Rohan Bhargava explores digital banking challenges and opportunities at Asian Banking & Finance Summit

Unlocking Opportunities in the Digital Banking Landscape

The Asian Banking & Finance Summit 2023 is just around the corner, scheduled to take place on 6 September at the prestigious Sofitel Singapore centre. As anticipation builds for this key event in the banking industry calendar, we had the privilege of speaking with Rohan Bhargava, the Head of Cards and Unsecured Lending at Mox Bank Limited, to gain insights into the challenges and opportunities that define the digital banking landscape in Hong Kong and beyond.

Hong Kong, a hub of financial innovation, presents both challenges and opportunities for the digital banking sector. 

Bhargava shed light on the situation, highlighting that the challenge lies in ensuring that existing banking services and products remain relevant in a rapidly evolving digital ecosystem. He noted that while Hong Kong doesn't face the issue of an unbanked population, there's substantial room for banks to enhance their digital presence and customer engagement.

“Hong Kong is a very advanced market, as far as financial offerings for retail customers is concerned. For the challenges, I would put them as opportunities. Which means there is a lot of room for banks to improve their digital presence; how they manifest themselves to customers,” Bhargava said.

Mox Bank Limited, a joint venture between Standard Chartered, Hong Kong Telecom, and trip.com, seized this opportunity by obtaining a digital banking licence and delivering banking services that align with modern customer needs.

Bhargava proudly highlighted Mox Bank's achievements, including a strong customer base of nearly half a million and top-notch customer experience ratings on platforms like the App Store and Forbes' list of top Asian digital banks.

Leveraging challenges for growth and profitability

To drive growth and profitability in the digital banking landscape, Mox Bank employs three fundamental strategies. 

First, the bank focuses on staying relevant to customers by consistently adapting to their evolving needs. Second, it harnesses the power of technology to innovate, challenging traditional norms and delivering unique offerings that resonate with customers. Lastly, Mox Bank emphasises flexibility, ensuring that its product lineup remains adaptable to shifting market trends and customer preferences.

When discussing Mox Bank's vision for the future, Bhargava emphasised their commitment to enhancing convenience for customers through innovative digital banking solutions. As banking services continue to evolve, Mox Bank aims to remain at the forefront by introducing new products and features that cater to emerging trends. 

“We’ll be expanding into other products. So, this is definitely our way to the future – we want to be the digital banking benchmark globally. Also, we are already kind of in a good position to be able to show profitability by our fourth year of operation,” Bhargava expressed.

Reflecting on Mox Bank's success, Bhargava highlighted three key principles that underpin their achievements. Staying relevant to customers, analysing data to innovate, and challenging conventional practices are the cornerstones of Mox Bank's approach. 

Bhargava stressed the importance of simplicity, customer-centricity, and adaptability in the pursuit of success.

As the Asian Banking & Finance Summit 2023 approaches, Bhargava leaves the audience with actionable insights. He encourages industry players to keep their communications and offerings simple, focusing on customer needs and behaviour patterns.

Leveraging real-time data and remaining flexible to adapt to market shifts are crucial for success in the digital banking landscape. Above all, Bhargava underscores the importance of challenging the norm to drive innovation and deliver value to customers.

For more information and to register for the Asian Banking & Finance Summit 2023, visit asianbankingandfinance.net.