KUALA LUMPUR, 16 MAY 2023 – Boost, the fintech arm of Axiata, recently received market validation for its game-changing BoostBills feature. Having bagged the Digital – Financial Technology trophy at the Malaysia Technology Excellence Awards 2023, BoostBills has been recognised as the most comprehensive and unique one-stop solution to bill management and payment in the local market.
The prestigious award gives recognition to the leading disruptors and pioneers of the vibrant local technology industry. Boost emerged as one of the winners after undergoing thorough scrutiny by an esteemed panel of judges, comprising senior consulting experts organised by the Asian Business Review. The case study conducted on BoostBills evidently showcased how Boost successfully solved pain points and met rising demands to simplify bills.
The Gap in the Market
In Malaysia, industry research identified that more than 30% of the local population have not been paying their bills on time¹, with over 40% of Malaysians admitting that financial stress had taken a toll on their mental health². This is no surprise, considering that utility and telecommunication bills represent some of the largest expenditures of the average household³.
Witnessing that there’s a gap in the local market, Boost set out to pinpoint specific pain points faced, by conducting a survey, which garnered thousands of respondents. It was found that over 30% were struggling to keep track of various bill amounts and due dates, over 30% wanted to pay multiple bills at once, as well as nearly 70% were helping to manage bills for dependants too.
Boost Paving the Way
Based on the insights found, Boost was inspired to trailblaze the bills space with its own BoostBills feature on its all-in-one fintech app, which has over 10 million users. Launched in 2017 and continuously upgraded with cutting-edge innovation since then, BoostBills today uniquely offers a comprehensive suite of functions for a stress-free environment to manage and pay bills.
One of the most convenient functions that BoostBills provides is the consolidated dashboard. This helps users reduce their mental load by tracking all outstanding fees and due dates in one single viewing, even for other dependants. Through its deep integration with more than 50 billers, users can have real-time updates for all their bills, ranging from household utilities, telecommunications, loans, local municipal, and more. This eliminates the need to key in and remember account details for various billers every single time.
BoostBills also offer a single-tap function to pay multiple bills at once. By efficiently settling all outstanding fees in one go, as well as reducing the number of payment gateways and Transaction Authorisation Codes (TAC) required, it helps users to save time. Furthermore, BoostBills’ automated recurring payments eliminate the need to manually pay bills every month, even when the amount varies monthly, such as for electricity, water, internet, and telecommunication bills. This is coupled with an automated wallet top-up function that prevents recurring payment disruptions.
Besides convenience, BoostBills users also enjoy a rewarding experience via the BoostUP loyalty programme and Boost Missions. With every ringgit spent, users earn Boost Stars, which can be utilised to redeem extra savings and rewards. For example, the Pay With Stars function helps to alleviate financial burdens, up to RM10 off every bill, using Boost Stars for direct cash discounts. Additionally, pre-scored BoostBills users will also have the option to use Boost PayLater, a sustainable syariah-compliant credit line, which provides greater cash flow flexibility.
Unstoppable Growth and Innovation
As of 2022, BoostBills had accumulated millions of highly engaged users, 95% of which are existing users, indicating high levels of product stickiness. It maintained a near-perfect 4.4 out of 5 approval rating too from satisfied users. In terms of business performance, BoostBills saw nearly 3 billion Boost Stars redeemed for Pay With Stars. Multi-million-ringgit credits were also disbursed through Boost PayLater whilst retaining a healthy single-digit non-performing-loan (NPL) rate. In 2022, it all culminated in BoostBills recording a 20% year-on-year revenue uplift.
These metrics offer a glimpse into how Boost is an award-winning regional full spectrum fintech player in the industry – one that will continue to pave the way for innovations throughout its holistic fintech ecosystem. With its ecosystem spanning its fintech app, merchant solutions, AI-based micro-financing business, and cross-border payment platform, Boost remains steadfast in financially empowering customers to be unstoppable.
Reference
¹ OECD/INFE 2020 International Survey of Adult Financial Literacy
² Study shows financial stress up 35pc in Malaysia since Covid-19 hit
³ 7 things Malaysians spend the most money on
