Mobile bank launch

The situation

The bank wanted a digital platform for its retail customers, to replace an older internet and mobile banking service. New features needed central bank approval.

What I led

• Built the app in-houseA small in-house team built the app instead of upgrading the old system, with partners for identity checks, messaging and security.
• Steady releasesA new version every two to three months. Online account opening and QR payments came first, then fixed deposits, card alerts and automatic approval of online accounts.
• Worked openly with the board and the central bankUpdates to the board, usually every quarter, and central bank approvals for launch, electronic customer verification (eKYC) and 12 new features.
• Kept the programme fundedWon the IT steering committee's approval to fund the programme for the year.
• Closed the old service once goWave was provenThe old internet and mobile banking service closed before the end of goWave's first year.

Results

• Within a yearfrom central bank approval to public launch
• About 10 minutesto open an account, down from 30 minutes
• 80%of new customers opening their accounts online, 18 months after launch
• 15xas many app transactions a month as at launch, 18 months on, mostly QR payments
• More than 3xthe first-year target for merchants accepting QR payments

goWave was named Most Improved Mobile Banking Application, Cambodia 2023, by the International Finance Awards.

SourcesKhmer Times on the launchKhmer Times on the awardRHB: goWaveApp Store