Looking into digital banking with a human touch

Standard Chartered Hong Kong took home three major awards at the ABF Retail Banking Awards 2022.

As the world constantly evolves and everything around us changes, innovations and transformations become essential in our way of life. This goes for business as well. Standard Chartered Hong Kong practices this, never settling to help facilitate and catalyse innovation in the market.

The bank continues to implement solutions to deliver on its strategic priorities and strives towards attaining its goal of being the best digital bank with a human touch.

In early 2021, Standard Chartered Hong Kong up-tiered its proposition with the launch of the Priority Private (PP) segment for clients with over HK$8m in assets under management (AUM), the expansion of wealth solutions, and the opening of a dedicated PP centre to provide high-end client experience. This led to an almost 40% YoY increase in the bank’s client base, whilst segment AUM increased by close to 20% YoY in FY2021. More recently, it has opened a new 15,000 sq. ft Lee Garden Wealth Management Centre, offering an elevated banking experience for affluent and Greater Bay Area clients. 

To further scale affluent client growth, the bank secured a partnership with Cathay Pacific and launched Cathay Mastercard, which has a unique proposition of combining segment privileges with credit cards, offering a full spectrum of elevated travel, lifestyle and banking benefits.

Standard Chartered Hong Kong is also one of the first banks to launch the Cross-boundary Wealth Management Connect, which allows its clients to access cross-boundary investment opportunities in the Guangdong-Hong Kong-Macao Greater Bay Area.

Meanwhile, the bank continued to develop new tools in the digital wealth space to enhance wealth management services. It also extended investment account opening for securities and funds to its mobile app and expanded its online equities platform to include the US market.

As a result, it saw a 25% growth in digital wealth transactions and doubled digital wealth income from 2019-2021. Clients’ adoption of its digital capabilities has grown significantly. Its digital service transactions grew by around 20% YoY, accounting for more than 80% of all service transactions, whilst digital payment transactions grew by close to 20% YoY, accounting for more than 90% of total payments and transfers as of 2021.

For Standard Chartered Hong Kong, making processes faster and more accessible has always been a key priority in creating an excellent client experience, with the bank noting that everyone has a part to play. As such, it strives to cultivate a strong client-oriented mindset amongst staff by launching Client Service Values based on inputs from clients and staff, accompanied by behaviour guide videos to inspire the mindset of putting clients first.

Building employee value proposition

The bank also believes that the development and well-being of its colleagues is a critical component of its transformation journey and a core proposition of its people strategy. 

To support employees in maximising their potential and achieving their aspirations, Standard Chartered Hong Kong continues to introduce best-in-class initiatives such as launching an internal virtual talent marketplace, implementing a future workplace model, and redesigning its new joiner training programmes, amongst others.

Moreover, its upskilling and reskilling agenda provides colleagues with the skills to remain relevant in the evolving workforce requirements.

The bank has launched multiple talent programmes to provide an accelerated path for young talent to become Relationship Managers, broaden the talent pool and hiring of non-banking professionals in frontline streams, and develop leaders of the future through talent interventions, amongst others.

Managing environmental footprint

Standard Chartered has set long-term ambitions for its role in tackling the severe impacts of climate change, stark inequality and unfair aspects of globalisation that impact everyone and the planet. By actively growing its offerings, the bank is committed to supporting clients in achieving their sustainability goals as well as promoting the city as a regional green finance hub.

One of Standard Chartered Group’s main goals for sustainability is to reach net zero carbon emissions from financing activities by 2050, with interim targets to mobilise US$300b in green and transition financing by 2030.

In Hong Kong, Standard Chartered’s green assets surged 16 times to US$552m in mid-2021 from US$34m in mid-2020.

Standard Chartered Hong Kong’s commitment to the future of banking, whilst still being able to provide customers with the service they deserve, has earned them the recognition from Asian Banking and Finance: Retail Banking Awards 2022.

The bank won the ESG Programme of the Year - Gold, International Retail Bank of the Year - Hong Kong and Employer Award of the Year – Hong Kong awards.

The prestigious awards programme honours outstanding banks and financial companies with innovative retail products, services, and strategies that have made a positive impact on their clients and the industry.