With its establishment in 1858, Standard Chartered is the oldest foreign Bank in India and has grown to be among the largest by footprint in the country. With 100 branches spread across 42 cities, Standard Chartered is a full-service commercial bank, offering solutions to corporates, small and medium enterprises and individual clients.
It is one of the few wealth managers in India that offers end-to-end digital journeys for clients across all wealth products. With multiple first-in-industry digital launches and technology platform upgrades, the bank’s aim is to provide a cutting-edge, secure and convenient digital wealth platform for clients.
At the Global Retail Banking Innovation Awards 2024, hosted by The Digital Banker in Singapore, Standard Chartered Bank India was the recipient of three awards, while also receiving high acclaim for its digital wealth platform.
Advancing digitally
Standard Chartered is a frontrunner among banks in the country in building an omni-channel platform for relationship managers (RMs) as well as customers for wealth portfolio reviews. Today, it is among the top foreign banks in India in terms of assets under management, with advances in digital technology, playing a key role in accelerating the growth.
SC Invest, the bank’s online investment platform, rolled out an enhanced version in 2023. From within a single mobile app, clients can get all their investment requirements fulfilled – from opening an investment account to getting KYC done – while also performing risk profiling, buying and selling funds, accessing reports and insights and viewing their insurance portfolio holdings.
Enhancements included a seamless onboarding and a digital-first experience that eliminates unnecessary paperwork, tailored investment recommendations through cutting-edge algorithms, an umbrella view of all holdings to monitor performance, take decisions and access in-depth market insights.
The new platform has seen an average growth of upwards of 40% in key metrics including account opening, digital transaction growth, conversion of clients and AUM generated, to name a few.
For rolling out a seamless mobile app experience and easing the customer journey, Standard Chartered Bank India received the award for the Best Mobile Banking App – Wealth Management.
CREATING THOUGHTFUL JOURNEYS
With SC Invest, Standard Chartered Bank India is among the few banks in the country who offer an end-to-end, secure digital onboarding experience that also fulfils all regulatory requirements. The process also includes an online risk-profiling tool, which allows clients to be ‘investment ready’ within five minutes.
Because of this, clients can be onboarded real-time via the SC Mobile App, and get started on their investment journey in a matter of minutes, without having to wait to fill paper forms or wait for an RM to contact them.
For providing a seamless, frictionless client account opening channel, the bank won the Outstanding Client Onboarding and Account Opening award.
By fulfilling its vision of making a seamless journey for clients to transact and interact through a “digital first” approach and greatly augment their digital interactions, Standard Chartered Bank India received high acclaim from judges.
Additionally, taking note of its revamped digital offerings, Standard Chartered Securities India received the Best Digital Transformation Program – Securities award from The Digital Banker.
