The Mox team wanted to launch a radical new banking experience that wasn’t tethered to cumbersome legacy technology. The goal was to build a full-fledged bank with a cutting-edge personalised user experience, rapid onboarding, and a host of innovative features. To meet the 24x7 banking demands of the digital age, Mox needed a reliable core banking engine that could sustain times of peak demand, system updates, or new product launches.
Mox, a virtual bank backed by Standard Chartered, also used this project to demonstrate to the rest of the bank how to carve out a digital transformation journey that promises speed to market, resilience and flexibility.
Mox’s frictionless ‘all-in-one’ banking experience stood out from the moment of its launch in September 2020. By the end of November 2022, the bank received over 150,000 applications for Mox credit, with 80% of them processed straight through with no additional documents. On average, customers received their first decision within seven seconds.
The bank is now processing over a million successful transactions each month, more than doubling the number that it had before its launch. Mox has also gained high-level customer engagement, where more than 80% of its customers currently use at least two or more products and services.
Mox effectively set an example for the rest of the bank of how a modern core can expedite product innovation, optimise operational efficiency, and ultimately facilitate the modernisation of its technology stack.