Standard Chartered Hong Kong has been recognised for its efforts to become the ‘best digital bank with a human touch’.
Standard Chartered Hong Kong was named the Best Retail Bank – Hong Kong at the 14th Annual Retail Banker International Asia Trailblazer Awards 2023. The lender received recognition for its commitment to build and strengthen the retail banking franchise and become the ‘best digital bank with a human touch’.
In response to changing customer behaviour and to increase its digital footprint, Standard Chartered Hong Kong has enhanced its sales and service models. New services and features are now being offered to clients that focus on automation, digitisation and simplification.
Balanced growth
Standard Chartered Hong Kong’s continued efforts have resulted in a balance of solid growth and new client-focused propositions. The lender has seen a consistent increase in its retail deposit balances, even in the face of increasing competition.
New client acquisitions and the introduction of new product offerings, such as the bank’s partnership with Hong Kong flag carrier Cathay Pacific, have driven this growth, which helped achieve an almost three-fold increase in Standard Chartered Cathay Mastercard approvals by the last quarter of 2022.
With the introduction of the Marathon Savings Account (MSA), Standard Chartered Hong Kong now offers clients the flexibility of making withdrawals at any time as well as the option to earn higher interest rates the longer the deposit stays in the MSA account. In addition, MSAs can be set up via online banking or the mobile app, with a low threshold of HK$10,000 ($1,274).
The bank has also responded to client demand for sustainable banking options by launching the Sustainable Payroll Account, becoming the first bank in Hong Kong to offer such a proposition. This type of account supports green activities when clients invest in environmental, social and corporate governance (ESG) funds and green mortgages.
Digital sales and services
Standard Chartered Hong Kong’s shift towards a digital sales and services model has not only helped the bank meet customer expectations but also the demands of a dynamic and evolving market.
With more than 1 million clients now considered digital, the bank is witnessing steady growth in both digital-active and mobile-active clients. In addition, it has made wealth management more accessible with the launch of the myWealth feature on its mobile app. With this option, clients have 24/7 access to personalised portfolio recommendations and chief investment office views based on their risk rating and holdings.
Other initiatives by Standard Chartered Hong Kong include optimising its branch network and piloting the Green Branch, which offers clients a unique digital and paperless banking experience.
The bank has also improved its net promoter score, which is a widely used market research metric that measures customer satisfaction. This enabled the lender to achieve a best-in-class score in the first half of 2022. It also demonstrates the bank’s commitment to its ‘Here for Good’ goal, which aims to empower young people to fulfill their potential, increase participation in the economies of core markets, and transform lives and communities.