Standard Chartered continues to invest towards providing top notch digital banking experience for its clients by co-creating with the SC Inner Circle, a community made up of a group of clients engaged in discussions, focus groups and surveys. As consumer habits and behaviours evolve, the bank focused on making digital banking experience simpler, faster and easier.
It recently redesigned its SC Mobile app and has continued to deliver exceptional customer experience when it comes to online banking – all while utilising a customer-centric approach that involves active engagement and listening to customers and prioritising the feedback received to ensure they remain satisfied.
For these very reasons, Standard Chartered stands out from the crowd. This was evident at the Digital CX Awards 2024, hosted by The Digital Banker in Singapore, where the bank was chosen as the recipient of five awards.
Pivoting to Digital
As consumer habits and behaviours evolve to be more digital, the bank is focused on enhancing the digital experience for its clients to make the experience simpler, faster and easier. It continues to make substantial investments in technological infrastructure and innovation to streamline and expedite its banking interactions.
In the first quarter of 2023, Standard Chartered introduced a redesigned SC Mobile app, offering clients an upgraded and refreshed digital banking experience. This app sets a new standard for digital banking, ensuring a seamless, convenient, and secure mobile banking experience for retail clients in Singapore.
Furthermore, the app integrates budgeting tools, investment services, and loyalty rewards. It addresses the challenge of time-consuming routine transactions by introducing contextual navigation and reducing the number of clicks – all this driven by customer feedback and research – through the SC Inner Circle, which is an exclusive group of active customers engaged in discussions, focus groups, and surveys.
For its efforts to offer a personalised and enhanced customer experience, Standard Chartered received the awards for the Best International Retail Bank for Digital CX in Singapore and Best Customer Experience via Mobile and Internet Banking.
Simple, hassle-free and secured online banking service
Delivering an exceptional digital customer experience in online banking demands a user-friendly website, swift and secure transactions, and seamless access to account details. Standard Chartered goes further by offering real-time notifications, personal financial tools and 24/7 support, prioritising security and ease of use. This approach has not only helped it enhance customer satisfaction but has also fostered loyalty.
Its digital strategy is paying off, with the trajectory of its digital user count going upward. The bank witnessed a 10% increase in 2023 based on year-over-year comparisons. Currently, 90% of its users actively engage with its platform online, underscoring the widespread adoption and satisfaction with its digital services.
Recognising this feat, The Digital Banker declared Standard Chartered as the winner in the Outstanding Digital CX – Internet Banking (Retail Banking) category.
Leveraging Customer Insights
Standard Chartered launched the SC Inner Circle to partner with its clients in co-creating better banking experiences. Through focus groups, one-on-one discussions, and surveys, it is able to leverage these insights to innovate product offerings and digital platforms.
It also provides a valuable testing platform for ideas and concepts, which helps the bank in the development of client-centric products and solutions.
Focus groups with SC Inner Circle members have provided valuable feedback on a wide range of topics – from the design and experience of the refreshed SC Mobile app to new offerings such as the youth account and digital wealth.
Through these sessions, the bank was able to design a seamless and intuitive mobile banking platform, SC Mobile, and create solutions that meets clients’ evolving needs and expectations.
Standard Chartered has increased customer engagement, personalisation, improved its service quality and has enhanced trust and loyalty among customers – making it the winner for the Best Customer Insights Initiative.
Finally, putting all of the above into perspective – from Standard Chartered’s revamp of its mobile banking app to its use of customer insights and its partnerships with various players in the financial services ecosystem, the bank provides the best for its customers – it was honoured with the Best Use of Technology for Customer Experience – Overall award at the Digital CX Awards 2024.
