It is already live in Malaysia and Singapore.
As customers become more tech-savvy, banks face the challenge of providing seamless digital experiences to their clients anytime, anywhere. Customer behaviour is rapidly changing as more consumers look for ways to do banking without having to go to the branch.
As part of its commitment to invest $1.5bn in technology over three years, Standard Chartered launched video banking, a service that enables clients to speak with banking consultants over a secure video connection from a location of their choice just by using a laptop. This new sales and service channel allows clients to do almost anything they can do in a branch, from signing up for a new card to finding a mortage to suit their needs. In selected markets, Priority Banking clients can use video banking to consult “face-to-face” with investment advisors to explore new wealth management opportunities.
Video banking is already live in Malaysia and Singapore. It will launch in Bangladesh, China, Hong Kong, India, Taiwan, Kenya and the UAE by the end of 2016.
Karen Fawcett, Standard Chartered Bank’s CEO for Retail Banking, said: “Video banking is about giving our clients more choice and more convenience. Now you don’t have to come in to a branch to talk to somebody face-to-face.” She added: “We are investing in technology that makes banking secure, simple and personal for our clients.”
In addition to video, Standard Chartered’s retail banking clients - and prospective clients - will also be able to connect with banking consultants through web chat and audio links on the Bank’s website.
The video banking feature also allows banking consultants to share screens with clients while they are speaking with them and send links to websites. Both banking consultants and clients will also be able to upload and share forms and other documents.
We asked Standard Chartered a few questions to help us know more about this new service:
ABF: Does one have to be a current client of Standard Chartered to be able to access the video banking feature?
In many of our markets, we are the first to offer video banking for sales and service. In Malaysia and Singapore, we believe we are the first bank that offers video, chat and audio banking services to all clients who access our website.
We offer an array of services via this new interactive channel:
1. Balance Enquiry
2. Product and Current Promotions Updates
3. Service Request (Card Replacement, Cheque Book Request etc)
Sales (Existing clients)
1. Second Card
2. Balance Transfer/Cash Advances
3. Bancassurance (G.I)
Sales (New clients)
1. Credit Card and Personal Loan via Online Application Co-Browsing
2. Assets (Mortgage) via referrals to our Client Acquisition Specialist
ABF: How does one actually begin video banking? Is there a need to login to an account?
As is the case when clients call our contact centres, our video banking consultants will ask a series of verification questions over video or chat to confirm the client’s identity.
ABF: If the video banking feature is also available to clients who don't have an existing account yet with the bank, how are KYC issues addressed if there is no need to go to the physical branch?
In all markets, there are specific KYC processes and procedures that need ot be completed to open an accounts. For example we would require a wet signature from a client which video banking currently does not support. Over time, we will identify opportunities to transition more processes to Video Banking.
ABF: Is the service available on mobile phones and tablets too?
Not currently but video banking will be available through your mobile devices in future upgrades.
Standard Chartered introduces this new banking feature in this video.
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