Banking Tech Awards 2020 Winner: Moxtra – Best Digital Banking Solution Provider
Moxtra, a Cupertino-based technology company, has grown rapidly in financial services and subsequently in other vertical sectors with its platform for delivering customer service via secure digital channels.
Cupertino, CA-based Moxtra has grown rapidly by helping businesses to deliver secure, high-touch digital channels to their customers. It started with large enterprises and financial services and has an extensive global customer base in the latter sector. The platform’s core capabilities of translation of business over digital proved to be transferable and it now has users across a wide range of verticals, including retail, real estate, law, education, creative, and event planning firms.
After early success at Citibank for private banking, the company gained good traction in this sector, initially particularly in Asia Pacific. Since then, it has broadened into other areas of financial services, including corporate banking, lending, mortgages and insurance, as well as a number of other verticals. In total, it claims almost 500 customers.
The events of the last year or so have further pushed companies to examine their digital strategy. Moxtra’s Chief Branding Officer, Leena Iyar, says that as a result of the pandemic, existing business conversations have tended to accelerate and projects that might have had a two-to-three year timeline have been brought forward.
Moxtra was set up in 2012. Co-founder and CEO, Subrah Iyar, was co-founder and CEO of WebEx Communications until its 2007 acquisition by Cisco Systems. Fellow Moxtra co-founder and CTO, Stanley Huang, was a senior director of engineering at both WebEx and Cisco. The company has been largely self-funded and now has around 220 staff across offices in London, New York, Amsterdam, Sydney, Bengaluru, Shanghai and Singapore.
Moxtra started with a free app but then went “back to build out our platform”, says Leena Iyar. It was clear the need for businesses to own the customer experience by providing their customers with their own secure, managed and branded portal that ensured data privacy, she says. The company describes the resultant offering as a platform powering one-stop customer portals, with a UI/UX and Workflow layer that supports conversational user experiences, tailored to business roles and workflows.
It supports secure messaging; digital signatures; transaction processing; video meetings; virtual data rooms; the ability to make visual, vocal, and video annotations on shared files; task management; screen-sharing; cloud storage; and support for social connectors including WhatsApp and WeChat. Users maintain visibility on all communications and it supports cross-border regulatory requirements and geo-specific standards such as MiFID II, GDPR and PSD2.
There is a white-label version, says Leena Iyar, that can be rapidly deployed on an app store. An example of a bank that took this approach is Bank of Queensland for its Pocket Banker by BOQ app, which allows users to connect and chat securely with their BOQ banker at a time and place of their choosing. Other deployments might take longer, she says, depending on the extent to which a bank wants to integrate workflows with its existing enterprise systems.
A Management Portal provides a comprehensive overview of all client-relationship manager interactions and ensures quality responsiveness from internal teams and performance to business goals. It stores a complete client profile and history of conversations, ensuring persistent relationships and a smooth transition to any relationship manager.
Among high-profile financial services clients in the public domain are Bank of Singapore, OCBC, Raiffeisen Bank International, Standard Chartered and Van Lanschot. At Citibank, Moxtra powers Citi Hello, through which clients can interact with relationship managers in an immersive environment, maintaining a continuous overview of the health of their portfolios.
There’s now plenty of additional demand, not least as banks seek to react to fintechs and challenger banks by increasingly seeking to embed their services into their customers’ lifestyles. “We are seeing a lot of interest in providing seamless, convenient digital journeys for the customer, banks are paying a lot of attention to it,” says Leena Iyar. Moxtra was founded around delivering a new generation of collaboration experiences built for the mobile-first digital age – a topical area that has only become more pressing within many institutions as this sector evolves so rapidly.
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