Editorial

Standard Chartered Bank (Hong Kong) awarded Best Retail 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
  • The bank built an open ecosystem through APIs across various business categories that support straight-through access to its products and services
  • The bank proactively offered measures and support amid COVID-19

 

Singapore, 29 June 2020—Standard Chartered Bank (Hong Kong) was recognised as the Best Retail 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.

The bank built an open ecosystem through APIs across various business categories that support straight-through access to its products and services

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 has also created the market-first platform SC Ventures Fintech Bridge, which has enrolled more than 200 fintechs from 30 countries.

The bank proactively offered measures and support amid COVID-19

In light of the unfolding COVID-19 pandemic, the bank implemented several precautionary health and safety measures in branches, including spaced out seating and giving out service tickets for social distancing. To relieve pressures on individual clients, the bank offered a mortgage principal moratorium for up to 12 months. For SMEs, the bank provided a renewable principal moratorium of up to six months, subject to a maximum of twelve months. The bank also made various fee waiver arrangements covering cash withdrawals, credit card fees, and life insurance plans.

Also, the bank strived to provide clients with human-oriented services to enable them to continue managing their investment and finance in the safety of their homes during the pandemic, through the Invest from home, Bank from home Digital Campaign in Mar 2020.

As a show of support for the community, the bank, through the Standard Chartered Hong Kong 150th Anniversary Community Foundation, donated $0.39 million (HKD 3 million) to The Hong Kong Council of Social Service (HKCSS) to purchase close to 800,000 face masks for 100,000 underprivileged families in February when the coronavirus first broke out in Hong Kong with a shortage of mask supply. The bank and HKCSS further collaborated by donating $1.29 million (HKD10 million) to provide immediate relief to the disadvantaged by subsidising subdivided unit households to pay rent in April. In view of the community need, the bank plea for the support of corporate clients and partners in end April with a donation matching scheme of up to $1.29 million (HKD10 million). Together, the bank and the corporate donors made a total of $5.16 million (HKD 40 million) donation to help a few thousand families to ride out the storm.

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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