Standard Chartered Hong Kong’s comprehensive digital solutions can be accessed from anywhere in the world
Financial institutions are actively expanding their digital portfolios to deliver unparalleled client experiences. Many are now adopting a forward-thinking business strategy that encourages innovative product and service developments.
In response to evolving customer behaviour, banks are encouraging digital transformations across operations while embracing innovative technologies to deliver seamless, personalised and secure financial solutions.
Digital services
Standard Chartered Bank (Hong Kong) has ramped up its efforts to offer efficient digital solutions to its client base. This has led to the development of client-centric products and services focusing on innovation and simplification.
With the introduction of its Wealth Saver Account (WSA), the bank is enabling its clients to optimise savings on their deposits and gain unrestricted access to their funds without any specified lock-in period.
In addition, the digitisation of the Bonus Payroll Accounts (BPA) in Q3 2023 enabled the bank’s clients to access their accounts faster. The bank also launched the Foreign Exchange Time Deposit (FXTD), giving clients the flexibility to set up a time deposit from anywhere in the world within a minute.
Strong growth
Committed to digital transformation, Standard Chartered Hong Kong has increased its digital presence across its credit card, wealth management and business banking domains.
A new card activation process via online links was introduced in Q2 2023, enabling clients to activate their cards without any paperwork.
By introducing digital options for credit card activation through QR codes, the bank achieved a two-fold increase in monthly credit card activations. In addition, new banking applications for card and deposit products recorded a high double-digit growth and led to increased digital penetration among these clients.
Among other efforts, the bank has enhanced its online mutual fund application to help clients discover and compare funds more easily.
Strategic alliances
Aspiring to become a leader in wealth management, Standard Chartered Hong Kong has increased its focus on the affluent market and enhanced its portfolio to offer various wealth advisory services.
In Q3 2023, the bank established its fourth wealth management centre in Pacific Place, providing comprehensive financial, wealth management services and a seamless banking experience for its local and international clientele.
Additionally, the bank’s partnership with Hong Kong flag carrier Cathay and launch of the Cathay mastercard in 2021 continues to help elevate its portfolio. Targeted at affluent clients, the Cathay card accounted for a significant proportion of Standard Chartered Hong Kong’s total portfolio in 2023.
Overall, the bank has demonstrated sustained organic growth in 2023 by capitalising on its commitment to innovation and client experience.
Standard Chartered Hong Kong has been named the Best Retail Bank in Hong Kong at the Annual Retail Banker International Asia Trailblazer Awards 2024.