On August 7, 2024, Thiranun “Tyra” Arunwattanakul, Chief Operations Officer at MONIX, participated as a panelist in the session “Innovation Metrics and Measurement for FinTech’ s Success” on the Fintech stage at Tech sauce Global Summit 2024. session featured insights from MONIX and National ITMX experts on the critical role of innovation in business sustainability, key metrics for managing innovation in Fintech, and how innovation is shaping the future of finance.
Building a Better Life for the Underbanked
MONIX envisions a future where the underbanked can thrive and enjoy a better quality of life. Its approach is rooted in experiential learning. When developing the FINNIX App during theCOVID-19 pandemic, it started small, analyzing diverse customer segments to understand their behaviors. This data-driven approach allowed it to build its first underwriting model, a cornerstone of its vision to create customer-centric products for a better financial life. At MONIX, data and AI drive its business operations, eliminating human intervention in underwriting processes. In just four years, the company has reached more than 1 million customers.
"We Use Technology to Drive the Business, not to Drag the Business. - Tyra"
Tyra emphasized, “It is crucial to offer the right amount to customers. The key to operating a business is not just in the application—it is in the collection and repayment data. Approving small loan amounts allows us to better understand customer behavior, and their behavior data makes our models more intelligent. As customer behavior rapidly evolves, we use technology to drive the business, not to drag the business. For example, three years ago, many people asked about blockchain, but in lending businesses, you do not need blockchain. So, we rely on A/B testing and customer feedback to refine our processes.”
Innovation Is a Mindset
Tyra explained, “At MONIX, innovation is more than a process—it is a mindset embedded in our culture. When your team inherently thinks innovatively, you do not need to micromanage processes or outcomes. As leaders, our role is to cultivate an environment that nurtures creativity and innovation. Leadership is crucial a sit shapes the culture and supports evolving mindsets. By fostering the right culture, we empower our people to innovate continuously.”
Innovation Metrics and Measurement
Discussing metrics, Tyra noted, “Our focus is on securing and measuring execution results, with our customers at the center of everything we do. We strive to deliver the best value through our 5S framework:
· Speed: A fully digital journey from start to approval in just five minutes.
· Simple: FINNIX is100% digital, allowing customers to manage their loans independently via their mobile phones.
· Secure: Security is paramount in financial services, and we ensure rigorous data protection.
· Smart: OurAI-driven underwriting process is fully automated, ensuring accuracy and efficiency.
· Scale: Our services are nationwide, and scalability is a key metric in our innovation efforts.
The 5S framework is not just for customers—it is integral to our internal processes at MONIX. We constantly evaluate what our customers value, aiming to improve not only their financial stability but also their overall quality of life. This holistic approach extends beyond emergency financial needs to enhancing income, reducing costs, and improving education.”
The session highlighted how MONIX’s innovative strategies are tightly aligned with its business objectives, vision, and mission. MONIX’s success in adapting and innovating, in collaboration with regulators and financial institutions, demonstrates how effective innovation metrics can drive success in the fintech industry.
