Moxtra teams with OCBC Bank to pilot new mobile app
Recently approved by Bank Negara – the country’s central bank – the pilot will take place in a regulatory sandbox environment with real customers and actual financial transactions.
The bank hopes a successful test, which is expected to last for one year, will enable it to provide its premier customers with the first banking app of its kind in the country.
The idea of the app came as a response to a rise in phone-based phishing fraud incidents, in which fraudsters were impersonating bank officials to trick customers into giving them personal information.
OCBC Bank Malaysia head of consumer financial service Lim Wyson explains that the result has been to make customers very sceptical about banking by phone. “This has made it difficult for banks to carry out even simple, day-to-day, call-back verifications for confirmation of transactions,” he says.
The new app will remove the need for call-back verifications by enabling customers to securely give their financial transaction instructions to their relationship manager.
Wyson suggests this will also help make consumers less vulnerable to fraud, as well. “This will improve people’s experience of our services without compromising security,” he adds. “It will also ultimately safeguard them from falling victim to phone spoofing and scamming activities.”
Moxtra provides financial services companies with an omni-channel client engagement platform that supports collaboration between clients and relationship managers.
The technology features secure messaging, e-signatures, voice layered over content and supports real-time meetings. The service is platform-agnostic, mobile-friendly, and can be white-labeled and integrated into existing workflows.
OCBC Bank has been making strides in modernising its banking services of late. Last month, it became the first bank in Singapore to offer voice-powered, cashless payments.
Moxtra was founded in 2012 and is headquartered in Cupertino, California. It has more than five million registered users of its solutions. It has also raised $20 million in funding and includes KDDI and Cisco among its investors. Subrah Iyar is CEO.