GXS aims to redefine banking services and improve financial inclusion in Singapore
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In the rapidly evolving landscape of financial technology, GXS Bank (GXS) has emerged as a trailblazer, leading the way with its transformative achievements in the financial industry. As a prominent player in the fintech space, GXS Bank has redefined how financial services are delivered, prioritizing innovation, security, and customer-centricity.
A New Venture
Launched on 31 August 2022, GXS Bank Pte. Ltd. has quickly risen to prominence as Singapore’s first digital bank for consumers and businesses. GXS aims to redefine banking services and improve financial inclusion in Singapore for individuals and small businesses who have unmet financial needs. With a strong focus on fintech innovation, the bank has embarked on a journey to revolutionize financial services, address the banking gaps and provide hyper-personalized experiences.
Digital Banking and Mobile Apps
A digital native, GXS is built to stay nimble and agile alongside customers as their needs change over time and their expectations are continually shaped by technology. The GXS app offers a simple and gamified interface that allows you to allocate your savings into personalised pockets for different life goals. It also uses techniques such as visualization and smart nudges to encourage customers to top up their pockets and cheer the progress they make. Pockets are about getting customers to start building a saving habit. They also pave the way for these customers to progress to other products requiring a time commitment.
Embracing Financial Inclusion
Traditional credit assessment models often rely heavily on credit history, leaving behind a significant portion of the population without access to credit. By including alternative data sets such as data sets from social media and our ecosystem network, GXS have the potential to bridge this gap and perform a holistic review of a consumer's creditworthiness and financial behaviour. Leveraging ecosystem network data, GXS can analyze a customer's transactional behaviour, payment patterns, and reliability across multiple services, contributing to more accurate risk assessments. Customers with limited or no credit history can now be evaluated based on their digital footprints and ecosystem interactions, leading to more inclusive credit opportunities.
Delighting customers with hyper-personalization
This year’s Global Banking Benchmark Study, which polled over 1,000 senior executives at banks from around the world, revealed that financial institutions across Southeast Asia are focusing heavily on improving customer experiences, leveraging data and analytics. Banking customers in APAC are demanding better online experiences and showing willingness to share their personal data if that means being provided with personalized products and services. Customers are also demonstrating increased trust in big-tech companies to fulfill their banking services, with some even stating that they would trust a big-tech firm more than they would a traditional bank.
Already ahead of the competition, GXS has built a data infrastructure that enables the Bank to analyze the data swiftly in order to generate extensive and meaningful insights. GXS uses these insights to develop, refine and iterate new features, services and conversations that matter to its customers.
As shared by Charles Wong (CEO of GXS Singapore): “GXS is uniquely positioned to learn and to refine the banking experience so that it is extremely personalized and relevant to customers because we are part of a powerhouse ecosystem that includes Grab and Singtel. Their platforms are used daily by more than three million Singaporeans. The frequent interactions between consumers and the platforms within our ecosystem provide us with deeper and sharper insights on what our customers need and how we can serve them seamlessly across all touchpoints within our ecosystem.”
GXS Bank's transformative achievements in the fintech landscape exemplify its commitment to customer-centricity and financial inclusion. By leveraging innovative technologies and alternative data sets, GXS has reimagined banking services, providing hyper-personalized experiences to customers. As the digital banking revolution continues, GXS's leadership in the fintech space ensures that it remains at the forefront of shaping the future of financial services in Singapore and beyond.
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