Khan Bank: Using APIs to make banking faster and easier in Mongolia
The Soviet era left Mongolia with a legacy of manual banking processes that requires huge quantities of paperwork. This means that customers need to visit branches frequently for simple things like changing a PIN number or requesting a credit card. Since we count 2.8 million of Mongolia’s 3.3 million citizens as our customers, this could mean long lines at the bank, with an average wait time of 25 minutes for each visit. We wanted to change that.