Standard Chartered Singapore has introduced SC Inner Circle, a revolutionary client engagement concept designed to gain authentic client insights and co-create more intuitive banking experiences, products and digital platforms.
As banking services have become more integrated in everyone’s daily life, deepening client engagement beyond in-app engagement is crucial in creating better banking experiences across product and channel mix. The bank recognises the need to gain valuable insights from its clients on its offerings and banking experience and launched SC Inner Circle.
Since its launch in May this year, the bank has engaged more than 10,000 clients. Through focus groups, one-on-one discussions and surveys, clients have a say in the design and delivery of the initiatives, products and services which the bank launches. The bank leverages on these valuable insights to shape its offerings and banking experience.
One of the pilot client insights study was to finetune the design and innovation process of its mobile banking platform, SC Mobile. Through focus group studies, the bank identified two key findings – clients want to spend less time performing banking transactions and they want a more simplified way to view their portfolio with the bank.
With these two problem statements in mind, the bank set out to design a more seamless and intuitive banking platform geared towards improving these areas. Its clients now spend less time on their top-performed transactions. PayNow transactions on SC Mobile now take an average of 17.2s, which is 40% faster compared with the industry average, and PayNow QR code payments can now be completed in 16.4s, 30% faster than the industry average. A newly designed home screen was also introduced, allowing clients to see their entire portfolio – accounts, investments, credit cards, loans and insurances, at a glance.
In another instance, the bank continues to leverage on the power of SC Inner Circle as a valuable testing platform for ideas and concepts. By constantly engaging select groups of clients, the bank can better understand the specific needs and preferences to co-create new products. The use of the client community continues to allow the bank to gather important insights and also build inclusivity, ultimately leading to the development of client-centric products and solutions.
According to Tony Tan, a client of Standard Chartered Singapore and an SC Inner Circle member, "it’s been a pleasure to join the SC Inner Circle programme. At the fire chat event I participated in, it was noteworthy that both customers and staff were present to hear what customers had to say directly with senior management present. This showed sincerity, vulnerability, and accountability. I was also delighted to see Standard Chartered appreciating the people behind-the-scenes making things work in the organisation. Well done on this initiative.”
Nauman Bashir, head of digital, data and customer value management, said: “At Standard Chartered, client-centricity is ingrained in our culture. On top of leveraging on cutting-edge technologies and AI, we also recognise that meaningful interactions with clients are important for us to understand the solutions they need. Through the SC Inner Circle, we come together with our clients not as bankers and clients, but as co-creators to collaborate and provide a best-in-class digital experience. Insights from the SC Inner Circle drive regular improvements to our digital platforms, products, and services, ensuring they align with customer expectations and needs.”
Re-disseminated by The Asian Banker