Monday, 13 July 2020
Editorial

Standard Chartered Bank (Hong Kong) awarded Best Digital Bank in Hong Kong at The International Excellence in Retail Financial Services Awards 2020

By The Asian Banker

  • Standard Chartered Bank (Hong Kong) leveraged on its Big Data and Machine Learning capability that facilitated its key retail banking products and services
  • Its aXess platform has accelerated the development of its APIs through a collaborative open community among developers, corporates and fintechs
  • The bank’s array of new digital capabilities such as QR Cash, Scan & Pay, Mobile Unit Trusts and Mobile Foreign Exchange to further enhance customer experience

 

Singapore, 29 June 2020— Standard Chartered Bank (Hong Kong) won as the Best Digital Bank in Hong Kong at The Asian Banker International Excellence in Retail Financial Awards 2020.

Standard Chartered Bank (Hong Kong) leveraged on its Big Data and Machine Learning capability that facilitated its key retail banking products and services

The bank’s machine learning and big data technology have wide coverage in business areas and operations. The most typical cases include digital acquisition, which uses data management platform and machine learning models for acquiring high-potential prospects via online and mobile channels. The digital marketing technology stack deployment enabled the bank to identify micro-segments based on web behaviour and customer profile so that the bank can continuously refine digital customer experience and provided personalized messages and offer to best fit customers’ need. The bank also leveraged advanced analytics tools to generate more customers insights and be able to identify profitable customer journeys that leads to higher sales conversion and able to present product recommendation based on customer behaviour. As a result, the bank achieved around 20% growth in digital sales and 18% growth in digital adoption in 2019.

Its aXess platform has accelerated the development of its APIs through a collaborative open community among developers, corporates and fintechs

With aXess, the bank invites developers, corporates, and fintechs to partner and co-create APIs and open banking initiatives. Throughout the year, the bank has built 20 APIs in retail banking covering products information and applications, Time Deposit & FX Rates, ATMs/ branches location, connecting to various industries, including real estate and aggregators. The platform has attracted sign-ups from over 2,000 non-bank users. The mortgage lead API is first in market partnership enabling real-time connection.

The bank’s array of new digital capabilities such as QR Cash, Scan & Pay, Mobile Unit Trusts and Mobile Foreign Exchange to further enhance customer experience

The bank launched cardless cash withdrawal service QR Cash in Mar 2019, allowing customers to pre-set instructions via SC Mobile app and scan the QR code on any Standard Chartered ATM in Hong Kong to withdraw cash instantly without using any card. Together with real-time payment service Scan & Pay, with which customers can pay their bills or conduct QR-code based peer-to-peer payments, the bank further enhanced its customer experience in day-to-day transactions and made it frictionless. In 2019, the bank also rolled out mobile unit trust platform and a ground breaking foreign exchange digital platform that enable customers to unlock rewards including welcome offer, exclusive exchange rates and cash rebates at different accumulated foreign exchange transaction tiers.

 

About The Asian Banker International

The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The Singapore-based company has offices in Singapore, Malaysia, Manila, Hong Kong, Beijing, and Dubai, as well as representatives in London, New York, and San Francisco. It has a business model that revolves around three core business lines: publications, research services and forums.

The company’s website is www.theasianbanker.com

 

You may visit the Excellence in Retail Financial Services page at  http://awards.asianbankerforums.com/retailfinancial/

 

For further information on the collaterals for winning banks, please contact:

Mr. Mobasher Zein Kazmi
Head of Research
Tel: (+61) 452 514 145
Email: mkazmi@theasianbanker.com

 

 

 



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