Sunday, 14 July 2024

Best Digital-only Bank in Hong Kong - Mox Bank

5 min read

By The Asian Banker

This bank has one of the largest active user base in the market, it achieved to grow its customer base 1.3x YoY to over 450,000 customers for the first six months in 2023. On average, customers log in 15 times a month.  

The bank also demonstrated impressive operational efficiency, serving approximately 1800 customers per employee. Despite the doubling of their customer base annually, the bank has maintained the same cost base, resulting in decreased cost to serve per customer. 

This is attributed to automation and process optimization, which have improved efficiency and the end-to-end customer journey. The average customer onboarding time is approximately 5 minutes, with over 70% of applications being processed straight through. 

The bank recorded $21.7 million revenue in 2022 from a negative figure in 2021, and it has the highest revenue per users among peer competitors. The bank has increased its market share in deposits among all virtual banks from 21 % in 2021 to 28% in 2022. 

With exceptional customer growth, operational efficiency and robust financial performance, the award of Best Digital-only Bank in Hong Kong goes to Mox Bank.

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