GXBank App : First Impressions Of Malaysia’s Pioneer Digital Bank

Malaysia’s first digital bank, GXBank, has begun testing its services with a limited beta. Some 20,000 applicants will be given access to the GXBank app; allowing them to experience what the bank has to offer before it is fully rolled out to the public.

We got our hands on the app one week earlier, so let’s have a look at what the app is all about!

What sets GXbank apart?

GXBank almost exclusively exists only digitally. Other than their main office, GXBank will have no physical office branches, nor will they have any physical ATMs.

But wait. No ATMs? Does that mean that GXBank users will not be able to withdraw physical cash from their bank accounts?

No, because in the media briefing session, the higher ups of GXBank said that a debit card will be issued to GX Bank users. The card will then be usable on every ATM connected to the  MEPS shared ATM network. However, as of now, there still is no timeline provided on when the debit card will be released for their users.

And the best part is, GXBank also said that they will waive the RM1.00 surcharge you’ll get when you use other bank’s ATMs.

Another important thing to note is that there will be no office or counter to visit if you encounter any issues. All communication with the bank is done through online means – be it through the in-app live chat, customer service hotline, or support email.

The registration process also is done all through the app, which makes it more convenient compared to other bank’s signing up process, as you don’t have to travel to a physical branch office.

The eKYC (electronic know your customer) experience is also touted by GX Bank to be quick, easy and seamless, with approval within minutes by their electronic approval system.

We encountered some issues with the registration. I had to go through three attempts before the system was able to process my details, while my editor was done in less than five minutes. Your own experience will likely vary between these two situations.

Additionally, GXBank requires that you transfer at least RM10 into your new account when you open it. Due to the digital nature of the account, this has to be done from a different bank. This also serves as another form of eKYC to ensure that you’re who you say you are. 

What does the app offer?

Now onto the next thing on the agenda, what does the app offer? Well, to be honest right now it’s kind of bare bones, with only the essentials on it.

The interface of the app is quite simple and easy to navigate, but it also does have the significant advantage of having fewer features to navigate in the app.

This is because as of now, the app has the basics such as a way to transfer money in and out of your account, an insights tab to help you keep track of your spending, and their most important feature yet, the ‘pockets’ function.

GXBank’s ‘pockets’ functions allow users to take money from their savings account and allocate it to a specific goal, such as a wedding, vacation, or a big purchase. Users can also set a deadline for the goals, and a tracking function to help keep users on track for their savings goal.

While this feature is not unusual for a banking app, the goal is for GXBank to introduce a rewards system, for users who achieve their saving goals.

What is the app missing?

As to be expected due to its status of being in open beta, there are still many things missing from GXBank’s app.

One glaring example is the absence of the DuitNow QR Code functionality, which makes it a bit of a hassle to transfer money, as you have to do it the traditional way.  That said, you still can transfer money using DuitNow via phone number.

The process of transferring money is simple and straightforward as well, with the interface proving to be seamless and simple to navigate.

Another example is how the beta testing period was launched without the capability of a bank card, which means that for users of GXBank right now, the only way they can withdraw cash from their account is by transferring money to other bank accounts, and withdraw the money there.

While a bank card is in the road map, there is no information if that will happen during this beta test or after it.

But, it also means that for now, in the beta testing period, there really is nothing that the GX Bank app can offer that you can’t get from other banking apps, other than the fact that it is much easier and faster to open an account on GX Bank, compared to traditional banks (although you will still need a traditional bank account to complete this process).

Should you download it?

All in all, GXBank has potential, if nothing else. If everything pans out according to their plans, GXBank may very well be making waves in the banking industry in the future. 

From their plans to reward good saving behaviour from the users to providing banking services to the unbanked community in Malaysia, there is much to look forward to.

The current beta test is very much an information gathering exercise, as GXBank is clearly starting slow in order to ensure they have a solid foundation to begin rolling out additional features.

At the moment, it’s a safe bet for anyone to try to get into the beta test and give it a look. That said, you’re not missing out much if you don’t. GXBank is here for the long run and there’s no reason to wait until more features are implemented.

Read More: What Do Digital Banks Offer Customers Compared To Traditional Banks?