750,000+

customers onboarded in just 8 months.

86%

straight-through processing (STP) rate achieved

GXBank is Malaysia’s first fully digital bank, established to provide a seamless and user-friendly banking experience in a rapidly evolving digital landscape. With the goal of setting a new standard in digital banking, GXBank needed to build an onboarding process that combined ease of use with high security, despite Malaysia's limited digital infrastructure.

The Challenge:

As a pioneer in Malaysia’s digital banking sector, GXBank faced the complex task of creating a smooth and frictionless onboarding experience in a market lacking an established digital identity infrastructure. They needed to find a way to establish trust with users, ensure a secure onboarding process, and meet stringent KYC (Know Your Customer) regulations, all while operating without the national digital infrastructure commonly seen in countries like Singapore, India, or China. This required a sophisticated solution that could deliver both efficiency and security, building credibility in an industry where trust is paramount.

The Solution:

GXBank selected Onfido, an Entrust company, for its hybrid identity verification model after a comprehensive evaluation of available solutions. This decision was influenced by Onfido's superior algorithms, robust track record, and flexible integration capabilities. Onfido provided a solution that combined AI-driven automated verification with human oversight, ensuring high accuracy while maintaining regulatory compliance.

Onfido’s platform allowed GXBank to implement a seamless, user-centric onboarding experience that was secure, while, at the same time, reduced friction for customers. The hybrid model enabled GXBank to achieve a 86% straight-through processing rate, while also facilitating a robust fraud detection system with a rate below 1%. Additionally, Onfido's biometric verification played a crucial role in enhancing the user journey, ensuring that even high-value transactions were verified efficiently. This allowed GXBank to maintain a fintech-level customer experience while establishing "bank-level" trust.

“What we are very proud of achieving along with Onfido is the fact that, ultimately, we balanced the experience with the risk. We chose very well, and today, Onfido plays a key role in helping us continue to offer a frictionless, secure customer journey.”

Kaushik Chowdhury, Chief Commercial Officer at GXBank

The Results:

With Onfido's expertise, GXBank was able to concentrate on achieving business results that align with its core objectives, including:

  • Rapid growth: Onboarded over 750,000 customers within 8 months, making GXBank the top digital bank in Malaysia.
  • High accuracy: Achieved a 90% straight-through processing (STP) rate, with a fraud detection rate below 1%.
  • Award-winning KYC process: GXBank won the “Best eKYC and Customer Onboarding Technology Implementation” award at The Asian Banker Awards (Malaysia), recognizing their successful implementation of Onfido’s technology.
  • Enhanced Customer Engagement: Over 60% of customers transact monthly, with seamless biometric authentication integrated into high-value transactions.

By partnering with Onfido, GXBank successfully established a secure, efficient, and award-winning onboarding process, setting the benchmark for digital banking in Malaysia.

GXBank is focusing on future-proofing its operations as it continues to grow. With Malaysia embarking on a broader digital identity journey that is expected to take around 3 to 5 years, GXBank plans to rely on Onfido for evolving onboarding and authentication solutions. They anticipate expanding the use of biometric verification beyond just onboarding to include ongoing customer interactions, such as transaction authentication, ensuring a seamless and secure customer experience across all banking activities.

Additionally, GXBank aims to leverage Onfido’s evolving technology to stay ahead of emerging fraud tactics, ensuring that as the bank scales, it maintains high standards of security and user trust. This forward-looking approach aligns with GXBank's vision to remain the leading digital bank in Malaysia, continuously enhancing its digital identity and security infrastructure.

Watch the Fireside Chat with GXBank and Onfido

To learn more about GXBank's journey and how they continue to lead in the digital banking space, watch the video featuring Kaushik Roy Chowdhury, Chief Commercial Officer at GXBank, and Harvinder Singh, MD APAC at Onfido [here]. This fireside chat delves into their partnership, the challenges they overcame, and the vision for the future of digital banking in Malaysia.

By leveraging advanced technology and focusing on continuous improvement, GXBank offers a blueprint for other digital banks looking to balance security with user experience.