Over the past year, the Standard Chartered Korea digital team and group team have worked tirelessly in developing an all new and next-generation mobile app – one it can be immensely proud of.
Known as ‘leapfrog’ the relatively new mobile app was awarded Best User Experience – Mobile at the Digital CX Awards 2020, hosted by The Digital Banker.
The Digital CX Awards is a gathering of the best-in-class worldwide banks that are recognised as pioneers at the cutting edge of customer experience innovation. Co-judging by subject matter experts from EY, KPMG, Bain & Company, Forrester and Wipro Digital augments this remarkable achievement for Standard Chartered Korea – especially amongst such avid global competition.
Best User Experience – Mobile
The new mobile app adorns an aesthetically pleasing user interface and offers users a state of the art mobile experience that dramatically simplifies the way customers manage their finances on the go. The all new and next generation version of the SC Mobile App delivers a reimagined ‘3.0’ experience which represents a quantum leap and a new global standard in digital banking. Many of the mobile app’s exciting new features are trailblazers in their own respect and allow Standard Chartered Korea to boast first to market status.
It’s all About the Metrics
The bank’s digital sales regained momentum post launch, with Digital Retail and Wealth products rising 44% and 36% against the Q2 2019 average. Subsequent to launch – App downloads stood at 1M, as of 2nd March 2020 and continues to grow. Eight hundred thousand clients currently actively use this feature with the number of users continuing to grow.
Multi-aggregation Technology
Standard Chartered is the first bank in Korea to have launched a mobile app affording customers an easy way to get a snapshot of their finances through multi-aggregation technology. This tech enables customers to monitor their entire financial portfolio at other financial institutions.
Further user benefits come in the way of money transfers, which the new app has made exceptionally easy: a simple sliding gesture to transfer money allows customers to send money directly to their friends via contacts or KakaoTalk messenger, the no.1 messenger app in Korea all this without requiring their bank account information.
Everything in One Place
Standard Chartered Korea’s multi award-winning ‘Self Bank’ app, mobile sales and onboarding app- designed for non-face-to-face digital interactions- and digital wealth capabilities have been combined into the new mobile app. The result for the end user is end-to-end customer journeys from real-time onboarding and retail products purchases, to day-to-day transactions and wealth tracking.
Enhanced Security and Access
The bank set out to create new ways to authenticate its customers for easier access with greater security. Customers can now choose their preferred way of accessing the app among various digital authorisation technology, such as fingerprint, face recognition, iris recognition, mobile token and a blockchain based digital certificate.
The Challenger Landscape in Korea
Challenger banks and fintech players in Korea began establishing their businesses in 2017. Similar to the vast majority of challenger banks across the world- the offering is a pure-play mobile / online banking application with an innovative UI/UX, combined with simplified processes. There are a select number of challenger players that have recently achieved a level of success in Korea’s digital banking space. Such success can almost undoubtedly be attributed to the increasing trend of the Korean mobile market moving towards a single integrated mobile application.
With an accurate assessment of the threats posed by such challengers, Standard Chartered Korea’s response was to create something that is meticulously designed and engineered for the new digital age. The bank’s team purposefully refined every detail from the ground up to provide customers full control of their finances in a single application. The new mobile app signifies a tremendous step toward the bank’s goal of providing superior user experience.
Read more about the winners at the Digital CX Awards 2020 here.
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