Boost Bank Launches First Embedded Digital Bank App in Six Months, Users Create New Accounts in Minutes

By Nicole Roseveare

Boost Bank is revolutionizing financial services in Malaysia with the launch of its pioneering embedded digital banking app in June 2024. Designed to provide underserved communities with seamless access to banking, Boost Bank simplifies saving, bill payments, discounts on products and services, and more. Chief Technology Officer Shankar Krishnan shared the journey behind creating this groundbreaking digital bank from the ground up.

Boost Bank is a collaboration between Axiata and RHB Banking Group , Malaysia’s 5th largest bank, and one of five banks awarded a digital banking license from the Central Bank of Malaysia. The official launch, graced by Malaysian Prime Minister Y.A.B Dato Seri Anwar Ibrahim and Digital Minister YB Gobind Singh Deo, marked a significant milestone as Malaysia’s first homegrown digital bank.

Digital Banking in Malaysia

While Boost Bank will leverage Boost’s 11M retail customer base for adoption, the digital bank is targeting new customers, notably the underserved community to provide essential banking and eventually, life management options.

Shankar explained, “We are trying to make life fiscally healthier and easier for the underserved community.”

Boost Bank addresses gaps in financial literacy and accessibility, where up to 90% of Malaysians lack basic financial knowledge. Features like “Savings Jars” encourage saving for goals for emergencies and key life events to promote better financial habits.

For rural customers accustomed to paying bills in person, Boost Bank’s expanding partner ecosystem offers a digital alternative, connecting users to grocers.

“Our platform allows users to pay their bills with just a click, eliminating the need for costly and time-consuming travel,” said Shankar.

Building a Bank from Scratch with Identity…and a Pivot

Creating Boost Bank required meticulous planning, extensive research, and a strong technological foundation. Boost Bank began building the digital bank in 2023 with Ping Identity, which was selected because of its proven enterprise success and capabilities like Customer Identity Access Management (CIAM). The company began building the digital bank and then embarked on a rigorous ORR (Operational Readiness Review) approval process run by the Central Bank of Malaysia (Central Bank).

The ORR was incredibly extensive. The bank had to prepare the system for testing, create documentation, outline technology policies and more to ensure Compliance with the Central Bank. As such, Boost Bank decided to work with Ping to quickly pivot and migrate to the cloud in time for the launch.

As imagined, the process was challenging, with 43 custom modules and over 30 journeys that needed to be built. The project also faced challenges, such as a potential 30-second login delay due to system performance issues. Working closely with Ping Identity, Boost Bank optimized the system, completing an internal launch in just two months and a full public launch in six months.

“The Ping Professional Services team was instrumental in helping us overcome challenges and meet deadlines,” Shankar noted.

Boost Bank’s compliance with the Central Bank of Malaysia’s ORR demonstrated its robust infrastructure, meeting stringent regulatory requirements while enabling a secure migration to the cloud.

Boost Bank Embedded Banking Experience

Boost Bank is successfully embodying the true art of a better and embedded banking experience. Digital banks typically require a fund transfer to the new digital banking account from an existing account, but Boost Bank uniquely allows users to onboard without an existing bank account. This is especially beneficial for customers that may not have an existing bank account.

“Today, users don’t have to go through the hassles of downloading a bank app, filling out all the fields for things like Know Your Customer (KYC) and Customer Due Diligence (CDD) as needed for central banks,” Shankar emphasized.

“Now, users can create an account with just the click of a button.”

Results: Compliance, Cost-savings and more

Since its launch, Boost Bank has introduced wallet-linking, expanded its partner ecosystem, and incorporated cutting-edge features like passwordless authentication, utilizing facial recognition for secure and user-friendly logins.

By leveraging the PingOne Advanced Identity Cloud, Boost Bank has not only reduced technical debt but also freed resources to focus on customer-centric innovations to deliver a better customer experience as opposed to maintenance. Boost Bank has also removed risk with the reduction in technical debt by moving to an externally maintained cloud platform.

Future for Boost Bank and Its Customers

Boost Bank is moving quickly and has no plans to slow down. Since its launch, the company has already added multiple new partners to its ecosystem, launched wallet-linking and more. Shankar said:

“We are proud to be Malaysia’s first homegrown digital bank, built by Malaysians for Malaysians. Our focus remains on expanding our services and growing our partner ecosystem to redefine banking-as-a-service and better meet the needs of our communities.”

These are ambitious goals, but considering how much Boost Bank has accomplished so quickly, they are sure to exceed these expectations.