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

InformationWeek - - Interview - BY JAS­MINE KOHLI tweet @ kohli­jas­mine

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.

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