Standard Chartered Bank wants to be the ‘Digital Main Bank’ for its customers
At the forefront of technology innovation, Standard Chartered Bank is using emerging channels such as mobile and social to enhance customer interaction. In an interview with Jasmine Kohli of InformationWeek, Standard Chartered Bank’s Regional Head, South
Clients are increasingly adopting social media and digital channels for meeting their banking and informational needs. Hence, digital media including social media are key to achieving our strategy” Sanjeeb Chaudhuri, Regional Head, South Asia & Chief Marketing Officer, Consumer Banking, Standard Chartered Bank
Please brief us about the role of technology in your business? The role of technology in our business is to enhance our ability to offer customized solutions through convenient channels. This is consistent with our ongoing quest to “know our customers” and their needs so we can make their banking and financial services experience simple, seamless and convenient.
We are investing in a big way to digitize our business because research reveals that an increasing number of customers are using online channels to research products, do price and feature comparisons and form an opinion on the service experience from various brands.
Opinions of customer’s friends in their social networks are a significant influencing factor on their purchase consideration and buying decision. Furthermore, online brings transparency and cuts out intermediaries reducing the probability of mis-selling, whilst increasing the speed in which the customer gets the product delivered to them. It also allows banks to offer more robust service through benefits like click to chat, click to call and real time status updates. How do you make technology decisions and investments? Typically, investments in technology should help reduce the cost of acquisition of new clients as also the cost of servicing our existing clients. Having said that, a balance needs to be achieved between technology investments that yield immediate ROI benefits and investment decisions that are made with a view to help us realize our ambition to be the “Digital Main Bank” for our customers. How have you leveraged IT to help your firm grow? Standard Chartered Consumer Banking has been at the forefront of technology innovation which has helped us service our existing clients better and to acquire more clients.
We launched Breeze Mobile, a design-rich mobile banking platform with innovative and intuitive user interfaces making it amongst the most convenient mobile banking platforms to use for the consumer. Breeze-mobile comes with several unique features (for many of which we are a pioneer in the market) such as Single view of all transactions (banking/ credit card) on a mobile banking application (a market first) and seamless interface between the breeze mobile banking platform and social network sites — again a pioneering feature in the market.
We are the first bank to launch a unique, truly online, real-time customer facing credit card approval capability which is integrated with our public website (Online credit card AIP process). The intent is to move an increasing chunk of credit card sourcing volumes online thereby drastically crunching the turnaround time for setup of the card
while significantly reducing the cost of acquisition.
We have also leveraged technology within our organization for a closer and more disciplined engagement with our customers. We rolled out the customer experience management (CEMS) system, a single window relationship management solution across all branches in India. This has allowed a structured approach to client contact management and servicing by way of in-built triggers thereby resulting in enhanced customer experience allowing us the ability to offer to our customers the right products at the right time. Can you give us a brief view of your digital media strategy? How does the company engage itself with its customers using social media? Our strategy is to be the “Digital Main Bank” for our customers. We understand that we have to be where our clients are and increasingly, our clients are adopting social media and digital channels for meeting their banking and informational needs.
To that extent, digital media including social media are key to achieving our strategy. We have rolled out the Standard Chartered India Face book page, an important step in this direction.