Standard Chartered Private Bank: Ushering Digital Transformation in Private Banking

Standard Chartered Private Bank Ushering Digital Transformation in Private Banking

Transforming banking experience for private bank clients is easier said than done – but with Standard Chartered Private Bank, consider the matter resolved. Being one of the most innovative and forward-thinking banking organisations around, SC Private Bank continues to challenge conventional thinking, and as a result, reaps rewards and accolades for its wealth of services, including some of the most coveted awards around customer experience at the Digital CX Awards 2020 by The Digital Banker.

Among the awards received by the team are: Winner, Best Private Bank for Customer Experience and Best Digital Customer Experience in Private Banking; Highly Acclaimed, Best Product or Service Innovation and Best Use of Technology for Customer Experience – Overall. These awards are truly a mark of excellence as SC Private Bank had to compete with more than 200 nominations in various awards categories.

“The app was conceptualised through a strong collaboration between business, technology and design teams.”

The win was even more remarkable considering the judges at this year’s awards ceremony include highly reputable industry experts from companies such as Forrester, EY, Fuji Xerox, Bain & Company, Wipro Digital and KPMG.

“Our vision is to transform the existing online experience for Private Banking clients.  In addition to viewing their portfolios, we want clients to be able to interact securely with their Private Bankers, get investment publications, and authorise transactions digitally.  We are making steady improvements and feel honoured to be recognised for our progress so far” said Jonathan da Silva – Head, Strategic Initiatives and Analytics, Private Banking.

SC Private Bank App – Advanced Client-Banker engagement platform

The SC Private Bank App aims to transform the existing internet banking experience for private bank clients from a portfolio view tool to an advanced Client-Banker engagement platform. Besides viewing their portfolios or past transactions, clients are able to interact with their Private Bankers and share information securely via chat within the bank’s mobile application. They can do so using their mobile, tablet or web devices, allowing them to discuss investment ideas and exchange views with their private banker on-the-go.

When chatting with their private banker, Clients can snap, and share documents directly to their bankers through the app. This means clients can now submit client instructions to their private banker through the SC Private Bank app via chat for investment trade execution. They can also receive the latest publications or market views on the go and organise them into folders for ease of management.

Through this initiative, SC Private Bank has seen tremendous business value by way of increased usage of the platform (+30%) and improved client and RM satisfaction across multiple locations. Clients have reported positive experience with the app as it has been updated with the latest tools such as biometrics login capabilities, eStatement and eAdvices retrieval, secured document sharing and RM chat and more.

“Clients are now able to send messages or documents via chat securely through SC Private Bank’s platforms, which are stored within the bank’s servers.”

The app was conceptualised through a strong collaboration between business, technology and design teams. Overall time to market took 6 months from conceptualisation, design, build and launch. From a risk management angle, clients are now able to send messages or documents via chat securely through SC Private Bank’s platforms, which are stored within the bank’s servers. Sensitive files or documents can be shared securely within the bank’s infrastructure instead of relying on e-mails to external domains.

Summary of enhanced capabilities:

  1. Secure Communication Tools. In-app secure Chat capabilities between RM and Client to share trade ideas, investment publications and other documents
  2. Enhanced Mobile Capabilities. E-statement and e-advices self-retrieval on mobile and tablet devices
  3. Enhanced Portfolio Views. Consolidated portfolio views across multiple booking centres with breakdown of asset allocation and liabilities
  4. Increased Mobility for Front Office. Launch of Private Banker App on Corporate Phones For front office to get access to client portfolios on-the-go
  5. Improved Risk Management. Surveillance capabilities on RM-Client messages

Since the launch of the new web and mobile application, SC Private Bank has recorded significant benefits, including:

  • Average monthly logins increased by 30%globally across SG, HK, UK and UAE
  • No. of clients opting for paperless increased by 15%
  • Marginal increases of 4% in client adoption rates across all locations
  • More than 70% of polled clients (950 Clients) rated at least 4 of 5 stars within the app on web and mobile

Read more about the winners at the Digital CX Awards 2020 here.

Image: photobyphm / Shutterstock.com

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Download the magazine print version of this article here.

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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.

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                  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.

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