This means access to services when and where they are needed. The result is more balance in the relationship and more trust between both parties.
Simplicity and Speed. Properly designed services must put the customers first and be created to be as easy and as fast as possible. Any lending journey should involve three clicks or less and be completed in under a minute. Banking should not be a hindrance and allows the user to focus on goals.
Embedded Finance. Banking will become seamlessly integrated into a user’s everyday life. Rather than having to deal with finance in a separate manner it should be less visible and more supportive across the customer journey. For instance, if buying your dream car, the focus should be on the fun experience with the vehicle rather than managing complicated credit facilities.
Innovation through Collaboration. Thinking from different perspectives is vital to overcome limitations in traditional banking models. For example, Mox’s partnership with Asia Miles and Mastercard has led to enhanced customer experience through integrated rewards. Partnerships with fintech startups and technology companies provide new solutions and offerings, enabling quick responses to consumer needs and ensuring a competitive edge is in place.
Embedding advisory services to digital model. The future of digital banks lies in their ability to seamlessly embed human touch within their digital models. For example, digital banks can offer tailored solutions that resonate with individual customer needs; incorporating live interactions in sales services can enhance user experience and engagement. Actively collecting and analysing customer feedback also ensure improvement. This blend of technology and human insight will be crucial for digital banks to thrive and build lasting relationships with their customers.
These are themes that I will be returning to with customers, partners and Moxsters in the months ahead. I believe they will be what can drive real positive impact in what we provide as Mox and as an industry as a whole.
Wishing you all the best fortune and good health for year ahead, and I hope that you are able to identify those ‘new’ things that will make a positive difference as we move forward.