Standard Chartered Hong Kong: Unlocking the Future of Banking

Standard Chartered Bank is an epitome of digital banking excellence, given its focus over the years on automation, digitisation and simplification. Its unique status and positioning in Hong Kong, combined with the way it has continually evolved to meet the changing needs of clients, will ensure the firm stays ahead of the competition.

Standard Chartered Bank is one of the world’s leading international banking groups, with a presence in nearly 53 markets and serving clients across 64. Listed in both London and Hong Kong, it can be considered a homegrown bank for Hong Kong given it has been operating in the special administrative region since 1859 and is one of three note-issuing banks in the city.

Its product suite is naturally vast and diverse. Standard Chartered offers everything from deposits and wealth management to loan products, credit cards and mortgages. And the increasingly digital approach it has adopted across its business makes for a remarkable franchise and the envy of rivals.

The new app and features launched in 2023 by Standard Chartered Hong Kong reflect how it’s able to remain close to clients and innovate in line with their needs.

For instance, to better serve affluent clients, Standard Chartered focused on enabling easy access to banking and wealth products through self-serve mobile account opening programmes for unit trusts and equities, marrying that with personalised relationship management services.

It launched the MyWealth Direct on the Standard Chartered mobile app, giving clients the ability to check their wealth product holdings and access personalised investment and wealth advice on the go through the app.

By leveraging big data and analytics and analysing clients’ risk-taking appetite, latest investment and cash holdings, the MyWealth Direct is able to help customers respond faster to market opportunities, tailor investment options and give them real-time actionable investment ideas.

For mass market customers, digital solutions are front and centre as the bank takes a mobile-first approach to serve at scale. Among the recent highlights are the launch of five new credit card services on Standard Chartered’s digital platform – card loss and replacement, PIN reset, balance refund, viewing card CVV and dispute handling – as well as digitising e-advice and the roll-out of more self[1]serve options including account opening through the bank’s mobile app. The bank also offers digital investment account, and additionally Marathon Saving account, whereby clients can open an account digitally in three steps and enjoy higher interest rates.

COLLABORATIVE MINDSET

One of the standouts at the bank is the way it has prioritised embedding banking into the everyday life of its clients.

Standard Chartered teamed up with AlipayHK in November 2021 to launch Q Credit Card, Hong Kong’s first physical and virtual card. Q offers an entirely digital and straight-through journey, including in-app card application, instant card and credit limit approvals.

Another critical partnership is with major airline Cathay Pacific. Clients can automatically earn air miles by banking and spending with Standard Chartered, which they can then use to redeem a host of lifestyle and travel awards. Importantly, they can earn these miles through numerous options, such as Bonus Payroll Account, Standard Chartered Cathay Mastercard and through Asia Miles Time Deposit.

The bank increased its digital investments significantly in 2022, a move that is certainly paying off – digital banking client numbers have soared and new client onboarding is rapid.

To give credit where it’s due, Standard Chartered Hong Kong rightly won the Best Digital Bank in Hong Kong award at the 2023 Global Retail Banking Innovation Awards hosted by The Digital Banker – testament to the solid reputation the bank has built in the market, and offering a glimpse of the way forward.

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                  The world’s preeminent Private Banks and Wealth Managers are demonstrating a committed drive in innovation, advisory, new products and services to meet the sophisticated needs of their clients.

                  COVID-19
                  Amid economic activity revival on the back of the Covid-19 vaccine program, organisations moving from business continuity plans to stable working environments, together with the slightest improvement in unemployment numbers, forced the world to adjust to new realities. Coming to terms with the “new normal”, global investors are now on the look-out for attractive and stable investment opportunities.

                  Needs of Private Wealth customers and families worldwide have drastically changed due to the pandemic and banks have had to accelerate efforts to deploy a multi-channel service strategy and safeguard clients’ businesses and wealth against negative impacts of economic uncertainly.

                  The Global Private Banking Innovation Awards will recognise the world’s best private banks, wealth managers and asset managers that are championing innovation across advisory, service, products, customer experience and more.

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