The Chinese banking landscape remains one of the largest and most competitive marketplaces globally and Standard Chartered Bank (China) or SC China as a key international lender in this complex and diverse financial ecosystem has uniquely positioned itself leveraging its digital competencies. Overcoming market barriers driven by size, access and population, the Bank has expanded its network across 30 locations encompassing the coast and interior of China in conjunction with its digital service offerings driven by continuouss innovation to enhance client engagement.
Creating value for clients through speed, ease of use and safety
Importantly, given how the pandemic has redefined customer expectations, SC China proactively prioritised a revamp of its digital ecosystem, pioneered by its “Velocity Project” whose strategic objective has been to trigger a renaissance in the user experience via the new and improved SC Mobile App.
Indeed, the SC China mobile banking experience utilises well-established engineering standards to deliver value with speed and ensure that customer needs are addressed through modern, simple and contextual digital interactions that facilitate on-the-go, anytime & anywhere transactions. The Bank has also incorporated enhanced digital security, biometrics and authentication controls for added protection.
Furthermore, the Velocity project unlocks business value for SC China through reduced turnaround times as the online-based functionality is elevated via Nitro 5.0 building blocks built on critical UX standards pivotal in delivering faster and consistent end-to-end digital journeys.
Augmenting local market focus and client experience capabilities
Certainly, the SC Mobile App pre-login feature and deep link function introduced for meeting local client needs, provides customers with necessary and relevant product or service guidance to enable faster transaction execution, while removing design impediments that unnecessarily delay customer action.
The pre-login enhancement reflects SC China’s adaptation to evolving digital behaviour of its clients that consider it as a pre-requisite for optimum navigability. The TD booking volume alone through the Mobile App pre-login deep link function has increased by 24 times.
Fostering digital excellence through superior client experience, advocacy and usage
Indeed, the impact for SC China of its upgraded Mobile App has been multifaceted. Following a four and half month agile and co-creation development period, SC China Mobile APP was launched in September 2022. SC China has placed itself well among its international peer banks in the country, having recorded an average digital NPS of 56.5 in 2022, compared with 50 in 2021 reinforcing strong customer recommendation.
Moreover, the Bank registered a record high NPS of 60.1 in November 2022 following the launch of its client communication campaign. Similarly, SC China has deepened digital usage as more than 90% of transactions and product booking being routed via its online and mobile banking channels and mobile activation rate increasing by 2.7% YoY. Likewise, its app store ratings have increased dramatically on both Apple Store from 3.2 to 4.7 and Huawei Store from 1.5 to 4.6 with scores of positive reviews.
Mobile-First as key first step in omnichannel optimisation strategy
SC China considers continued optimisation of the mobile app essential as part of its broader omnichannel engagement strategy. With insurance and structured deposits embedded with pre-login functions and Live Bank capability enabling clients to communicate with call centre representatives and submit documents in a secure environment being phased in, the Bank is well on its journey of becoming the digital bank of choice among its international peers in China.
Its strategic partnerships with Ant Financial on personal lending products as well as integrated 3rd party payment capabilities complements its broader client-centric focus. In addition, the WeChat banking service enables sustained interaction with clients and prospects through the widely used social platform making seamless digital experience possible.
Fundamentally, SC China has delivered on ensuring a new and modern look of its mobile app that has empowered its customers to execute transactions faster via simplified navigation. Affirming its institutional achievements, The Digital Banker has recognised Standard Chartered Bank (China) for the “Best Retail Bank for Digital CX in China” at the recently concluded Digital CX Awards 2023.