Friday, 14 June 2024

StanChart recognised as Best Regional Retail Banking Business in Asia Pacific and ADCB as Best Retail Bank in the Middle East

5 min read

By The Asian Banker

Top awards won by StanChart, ADCB and UOB at The Asian Banker Excellence in Retail Financial Services Awards 2023, with StanChart's Samir Subberwal named Retail Person of the Year.

  • Standard Chartered Bank’s unified regional strategy for product deployment drove the expansion of its retail and wealth management business
  • Abu Dhabi Commercial Bank’s (ADCB) new ecosystems and process automation expanded its retail customer base
  • UOB’s trade solutions automation enabled smaller business to save costs 
  • Samir Subberwal, global head of digital business at Standard Chartered Group was named Retail Finance Person of the Year in Asia Pacific 2023 

Hanoi, Vietnam, 16 March 2023 – The Asian Banker Excellence in Retail Financial Services Awards Ceremony 2023 was held in Hanoi, Vietnam. Standard Chartered emerged as the Best Regional Retail Banking Business. Abu Dhabi Commercial Bank (ADCB) was awarded Best Retail Bank in the Middle East, and UOB Singapore was recognised as Best SME Bank in Asia-Pacific. 

Samir Subberwal, global head of digital business at Standard Chartered Group was named Retail Finance Person of the Year 2023. 

The TAB Global Excellence in Retail Financial Services Awards is the most prestigious awards programme for retail financial services worldwide. The programme assesses products and businesses of banks and financial institutions (FIs) through a rigorous evaluation process covering more than 60 award categories. It recognises FIs for excellence in their vision, execution, market-leading retail finance service propositions and best practices.

A total of 43 awards across five categories were presented at the event. These were: Vietnam Awards; BankQuality Consumer Survey and Ranking of Retail Banks; Retail Finance Product, Digital, and Frictionless Awards; Global and Regional Retail Finance Awards; and Retail Finance Person of the Year. 

Vietnam was selected as the venue for the first in-person Excellence Awards in three years, being a retail finance market with enormous potential. With rapid economic growth, rising digital adoption and a supportive regulatory environment, its fintech sector attracts the attention of global investors. 

Standard Chartered Bank’s unified regional strategy for product deployment drove the expansion of its retail and wealth management business 

Standard Chartered Bank operates its retail and wealth management business across 30 countries, including 13 Asian markets. About 60% of its retail revenue comes from markets outside Hong Kong.

In 2022, it launched a next-generation mobile banking app with new features such as online account opening, a mobile mutual fund, and a foreign exchange platform. The bank also launched two digital banks in Hong Kong and Singapore and is expanding operations in Indonesia.


From left: Foo Boon Ping, President and Managing Editor of The Asian Banker; Samir Subberwal, Global Head of Digital Business with Harmander Mahal, Managing Director and Head, Consumer, Private and Business Banking - Vietnam & Asia Cluster Markets of Standard Chartered Group receiving the award for Best Regional Retail Banking Business; and Wilson Chia, Member of the International Advisory Council of Excellence in Retail Financial Services Awards Programme

ADCB’s new ecosystems and process automation expanded its retail customer base

ADCB outperformed its peers in the Middle East based on customer deposits and net interest income, as well as in the number of digital transactions. The bank grew its retail customers by 16%, higher than the market average of 4.5%, with 67% of retail customers digitally active on a three-month rolling basis and 79% onboarded digitally. 

It built three digital ecosystems: Touchpoints, the Dream Home Platform and the FlexxPay digital platform. Its back-end processes reduced transaction turnaround time from days to seven seconds.


From left: Foo Boon Ping, President and Managing Editor of The Asian Banker; Subramanian Balakrishnan, Head of Product with Ashok Luharuwalla, Head of Group Operations and General Manager ITMAM of ADCB receiving the award for Best Retail Bank in the Middle East; and Wilson Chia, Member of the International Advisory Council of Excellence in Retail Financial Services Awards Programme

UOB’s trade solutions automation enabled smaller business to save costs 

UOB expanded its digital business banking platform to 10 markets and automated trade solutions, boosting e-trade applications by 48% year-on-year. Smaller businesses can use its integrated suite of financial and non-financial services to save costs, grow and manage operations. It partnered with over 50 industry partners across the region to offer beyond-banking solutions.

The bank’s Infinity and BizMart platforms saw rapid regional adoption, with over 3,000 businesses signing up per month. 


From left: Foo Boon Ping, President and Managing Editor of The Asian Banker; Rosalind Lee, Managing Director and Head, Enterprise Banking, Singapore and Region with Lawrence Loh Managing Director and Group Head, Business Banking of UOB receiving the award for Best SME Bank in Asia Pacific; and Wilson Chia, Member of the International Advisory Council of Excellence in Retail Financial Services Awards Programme

Samir Subberwal, global head of digital business at Standard Chartered Group named Retail Finance Person of the Year in Asia Pacific 2023

Samir Subberwal, head of consumer, private and business banking Asia and global head of digital business at Standard Chartered Group was recognised by the International Advisory Council of Excellence in Retail Financial Services for his extensive experience and transformational leadership that enhanced the bank’s position as a leading retail banking franchise in Asia.

Standard Chartered operates across 13 markets in Asia. Since his appointment as the head of consumer, private and business banking in Asia in 2021, overall profitability of the business improved dramatically, where return on tangible equity improved by more than 60% and economic value-add grew by four times. 

Standard Chartered also successfully launched Priority Private clients, expanded the international banking business, and drove a hybrid online-offline wealth model that yielded improved client-manager interaction.

The Advisory Council also noted the bank’s introduction of new digital capabilities on top of strengthening existing ones, as well as sound strategic partnerships such as the credit card and personal loan partnership with Cathay Cards and Alipay in Hong Kong, Atome and Kredivo in Indonesia, and Toss Bank in Korea.

Along with digital adoption, the total number of retail products sold digitally for Standard Chartered Asia was up 43% year-on-year, where more than 75% of new sales were sourced through strategic partnerships.

The Retail Finance Person of the Year Award, is a career-recognition award and is the only award of its kind in Asia Pacific, Africa and Middle East.


Members of the International Advisory Council of Excellence in Retail Financial Services Awards Programme (from left) David Gyori, Varun Sabhlok, Philippe Paillart, Chairman, Advisory Council with Samir Subberwal, Global Head of Digital Business at Standard Chartered Group receiving the award for Retail Finance Person of the Year in Asia Pacific 2023, Wilson Chia, Member of the International Advisory Council of Excellence and Foo Boon Ping, President and Managing Editor of The Asian Banker

Vietnam Awards

1

Best Private Banking Service in Vietnam

BIDV

2

Best International Credit Card in Vietnam – Visa Infinite Black Card

BIDV

3

Best Mortgage/Home Loan Financing in Vietnam – Home 2.0

BIDV

4

Best Cloud Transformation in Vietnam

Techcombank

5

Best Digital Banking Service in Vietnam

TPBank

6

Best Digital Customer Ecosystem Initiative in Vietnam – eBankX

TPBank

7

Best Platform for Financial Services in Vietnam

MOMO

8

Best Enterprise Risk Management in Vietnam

Asia Commercial Bank

9

Best Domestic Credit Card in Vietnam

VietCredit FinanceCompany

10

Best Digital-Only Bank in Vietnam

TNEX

11

Best State-Owned Retail Bank in Vietnam

BIDV

12

Best Private Retail Bank in Vietnam

Techcombank

13

Best Digital Business Model in Vietnam – Inspire

Techcombank

BankQuality Consumer Survey and Ranking of Retail Banks 

1

Most Recommended Retail Bank in India

ICICI Bank

2

Most Recommended Retail Bank in Thailand

Kasikornbank

3

Most Recommended Retail Bank in Philippines

UnionBank of the Philippines

Retail Finance Product, Digital, and Frictionless Awards

1

Best Mortgage/Home Loan Financing

OCBC Bank

2

Best Life Insurance Product – GREAT Term Guard (GTG)

OCBC Bank

3

Best SME Financing – Alliance Bank Digital SME 

Alliance Bank

4

Best Digital Brand Campaign – Xiaoyu

Industrial and Commercial Bank of China

5

Best Foreign Exchange Service – WealthFX Platform

Standard Chartered Singapore

6

Best Productivity, Efficiency and Automation Initiative 

TPBank

7

Best Frictionless Customer Experience Initiative – YouTrip – FX Game Changer

Kasikornbank

8

Best Mobile Banking – K PLUS

Kasikornbank

9

Best Customer Loyalty and Rewards Initiative – UOB Rewards+

UOB

10

Best Big Data and Analytics Initiative

Bank of China (Hong Kong)

Regional Retail Finance Awards

1

Best Retail Bank in Brunei 

Baiduri Bank

2

Best Retail Bank in Cambodia

Canadia Bank

3

Best Retail Bank in Hong Kong

Bank of China (Hong Kong)

4

Best Retail Bank in India

ICICI Bank

5

Best Retail Bank in Malaysia

CIMB Bank

6

Best Retail Bank in the Philippines

Union Bank of the Philippines

7

Best Retail Bank in Singapore

UOB

8

Best Retail Bank in Thailand

Kasikornbank

9

Best Retail Bank in Vietnam

Techcombank

 



Leave your Comments
Recent Comments