Boost Bank Launches Digital App in 6 Months
Challenge
Boost Bank needed to quickly launch a high performing, scalable and affordable identity platform that provides a secure and easy-to-use experience for customers.
Results
With Ping AIC, Boost Bank launched in just 6 months, reduced risk and technical debt, and provides rapid customer onboarding–with the just the click of a button.
Objective
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.
Challenge
The company wanted to quickly capitalize upon the rapidly-growing digital bank market, allowing customers to quickly and securely onboard and start banking, connect to partners for broader services–all while keeping costs low and meeting strict regulatory requirements.
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. Now, users can create an account with just the click of a button.
Shankar Krishnan
Chief Technology Officer
Solution
Boost Bank was building the bank on self-managed Ping software due to its proven enterprise success and full capabilities. But once it had gone through a review with the ORR (Operational Readiness Review), the organization decided to quickly pivot to Advanced Identity Cloud (AIC) in order to deploy in time for launch while meeting all regulatory requirements as well as the needs of the business.
The project involved the rebuilding of their on-premise journeys into P1 AIC, in total there were 43 custom nodules and over 30 journeys that needed to be built. 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,” Sankar said.
6
deployed in 6 months
Results
Boost Bank was able to deploy internally in two months and publicly in six months. Boost Bank is successfully embodying the true art of a better and embedded banking experience. 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.
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