GX Bank Berhad (GXBank) was the first digital bank in Malaysia to officially launch to the public in November 2023. As a new digital bank in the country, GXBank’s focus has been towards ensuring its basic banking services are provided to all Malaysians with the best level of services, with little to no hiccups.
If the number of awards it won at the Global Retail Banking Innovation Awards 2024 are anything to go by, then GXBank has done a stellar job in its first year. The bank received four awards in various categories at the ceremony in Singapore, hosted by The Digital Banker, while also receiving high acclaim in two more categories.
Best of technology
GXBank created Voice of Customer 360 (VoC360), which focuses on a customer-centric digital banking experience by leveraging Gen-AI to transform customer feedback into actionable insights. VoC360 utilises advanced analytics to deliver personalised banking experiences, ensuring customer needs are met during product and service innovations.
The Voice of Customer 360 (VoC360) project addresses a wide array of customer feedback by utilising an advanced customer voice data warehouse system by capturing them. from various customer touchpoints, each generating unique insights.
The project offers a complete view of the bank’s brand, an understanding of customer perception, and the ability to promptly address major complaints, thereby enhancing brand reputation. In an industry where feedback is crucial for understanding the customer experience, this consolidation platform sets GXBank apart from industry peers. Its innovative approach to refining every piece of customer feedback into a single, unified source distinguishes it in the competitive banking industry. For this, GXBank won the award for the Best Gen–AI Retail Product Initiative.
Another feature includes proprietary fully automated, real-time integrated dashboard systems, predictive models and AI frameworks to reinvent how data is perceived and interacted with, in the banking sector. This robust system enables the bank to swiftly identify pain points and address them proactively, negating the possibility of escalating complaints.
GXBank’s data analytics initiative arises from a commitment to meet the ever-evolving needs of digital age customers swiftly and smartly, cementing its position as a trailblazer in redefining the banking experience, for which it received high acclaim from judges under the Best Data Analytics Initiative category.
Serving excellence
As Malaysia’s first digital bank, regulated by Bank Negara Malaysia and supported by a majority Malaysian workforce from finance and technology sectors, GXBank aims to disrupt banking with innovative, tailored solutions, empowering Malaysians to achieve financial resilience and support their financial goals.
Despite being in the start-up stage, the bank has garnered over one million customers for its banking app. This is thanks to enhanced digital capabilities that have boosted customer experience. Streamlined onboarding means customers can create and start using their account in as little as four minutes with 24/7 human-driven chat support. The bank also offers tailored financial products and high security and fraud detection tools to protect customers. For an array of services right from the beginning, GXBank received the Best Digital Bank – Malaysia award.
Additionally, Pei-Si Lai, who joined GXBank as its CEO and first employee in October 2021, was presented with the prestigious Digital Banker of the Year award for her commendable leadership and strategic thinking, which has led the bank to navigate challenges effectively and capitalise on opportunities to establish GXBank as a leader in Malaysia’s digital banking landscape.
Her notable achievements include securing the digital banking license in principle approval, navigating the complex regulatory landscape to grab the license, assembling a dream team to get the work done, building the bank’s technology in 17 months and achieving rapid customer acquisition with innovative products, while simultaneously building brand affinity and cementing market leadership for GXBank.
