1. Startups

Astra Group's Digital Transformation Through the Integrated Financial Products Platform "Moxa"

Bags good market acceptance with 3,5 million downloads; still focused on strengthening inclusive synergies

Since the last few years, Astra Group has begun to trace its efforts to digital transformation. In developing these initiatives, the company focuses on three main approaches, namely modernizing core business, create new, innovative sources of income, and invest in products in the digital ecosystem.

Through several subsidiaries in the field of digital development, Astra has produced a number of products in various service categories, including AstraPay, CariParkir, Sejalan, Movic, and SEVA. Recently, Astra Group through PT Sedaya Multi Investama (Astra Financial) released a digital financial platform, namely Moxa.

Moxa was developed by PT Astra Kreasi Digital which is also under the auspices of Astra Financial. This platform was originally designed as an integrated digital solution for all financial products belonging to the Astra Group. On this occasion, Moxa CEO Daniel Hartono shared a deeper explanation of his products to DailySocial.id.

Get to know Moxa

Moxa aka Mobile Experience by Astra Financial only launched in March 2021. However, Daniel said that the development of Moxa had actually been carefully planned long before the Covid-19 pandemic occurred. The launch of Moxa has just been carried out following the trend of changing people's lifestyles that have triggered the acceleration of digital services in Indonesia.

This trend is also reinforced by e-Conomy SEA 2020 report by Google, Temasek, Bain & Company which states that 37% of internet users in Indonesia are first time user. Meanwhile, 93% of digital consumers in Indonesia admit that they will continue to use digital platforms to meet their needs when Covid-19 is over.

"We see that Covid-19 has driven large digital consumption in various sectors, including finance. From there, Astra Financial finally developed a platform to accommodate the needs of consumers who are now increasingly dependent on digital products. One of them is through Moxa which is integrated, fast, and secure, " he said.

Currently, Moxa connects consumers with 21 types of financial products belonging to the Astra Group, ranging from car financing to motorcycle financing, health insurance, life insurance, heavy equipment financing, to multipurpose loans. Moxa as alternate digital channels for financial services partners. Meanwhile, financial services are fully managed by business partners.

work culture agile

In formulating product and business strategies, said Daniel, his party applies the method agile focused on insight-driven as well as combining decades of experience from the Astra Group business. In terms of products, Moxa and other Astra digital products were developed by prioritizing the concept of Minimum Viable Product (MVP) and usability testing regularly.

"We make sure we can formulate customer pain points, business insights, and technology-based solutions in every new feature or product launch of Moxa. Our team always do design thinking together with the entire product, branch, technology and business teams," he explained.

In his journey, he assessed that the trust of financial service partners provided a big challenge for the company. The reason is, Moxa must be able to provide more added value compared to similar services that already exist. The Moxa team must also be able to digitize the financial processes that have been running so far.

For example, digitizing credit applications so that they can be done more quickly, easily and safely in accordance with regulatory corridors. It is committed to providing digital financial services according to the rules of the Financial Services Authority (OJK).

"I think Moxa has succeeded in answering the challenge. As proof, Moxa has achieved good results even though it is still a new player. Our application has been downloaded 3,5 million times in the period March-August 2021. There is still a long way to go, but we believe this figure is an indicator of acceptance good market for Moxa products," he explained.

Ecosystem and collaboration

Currently, Moxa is still focused on strengthening the product ecosystem in an inclusive manner with all financial products belonging to the Astra Group. Daniel targets the number of Moxa users to grow up to five times in the next three years.

Some of the inclusive collaborations that have been carried out are Moxa's synergy with the AstraPay digital wallet and the Maucash lending platform. In the AstraPay synergy, Moxa users can use their AstraPay balance to make transactions.

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Apart from this internal synergy, Moxa also plans to open its ecosystem with external parties. According to Daniel, his party has prepared an Open API system to facilitate strategic collaboration with external partners in the future.

One of the newly realized collaborations is Moxa's collaboration with PermataBank to provide the MoxaKu Permata Savings feature in early August. Through this feature, Moxa users can open a savings account directly through the application without having to come to a branch office.

"Currently, Moxa service users are dominated by consumers who apply for loans in Maucash, financing and multipurpose for motorbikes and cars, and insurance applications. We are also seeing an increase in the MoxaKu Permata Savings product. In total, there are 300 Open API collaborations on the platform Moxa. We will continue to expand the collaboration to support digital acceleration," said Daniel.

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