Standard Chartered Singapore scales new heights with its digital-plus-people strategy

Standard Chartered Bank Singapore has been a catalyst for change in the city’s banking landscape, turning to its digital capabilities and stable employee force to fuel growth – and laying the foundation for bigger things in the future.

Standard Chartered Bank has established strong roots in Singapore since it opened its first branch in the city in 1859. It has been a stable banking force in the city-state and has recently become a catalyst for change for itself and for its clients.

Indeed, staying attuned to the ever-evolving needs of clients and catering to them digitally has become incredibly important at Standard Chartered. This has meant unveiling a new SC Mobile app with a friendly user interface, hyper-personalisation and intuitive features last year to much success and continuing with its long-established commitment to offering customers the best digital experience possible.

In light of its success, Standard Chartered took a whole host of accolades at The Digital Banker’s 2023 Global Retail Banking Innovation Awards. It was awarded the Best Digital Bank (Incumbent) – Singapore, Outstanding Customer Service Innovation by a Retail Bank – Singapore, Best Savings Account – Singapore, Outstanding Staff Training, Learning and Development Program – Singapore, Best Deposit Product of the Year (Wealth), and Highly Acclaimed award for Best Self-Service Banking.

DIGITAL DISRUPTION

Standard Chartered sets the standard for digital banking as it focuses on convenience, security and innovation, while prioritising client satisfaction and a seamless user experience. Thanks to that, close to 85% of the bank’s clients are using their digital banking services.

The bank has also successfully married its digital strengths with its sustainability agenda by unveiling a Green Branch initiative. The objective is to go paperless at branches, allowing digital authentication of transactions, and accepting e-signatures for certain product applications.

When it comes to self-service banking, Standard Chartered was quick to spot the hassle of applying physically at bank branches for a temporary credit limit increase (TCLI). To solve that problem, the bank’s Credit Cards and Personal Loans team introduced a digital application process for TCLI, improving efficiency, offering real-time decisioning and making the process accessible and convenient. The journey was further simplified when the bank optimised the number of steps within the application journey, further enhancing the client experience.

PRODUCT PROFILES

A differentiator at Standard Chartered is its JumpStart savings account, targeted at young adults aged 18 to 26, as they start out on their careers. It is an account with up to 2.5% p.a. from the first dollar up to S$50,000 with no fees and no minimum deposit balance required.

JumpStart was given a boost in March 2022, when Standard Chartered added a step-up interest rate that can be unlocked if customers make investments into unit trusts or in the equities market. The result is two-fold: it helps customers earn more interest on their savings, while paving the way for them to start their investing journey.

At the other end of the spectrum, on the affluent segment, Standard Chartered’s Wealth $aver is the first-of-its-kind affluent deposit account that pays interest based on client’s relationship with the Bank determined by their assets under management. Additionally, Wealth $aver allows clients to unlock bonus interest through the Wealth Booster promotion when they purchase new wealth products with the bank. It is also a multicurrency account that offers 1% cashback on debit card spends, with no additional transaction fee on the foreign currency spend for 13 major currencies.

Its success has been impressive. Wealth $aver has given Standard Chartered’s bankers a novel angle to use to bring in new priority banking clients, thanks to which it hit 100% of its client target within the first nine months of launch. The new clients are also twice as engaged, vindicating the firm’s approach.

A final winning factor at Standard Chartered is how it has left no stone unturned when it comes to empowering employees, accelerating the future readiness of its workforce through a growing suite of training and upskilling programmes to prepare for opportunities in key growth areas such as sustainable finance, cybersecurity and cloud engineering. This is delivered via aXess academy, its global learning hub anchored in Singapore, and diSCover, its self-led learning portal.

Standard Chartered’s focus on the critical issues of both today and tomorrow make it an exemplary banking institution that is primed for more growth.

Over 10,000 Standard Chartered clients join SC Inner Circle to co-create more intuitive banking experiences

Standard Chartered Singapore (the Bank) has introduced SC Inner Circle, a revolutionary client engagement concept designed to gain authentic client insights and co-create more intuitive banking experiences, products and digital platforms.

As banking services have become more integrated in everyone’s daily life, deepening client engagement beyond in-app engagement is crucial in creating better banking experiences across product and channel mix. The Bank recognises the need to gain valuable insights from its clients on its offerings and banking experience and launched SC Inner Circle.

Since its launch in May 2023, more than 10,000 clients signed up to be part of SC Inner Circle. Through focus groups, one-on-one discussions and surveys, clients have a say in the design and delivery of the initiatives, products and services which the Bank launches. The Bank leverages on these valuable insights to shape its offerings and banking experience.

SHAPING THE DIGITAL BANKING EXPERIENCE

One of the pilot client insights study was to finetune the design and innovation process of its mobile banking platform, SC Mobile. Through focus group studies, the Bank identified two key findings – clients want to spend less time performing banking transactions and they want a more simplified way to view their portfolio with the Bank.

With these two problem statements in mind, the Bank set out to design a more seamless and intuitive banking platform geared towards improving these areas. Its clients now spend less time on their top[1]performed transactions. PayNow transactions on SC Mobile now take an average of 17.2s, which is 40% faster compared with the industry average, and PayNow QR code payments can now be completed in 16.4s, 30% faster than the industry average. A newly designed home screen was also introduced, allowing clients to see their entire portfolio – accounts, investments, credit cards, loans and insurances, at a glance.

CO-CREATION OF NEW PRODUCTS

The Bank focuses on the importance of the partnership with our clients, leveraging on SC Inner Circle community as a valuable platform for ideas, testing and concepts. By constantly engaging select groups of clients, the Bank can better understand the specific needs and preferences to co-create new products. The use of the client community continues to allow the Bank to gather important insights and also build inclusivity, ultimately leading to the development of client-centric products and solutions.

“It’s been a pleasure to join the SC Inner Circle programme. At the fire chat event I participated in, it was noteworthy that both customers and staff were present to hear what customers had to say directly with senior management present. This showed sincerity, vulnerability and accountability! I was also delighted to see Standard Chartered appreciating the people behind-the-scenes making things work in the organisation. Well done on this initiative!” Dr. Tony Tan, a client of Standard Chartered Singapore and an SC Inner Circle member.

Nauman Bashir, Head of Digital, Data & Customer Value Management, said: “At Standard Chartered, client-centricity is ingrained in our culture. On top of leveraging on cutting-edge technologies and AI, we also recognise that meaningful interactions with clients are important for us to understand the solutions they need. Through the SC Inner Circle, we come together with our clients not as bankers and clients, but as co-creators to collaborate and provide a best-in-class digital experience. Insights from the SC Inner Circle drive regular improvements to our digital platforms, products, and services, ensuring they align with customer expectations and needs.”

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