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For Borderless Customers

For Borderless Customers

MoneyHOP, founded in 2019, by Mayank Goyal, Chartered Financial Analyst (CFA), is India’s cross-border neo bank, offering full-stack global banking solutions. It aims to make banking smarter, faster and better, and provide a unified platform, where all the consumer’s financial needs can be addressed with a single touch point.

Mayank Goyal explains its features: “moneyHOP is one-stop platform for cross-border transactions. Catering to Indian citizens over the age of 18, moneyHOP is a global zero-balance savings account that can fulfil all banking needs and provides up to 6% interest on deposits. The neo bank mobile app addresses a number of the concerns like high markups on currency exchange, high exchange rates, lack of transparency on fee structure, complex documentation processes, incompatible formats between domestic and foreign banks, and low degree of automation in domestic banks’ internal systems. moneyHOP is enabling seamless cross-border banking, which is otherwise costly and inefficient.”

Cross Border Smarter Banking

moneyHOP came into being at the cusp of the covid pandemic. Mayank shares the backdrop: “Everything that we have built is paperless, presence less, and cashless. It also happens to be one of the principles that we abide by and the vision that we want to propagate for cross-border banking in India. Covid has acted as a catalyst in the digital adoption of cross-border banking including currency exchange, outbound remittance, etc, because people wanted a product that they can use from the comfort of their homes without the risk of catching the virus by visiting branches and filling in paperwork. We believe what demonetization did for the betterment of digital domestic banking, covid pandemic has done the same for cross border banking space.”

Intelligent Use Of Data

Technology, being need of the hour, plays an important role in developing new age banks, that provide solutions without the need for physical branches or offices. Mayank indicates: “We help validate our service offerings in real-time through online channels and mobile sites. With the help of technology, we can offer our products, while making an intelligent use of our data. There are under-tapped segments of society that the neo-banks can target with help of technology and penetrate the tier-2 and 3 cities and rural areas. Access to financial services continues to be a core need of retail, and MSMEs.”

moneyHOP has seen a 50% month-on-month growth in customers over the last 18 months. Its primary target is urban millennials who classify themselves as global citizens, who want to travel the world and live in different parts of the globe. They do not necessarily want to study abroad, but also work abroad and believe in instant gratification and transparency over everything else. This age group is 18 to 35 and are either students or are early salaried individuals.

Mayank describes the factors were responsible for the growth: “We were able to achieve this growth by the combination of offline and online sales channels. moneyHOP not only uses digital channels like Google ads and social media for awareness and conversion campaigns, but it has also partnered with several foreign education and foreign travel ecosystem partners across pan India, through which we obtain a high level of conversions.”

Paperless Money Remittance

This financial year, the company introduced a multi-currency bank account for global Indians allowing them to hold Pounds, Dollars, Euros and INR on the same account with the ability to convert one currency to another instantly with just a few clicks. The application is also enabling Indians to remit money abroad in an entirely paperless, presence less, and cashless manner. It also allows Indians to spend like a local no matter where they travel across the globe.

Chatbots, Automation

moneyHOP by its very inception is a digital-first company and one of the primary pillars of growth and building a sustainable business is for it to provide a better customer experience to end consumers. Mayank states: “Hence using technology to enhance the processes and provide instant gratification to the queries raised by the customers is extremely important to us. Therefore, the usage of chatbots and other automation devices has been looked at quite carefully and embedded in the customer journey.”

Future Plans

Mayank reveals: “moneyHOP is looking to launch a truly global banking product for global Indians, allowing them to open foreign currency bank accounts abroad through the Financial Conduct Authority (FCA) license in the UK. We are planning to procure it in the next 6 months. This license will help moneyHOP become an Authorised Electronic Money Issuer in its own right.”

 

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