In 2023, Standard Chartered Bank (Singapore) introduced a new feature which is the result of the combined work and synergy between the Wealth Journeys and Digital banking teams, yielding outstanding customer experience (CX).
Wealth Journeys’ Portfolio Performance Report (from Triple A Plus) is an on-demand and direct-to-client PDF report which allows clients to put in a request for consolidated information for all their mandates with the bank. Customers can get comprehensive details on their holdings, leverage positions, portfolio performance, and risk profile from the convenience of the online banking web portal. This feature further adds a degree of transparency to clients, providing an enhanced CX for the bank.
In the short span of time since the rollout of this new feature, more than 5,000 clients have benefited from this capability, with the bank seeing an upward trend of clients coming back repeatedly to get the insights they need with a single click.
For providing such a feature, where clients are given advanced reporting tools to better understand, track, and monitor their portfolio of investments, in full transparency and in a simple convenient and accessible way, Standard Chartered Bank (Singapore) received the Outstanding Digital CX – Internet Banking (Wealth Management) award at the Digital CX Awards 2024, hosted by The Digital Banker in Singapore.
Seeing Strength in Digital
Recognising that digital is an enabler of customer experience that is personalised, simple, and engaging, Standard Chartered Bank (Singapore) scaled up on its client reporting capabilities through the launch of the above feature.
Delving into the details of the feature, SCB clients have full access to a range of digital services for both retail and wealth management domains through its online banking channels. Within the channels, clients can raise on-demand requests for a Consolidated Portfolio Performance Report, which takes only two minutes to generate in a PDF format.
The generated report is a comprehensive document that outlines key information for the client. Specifically, it presents an overview of the customer investment profile (CIP) rating with its expiry date along with a summary section which gives a bird’s-eye view on total assets, liabilities, and overall net worth of the client’s portfolio. Portfolio asset allocation is then outlined, providing a general analysis on the client’s portfolio exposure from various angles: by asset class, by product risk rating, by currency.
Portfolio current valuation and performance is the next section, with two charts showing the current market value of client portfolio, as well as cumulative portfolio performance according to several timeframes, including annualised performance.
The document also reports tabular information around profit and loss by product type, valuation and performance in respective instruments with realised income from dividends / coupons and currency movements taken into account, a summary of cash instruments, insurance contracts and the list of closed position with respective realised profit and loss information.
Furthering Digital CX
SCB’s online banking digital channel is also undergoing an “application migration” to a new data centre. The exercise entails major enhancements in the web user interface architecture, allowing a more flexible and scalable release process, thereby ensuring availability and resiliency of the online banking channel to SCB customers.
Finally, the enhancements introduced in the Triple A Plus system enables client investment profiling and portfolio holdings information to be availed to clients via the bank’s digital channels. With this, the bank has created the right ecosystem that leverages on the same platform of Triple A Plus, to provide clients and relationship managers with the same information in a transparent and unified manner.
This year, SCB plans to introduce upgrades to its Triple A Plus platform, particularly around Portfolio Performance Report generation. The bank has recently extended this coverage to Hong Kong clients and has plans to extend it further into various other markets. Moreover, it also plans to expand into its mobile banking channel so that clients will be able to generate the Portfolio Performance Report on the move from the convenience of their mobile devices, using the SC Mobile app.
