Monday, 4 July 2022

StandChart HK’s improved customer experience grew its NPS by 32%

5 min read

By The Asian Banker

Standard Chartered Hong Kong’s retail banking business registered a strong financial position in 2021, buoyed by accelerated digital transformation. The bank’s quality of customer experience has improved significantly, obtaining a net promoter score (NPS) score of 48 from 32.

  • StanChart HK accelerated digital transformation to grow the personal finance
  • The bank’s NPS grew by 32%
  • Retail customer base increased by 3.24%

Singapore, 26 May 2022 – Standard Chartered Hong Kong (StanChart HK) was recognised as best retail bank in Hong Kong at The Asian Banker’s Excellence Programme 2022.

As one of the leading banks in Hong Kong, StanChart HK saw a 3.24% growth in customer base last year. The bank’s digital acquisition of credit cards increased by 20% and registered a three-month digital active ratio of 60%, 2% ahead of its peers in Hong Kong. 

Included in the finalists for the best retail bank award in Hong Kong were Bank of China Hong Kong (BOCHK) and HSBC HK. StanChart HK scored higher in financials, digital journey, sales, customer experience, risk, process/tech, and people.

Digital journey: StanChartHK accelerated digital transformation to grow the personal finance

StanChart HK developed new digital tools for the "My RM" client platform to provide deposit order-taking functions and personalised investment ideas. The bank’s digital wealth transactions grew by 25% and its income doubled over the past two years.

StanChart HK launched Q credit card with mobile wallet, AlipayHK, leveraging a three million client base. The bank's digital acquisition of credit cards increased by 20%, accounting for 80% of total card acquisition. The bank has 1.2 million digital users, with a digital active ratio of 60% in three months in 2021, higher by 2% than its HK peers.

In comparison, BOCHK sees its number of mobile banking transactions rising by over 30% and its payment mobile app, BOC Pay customers exceeding one million. HSBC mobile app’s monthly digitally active customer ratio grew by 5% to 43%.

Customer experience:StanChartHK’s NPS grew by 32%

StanChart HK understands customers' pain points in the service journey and leverages various sources to meet customers’ expectations. The bank’s personalised investment ideas (PII) leverage artificial intelligence (AI) and big data to tailor investment concepts for customers. By refining the service process, the bank saved 778,000 hours of client waiting time in 2021. As a result, the bank’s net promoter score (NPS) rose from 32 to 48.

The second placer, BOCHK operates with 120 post offices to make credit card and QR code payments via BOC Bill more widely accepted. BOC Bill terminals increased by 21.4%, and the total settlement volume grew by 30.3%. HSBC’s global NPS for private banking increased to 31 in 2021.

Financial performance: Retail customer base grew by 3.24%

StanChart HK's retail customer base increased by 3.24% year on year (YoY). It achieved a retail revenue of $1.39 billion (HKD 10,756 million) with a compound annual growth rate (CAGR) of -6.6% from 2019 through 2021, amid the pandemic. The bank’s retail revenue accounted for 45% of total income. The bank saw a slight decline in its return on equity (ROE) of 6.2% compared to 7.0% in the previous year.

BOCHK posted a higher retail revenue of $2,239.6 million (HKD 17,228 million) but with CAGR of -12.5%, significantly lower compared to StanChart HK. BOCHK has a retail banking contribution to total bank income of 35.2%.

 

 

About The Asian Banker

The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The global research 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. Visit the company’s website at  www.theasianbanker.com

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

To view the respective evaluation criteria, click here: https://awards.asianbankerforums.com/Hong Kong-awards/criteria

 

For further information, you may get in touch with:

Christian Kapfer

Research Director

M: (+63) 94 3283 6015 

ckapfer@theasianbanker.com



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