KASIKORNBANK Leading the Way for CX in a Digital Ecosystem 2

KASIKORNBANK: Leading the Way for CX in a Digital Ecosystem

by FeaturedMagazineTop Stories

Built on the foundation of ‘Bank of Sustainability’, KASIKORNBANK (referred to as KBank or the bank) delivers products and services to its clients and customers keeping in mind its core values – agility, customer centricity, collaboration and innovation.  To demonstrate their values further, KASIKORN Business-Technology Group (KBTG), an integral part of KBank, provides state-of-art IT infrastructure and services, develops advanced technology and innovation, and designs solutions addressing customer pain-points and requirements. According to Mr. Wirawat Panthawangkun, KBank Senior Executive Vice President, ‘KBank aims at being a smart Data-Driven Cognitive Bank, using data to address the needs of customers in every lifestyle nationwide, with readily available technology for further development.’

KBank’s customer experience won four awards at the Digital CX Awards 2020 by The Digital Banker. The four titles that the bank won are ‘Best Digital Customer Experience in Wealth Management, Loan Offering of the Year, Best Customer Experience – Debit Card and Outstanding Customer Experience – Loans’. In addition to the award wins, KASIKORNBANK was honoured with Highly Acclaimed: Best Digital Customer Experience – Loan Application and Highly Acclaimed: Best Digital Customer Experience in Private Banking. These award wins and acclaims are a testament to KBank’s ability to understand its customer’s requirements and provide the best possible solutions keeping in mind the current digital trends and ecosystems.

The Digital CX Awards 2020 received more than 200 nominations across various awards categories and consisted of a judging panel that included subject-matter experts known for their integrity and unbiased judgment from companies such as Forrester, EY, Fuji Xerox, Bain & Company, Wipro Digital and KPMG.

“Understanding that data is key to remain competitive today, KBank has leveraged smart data and used analytics across various lines of business to improve customer services as well as operational efficiencies.”

Driving customer experience with K PLUS and MADHUB

Guided by principles of customer centricity, KASIKORNBANK products and services resonate with excellent customer experience and agility coupled with innovation. Proof of this is how KBank was quick to respond to the Covid-19 crisis that shook the world.  As a part of its strategy to enhance customer experience, the bank had integrated all its service channels such as K PLUS (mobile banking application), KBank website, branches, LINE official Account, Call Center, and KBank Live (KBank social media). To ensure a seamless customer experience, KBank also linked K PLUS with its partner platforms to help its customer redeem Rewards Points by purchasing products from partner platforms.  An additional feature let K PLUS points be converted into point of other member cards thus demonstrating flexibility in its service.

About a year ago, KBank demonstrated how important all segments of consumers were, when it introduced MADHUB – a hub for online traders to fulfil requirements related to business opportunities and customer needs. The bank’s understanding of the region and current trends led to the development of MADHUB which offered a variety of services to online traders such as tools for inventory management, accounting systems, learning programs, debit card initiatives with offer various discounts, etc.

“KBank aims at being a smart Data-Driven Cognitive Bank, using data to address the needs of customers in every lifestyle nationwide, with readily available technology for further development.”

‘Better Together’ – Leading the way with collaborations

Understanding that data is key to remain competitive today, KBank has leveraged smart data and used analytics across various lines of business to improve customer services as well as operational efficiencies. While using its own data to improve its initiatives and products worked in the favour of the bank, KBank also saw opportunity in partnering with data rich firm to streamline its banking services and potentially carter to a wider customer base. The bank’s collaborative spirit led to it’s partnership with Lazada – one of the largest e-commerce platforms in the world.  An outcome of this partnership was MADFUND (part of MADHUB) – a financing support program designed to carter to needs e-commerce traders, was introduced on the Lazada Sellers Centre app. Sellers who opted for MADFUND could consent to share data and will then be re-directed to K PLUS to complete the loan application in real-time with instant drawdown to their bank accounts. With Lazada, the partnership was a strategic one, where credit scoring and personalised loans where readily available based on each seller’s transaction history and profile on the Lazada Sellers Centre platform.

KBank didn’t stop at one partnership as it understood that customers relied on multiple platforms and the bank was quick to adopt a multi-channel services approach. Mr. Wirawat Panthawangkun, KBank Senior Executive Vice President commented, ‘To meet multiple lifestyle needs of customers, KBank has teamed with leading business partners within ecosystems at both the global and national level.’ KBank’s other partnerships now include Grab, Facebook, LINE, Lazada, Shopee, Central JD FinTech and JD Central – Thai retail giants; and PTTOR – an energy business to name a few. These collaborations and strategic partnerships truly live up to KBank’s commitment ‘Better Together’ which aims to provide an integrated ecosystem of businesses and banks who provide a fulfilling customer experience and journey.

Mr. Wirawat Panthawangkun, Senior Executive Vice President, KBank

Stronger Together

As the pandemic bought economies to a standstill, KBank quickly rolled out a Covid-19 insurance policy.  This policy was available to all its registered K PLUS users free of charge via KBank Live LINE Official Account. The bank’s Covid-19 initiatives continued when its introduced unsecured lending through all its digital channels, ‘Reduction of monthly installment payment, a moratorium on principal payment, suspension of both principal and interest payment, as well as granting of new loans to bolster liquidity for business customers via the soft loan scheme of the Government Savings Bank and the Bank of Thailand,’ said Mr. Wirawat Panthawangkun, KBank Senior Executive Vice President.

Two separate program ‘Generous (Business) Owners – Empathetic Creditor’ – which includes reduced interest rates payable to banks by business owners and splitting the burden of paying salary due to business staffs and ‘Zero Interest-rate Loan to Retain SME Customers’ – with features such as zero interest, 10-year loan term and no fees, were launced to help the bank’s SME clients.  These programs are expected to save up to 56,000 jobs.

Honouring their campaign ‘Stronger Together’, KBank has provided financial support amounting to more than 393,906 million Baht to 80,229 business customers, and 186,850 million Baht to 297,800 retail clients to date.

Image: Quality Stock Arts/ Shutterstock.com

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>> To read more about this story and other exclusive features about the digital banking landscape, download the latest issue of The Digital Banker Magazine HERE.

Taishin Bank: Reimagining CX With State-of-the-Art Digital Offering

Taishin Bank: Reimagining CX With State-of-the-Art Digital Offering and Wealth Management Services

by FeaturedMagazineTop Stories

One of the countries which repeatedly finds itself a spot in the top 10, in the wealth index in Asia, is Taiwan. While this may come as a surprise to many, according to some statistics, 20% of Taiwan’s population had net worth over one million U.S. dollars in 2019. Leading the way in supporting and guiding these individuals is Taishin Bank, one of the leading providers of wealth management services coupled with top-notch digital capabilities. In 2019, wealth management accounted for 36% of bank’s Net Profit. Taishin bank is uniquely positioned to offer wealth management services to a wide range of customers right from young individuals, families, businesses to HNWIs.

Taishin Bank’s wealth management solutions won two awards at the Digital CX Awards 2020 by The Digital Banker. The two titles that the bank won are “Excellence in Next Generation Customer Satisfaction” and “Best Customer Service in Alternative Wealth Management”. In addition to the award wins, Taishin Bank was honoured with Highly Acclaimed: Excellence in Omnichannel Customer Experience and Highly Acclaimed: Best Private Bank for Customer Experience. These award wins and acclaims demonstrate the Bank’s ability and commitment to enhance customer experience in wealth management, while ensuring a seamless digital and real-time experience.

20% of Taiwan’s population had net worth over one million U.S. dollars in 2019. Leading the way in supporting and guiding these individuals is Taishin Bank, one of the leading providers of wealth management services

Now in its second year, the Digital CX Awards 2020 received more than 200 nominations across various awards categories. To be able to stand out in each category and win the awards the bank has truly displayed use of technology, omni-channel experience and demonstrated how customer experience was enhanced keeping in mind metrics such as use of data, efficiency of processes, etc. The judging panel that includes subject-matter experts known for their integrity and unbiased judgment from companies such as Forrester, EY, Fuji Xerox, Bain & Company, Wipro Digital and KPMG.

Enhanced CX in Wealth Management

Following a customer centric approach in banking has led banks and financial institutions to revamp products and services. The approach has become more focused on customers rather than profits and Taishin bank leads from the front. The bank’s approach to reaching out to customers starts from “Client Tagging”. Through this, the bank invites the interest of its existing customers by analysing data and clients are tagged and segregated by segment, behaviour, channel preference etc. Armed with this information, the bank introduces new products to existing wealth management customers and invites interest from others. In addition, the data analysis also enabled the bank to tag potential family-based clients for its wealth management services.

Alternative Wealth Management with Richart and Robo-King

Mr. Oliver Shang, President, Taishin Bank

Mr. Oliver Shang, President, Taishin Bank

Using data to understand clients and their spending and saving habits is key for Taishin Bank’s wealth management services. To combine data knowledge and insights with a complete digital offering enables the bank to set itself apart from its competitors in the region. The bank’s digital offering – Richart is an award-winning app which carters to all the bank’s clients. Built with the aim to become “Bank of Young People”, Richart provides wealth management services such as saving options, fund investments starting at TWD 10, artificial intelligence investing options, and loan offerings. Richart, taking a customer centric approach has also unveiled products such as annuity insurance which can be availed in under 5 mins and sub-accounts which helps customers save and achieve small goals. “To allow customers to manage their assets better, Richart provides innovative product combination designs to allow customers manage their finances in a more comprehensive way, encouraging them to diversify their assets in different products”, commented Mr. Oliver Shang, President of Taishin Bank.

Another powerful digital wealth management service that Taishin bank offers its HNWI is “Robo-King” which focuses on investment portfolio forecast, customer investment participation and is also a market monitor. The bank analyses international markets for its customer to invest in every month providing qualitative and quantitative indicators with a comprehensive risk profile. Customer can also reach out to the bank’s financial experts and aid in decision making and all this occurs in real-time. One of the bank’s latest investment product is “U.S. Stocks ETF” which was added to Robo-King in the third quarter of 2020.

Growth Amidst the Pandemic

In the pandemic, to manage customer expectation all the while ensuring a seamless customer experience – Taishin Bank introduced video-conference calls with their wealth management clients. The bank financial advising team kept clients abreast of new market trends and products. Mr. Oliver Shang, President of Taishin Bank said, “Under the digital financial trend, Taishin Bank is actively integrating financial services with new technologies, hoping to accelerate services through technology, warm up services, and further add value to the profession.”

Under the digital financial trend, Taishin Bank is actively integrating financial services with new technologies, hoping to accelerate services through technology, warm up services, and further add value to the profession.

Richart’s Maji Score is a unique scoring system which aids the Richart in disbursing loans and determining the rate of interest for the loans. For consumers to get a high score, they need to interact and transact on the digital platform. For every 10 Maji points, the rate of interest reduces by 0.1% which has made this offering popular in the pandemic. Richart loan application increased by 4% in the pandemic as customers aimed to avail loans at lower interest rates.

In addition to the above, Taishin Bank provides its customers an omni-channel experience where customers can avail support from Video Teller Machine (VTM) during non-business hours. The VTM is equipped features such as Facial recognition withdraw, consultations by teller, apply credit card, etc. Taishin Bank also introduced Loyalty Program 2.0: Taishin Points, to enable “better customer experience and grow consumer loyalty.” Launched during the pandemic, the bank encouraged its customer to increase online transaction and earn Taishin Points. Bill payments, shopping online, auto debit transactions would be collected in the form of Taishin Points and this could be redeemed against various offers such as cash credit, travel, hotel voucher, Starbucks coupons, gift cards. Wealth Management clients received VIP perks and exclusive benefits from Taishin Points.

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>> To read more about this story and other exclusive features about the digital banking landscape, download the latest issue of The Digital Banker Magazine HERE.

 

Standard Chartered Korea’s ‘Leapfrog’ amongst the Best of the Best

Standard Chartered Korea’s ‘Leapfrog’ amongst the Best of the Best

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Over the past year, the Standard Chartered Korea digital team and group team have worked tirelessly in developing an all new and next-generation mobile app – one it can be immensely proud of.

Known as ‘leapfrog’ the relatively new mobile app was awarded Best User Experience – Mobile at the Digital CX Awards 2020, hosted by The Digital Banker.

The Digital CX Awards is a gathering of the best-in-class worldwide banks that are recognised as pioneers at the cutting edge of customer experience innovation. Co-judging by subject matter experts from EY, KPMG, Bain & Company, Forrester and Wipro Digital augments this remarkable achievement for Standard Chartered Korea – especially amongst such avid global competition.

Best User Experience – Mobile

The new mobile app adorns an aesthetically pleasing user interface and offers users a state of the art mobile experience that dramatically simplifies the way customers manage their finances on the go. The all new and next generation version of the SC Mobile App delivers a reimagined ‘3.0’ experience which represents a quantum leap and a new global standard in digital banking. Many of the mobile app’s exciting new features are trailblazers in their own respect and allow Standard Chartered Korea to boast first to market status.

It’s all About the Metrics

The bank’s digital sales regained momentum post launch, with Digital Retail and Wealth products rising 44% and 36% against the Q2 2019 average. Subsequent to launch – App downloads stood at 1M, as of 2nd March 2020 and continues to grow. Eight hundred thousand clients currently actively use this feature with the number of users continuing to grow.

Multi-aggregation Technology

Standard Chartered is the first bank in Korea to have launched a mobile app affording customers an easy way to get a snapshot of their finances through multi-aggregation technology. This tech enables customers to monitor their entire financial portfolio at other financial institutions.

Further user benefits come in the way of money transfers, which the new app has made exceptionally easy: a simple sliding gesture to transfer money allows customers to send money directly to their friends via contacts or KakaoTalk messenger, the no.1 messenger app in Korea all this without requiring their bank account information.

Everything in One Place

Standard Chartered Korea’s multi award-winning ‘Self Bank’ app, mobile sales and onboarding app- designed for non-face-to-face digital interactions- and digital wealth capabilities have been combined into the new mobile app. The result for the end user is end-to-end customer journeys from real-time onboarding and retail products purchases, to day-to-day transactions and wealth tracking.

Enhanced Security and Access

The bank set out to create new ways to authenticate its customers for easier access with greater security. Customers can now choose their preferred way of accessing the app among various digital authorisation technology, such as fingerprint, face recognition, iris recognition, mobile token and a blockchain based digital certificate.

The Challenger Landscape in Korea

Challenger banks and fintech players in Korea began establishing their businesses in 2017. Similar to the vast majority of challenger banks across the world- the offering is a pure-play mobile / online banking application with an innovative UI/UX, combined with simplified processes. There are a select number of challenger players that have recently achieved a level of success in Korea’s digital banking space. Such success can almost undoubtedly be attributed to the increasing trend of the Korean mobile market moving towards a single integrated mobile application.

With an accurate assessment of the threats posed by such challengers, Standard Chartered Korea’s response was to create something that is meticulously designed and engineered for the new digital age. The bank’s team purposefully refined every detail from the ground up to provide customers full control of their finances in a single application. The new mobile app signifies a tremendous step toward the bank’s goal of providing superior user experience.

Read more about the winners at the Digital CX Awards 2020 here.

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Standard Chartered Private Bank Ushering Digital Transformation in Private Banking

Standard Chartered Private Bank: Ushering Digital Transformation in Private Banking

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Transforming banking experience for private bank clients is easier said than done – but with Standard Chartered Private Bank, consider the matter resolved. Being one of the most innovative and forward-thinking banking organisations around, SC Private Bank continues to challenge conventional thinking, and as a result, reaps rewards and accolades for its wealth of services, including some of the most coveted awards around customer experience at the Digital CX Awards 2020 by The Digital Banker.

Among the awards received by the team are: Winner, Best Private Bank for Customer Experience and Best Digital Customer Experience in Private Banking; Highly Acclaimed, Best Product or Service Innovation and Best Use of Technology for Customer Experience – Overall. These awards are truly a mark of excellence as SC Private Bank had to compete with more than 200 nominations in various awards categories.

“The app was conceptualised through a strong collaboration between business, technology and design teams.”

The win was even more remarkable considering the judges at this year’s awards ceremony include highly reputable industry experts from companies such as Forrester, EY, Fuji Xerox, Bain & Company, Wipro Digital and KPMG.

“Our vision is to transform the existing online experience for Private Banking clients.  In addition to viewing their portfolios, we want clients to be able to interact securely with their Private Bankers, get investment publications, and authorise transactions digitally.  We are making steady improvements and feel honoured to be recognised for our progress so far” said Jonathan da Silva – Head, Strategic Initiatives and Analytics, Private Banking.

SC Private Bank App – Advanced Client-Banker engagement platform

The SC Private Bank App aims to transform the existing internet banking experience for private bank clients from a portfolio view tool to an advanced Client-Banker engagement platform. Besides viewing their portfolios or past transactions, clients are able to interact with their Private Bankers and share information securely via chat within the bank’s mobile application. They can do so using their mobile, tablet or web devices, allowing them to discuss investment ideas and exchange views with their private banker on-the-go.

When chatting with their private banker, Clients can snap, and share documents directly to their bankers through the app. This means clients can now submit client instructions to their private banker through the SC Private Bank app via chat for investment trade execution. They can also receive the latest publications or market views on the go and organise them into folders for ease of management.

Through this initiative, SC Private Bank has seen tremendous business value by way of increased usage of the platform (+30%) and improved client and RM satisfaction across multiple locations. Clients have reported positive experience with the app as it has been updated with the latest tools such as biometrics login capabilities, eStatement and eAdvices retrieval, secured document sharing and RM chat and more.

“Clients are now able to send messages or documents via chat securely through SC Private Bank’s platforms, which are stored within the bank’s servers.”

The app was conceptualised through a strong collaboration between business, technology and design teams. Overall time to market took 6 months from conceptualisation, design, build and launch. From a risk management angle, clients are now able to send messages or documents via chat securely through SC Private Bank’s platforms, which are stored within the bank’s servers. Sensitive files or documents can be shared securely within the bank’s infrastructure instead of relying on e-mails to external domains.

Summary of enhanced capabilities:

  1. Secure Communication Tools. In-app secure Chat capabilities between RM and Client to share trade ideas, investment publications and other documents
  2. Enhanced Mobile Capabilities. E-statement and e-advices self-retrieval on mobile and tablet devices
  3. Enhanced Portfolio Views. Consolidated portfolio views across multiple booking centres with breakdown of asset allocation and liabilities
  4. Increased Mobility for Front Office. Launch of Private Banker App on Corporate Phones For front office to get access to client portfolios on-the-go
  5. Improved Risk Management. Surveillance capabilities on RM-Client messages

Since the launch of the new web and mobile application, SC Private Bank has recorded significant benefits, including:

  • Average monthly logins increased by 30%globally across SG, HK, UK and UAE
  • No. of clients opting for paperless increased by 15%
  • Marginal increases of 4% in client adoption rates across all locations
  • More than 70% of polled clients (950 Clients) rated at least 4 of 5 stars within the app on web and mobile

Read more about the winners at the Digital CX Awards 2020 here.

Image: photobyphm / Shutterstock.com

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NETS Click - hero

NETS: Innovating Through Consumer-Centric Design

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Founded in 1985 by a consortium of local banks, Singapore electronic payment service provider NETS, has gone leaps and bounds in advancing the adoption of electronic payments in Singapore. Its latest innovation, NETS Click enables the digitisation of NETS Bank Cards on third party merchant mobile applications for secure seamless payments. And for that, they’ve won much-deserved awards.

Having been honoured Highly Acclaimed, Best Customer Experience – Debit Card and Outstanding Customer Experience for Digital Payments at the Digital CX Awards 2020 by The Digital Banker, NETS continue to innovate through consumer-centric design.

The prestigious awards, running on its second year now, received more than 200 nominations for various awards categories. Getting through successfully is an accomplishment as this year’s panel of judges include subject-matter experts known for their integrity and unbiased adjudication from companies such as Forrester, EY, Fuji Xerox, Bain & Company, Wipro Digital and KPMG.

“NETS is in the business of making transactions more convenient and simpler for everyone. In line with Singapore’s push to become a cashless society by 2025, we are proud to introduce NETS Click as a new in-app payment option for commuters to pay for their ComfortDelGro taxi rides in a quick and seamless way. NETS Click has successfully addressed the monumental challenge of delivering simplicity on top of advanced technological enablers and for that, we are extremely delighted,” said Kenny Lee, VP, VAS & Partnership, Merchant Products & Partnership at NETS.

NETS Click – secure seamless payments to third party merchants

NETS Click enables the digitisation of NETS Bank Cards on third party merchant mobile applications for secure seamless payments. The product was conceived and built in-house with a lean project team comprising cross-functional domain experts from product, technology, security and compliance teams. The design is aligned to concepts of EMVCo’s Secure Remote Commerce (SRC) and fulfils equally stringent industry security requirements.

NETS Click features a highly advanced security design incorporating multi-layered mobile digital security, EMV-based tokenisation technology, bank card and consumer verification methods. Most importantly, it was developed with a human-centred product design. The result is a simple and friendly user journey incorporating advanced mobile runtime threat detection coupled with host-based AI-driven fraud and security monitoring.

Merchants enabling NETS Click on their mobile applications are able to retain payment transactions that would have otherwise dropped off due to less seamless check-out experiences.

Despite the complex technical implementation and intricate project management to align across multiple workgroups comprising banks, partners and internal stakeholders, the project team launched NETS Click without delays and within planned budget.

Commercially launched on 1st Nov 2019 with ComfortDelGro taxi, NETS Click has contributed close to a 10% increase in NETS total transaction value from ComfortDelGro in just a matter of 30 days from launch.

Teamwork works

Before NETS Click’s success, the team had to overcome complex challenges. One of the most significant challenges that the project team faced was to create a product that delivers simplicity in design, despite running on complex and advanced technological enablers. The NETS Click project team successfully rolled out a one-time registration step that is even simpler than existing payment details entry process by other payment providers.

After registration, NETS Click essentially eliminates the need for consumers to fill out tedious payment details forms during the check-out process, replacing it with a seamless one-click payment experience.

Merchants enabling NETS Click on their mobile applications are also able to retain payment transactions that would have otherwise dropped off due to less seamless check-out experiences. The enhanced consumer experience also helps merchants drive consumer retention, usage and loyalty.

Read more about the winners at the Digital CX Awards 2020 here.

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UnionBank A Game-Changer in Business Banking Experience in the Philippines

UnionBank: A Game-Changer in Business Banking Experience in the Philippines

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By putting client experience at the forefront of its design process, UnionBank of the Philippines (UnionBank) continues to push the envelope in business banking experience in the Philippines. Bringing home plum awards and besting its competition locally as well as those in the region, UnionBank is proving to be a game-changer that everyone should look out for.

At the Digital CX Awards 2020 by The Digital Banker, UnionBank was adjudged Winner in the categories, Outstanding Blockchain Initiative for Customer Experience and Best Customer Loyalty Program. The bank was also hailed Highly Acclaimed for Outstanding Customer Experience for Digital Payments and Best Bank Account User Experience. Truly a momentous achievement considering the fact that this year’s awards received more than 200 nominations in various awards categories.

This year’s select panel of judges include industry experts from companies such as Forrester, EY, Fuji Xerox, Bain & Company, Wipro Digital and KPMG. These individuals are known for their extensive experience in executing and advising on major transformation projects for FSI organisations globally.

“All our efforts are geared towards creating superior banking experience for our customers. With initiatives that are centred around convenience, efficiency, and security – even in the most basic banking function, we can help our customers stay on top of their game, anytime, anywhere. Winning this award makes us feel more motivated to further improve and help more people,” said John Cary Ong, Executive Vice President, Transaction Banking Center at UnionBank.

“Teched up” SME Customers

Tech Up is an advocacy of UnionBank that aims to digitally transform processes and businesses

in the Philippines by embedding its customers with the bank’s tools to help them make their lives easier. On November 2019, UnionBank flew nine Filipino business owners to Singapore to attend the Singapore Fintech Festival. This initiative forms part of the bank’s thrust to help business owners be exposed and learn new trends flourishing in the fintech space. The winners were selected based on the following criteria:

  • their current relationship with the bank
  • their forecasted business growth
  • technology open or aligned

Through the help of its partners including the Monetary Authority of Singapore, the bank helped their sponsored SMEs to gain access to workshops and networking sessions that aim to build up opportunities on a global scale:

“UnionBank flew nine Filipino business owners to Singapore to attend the Singapore Fintech Festival. This initiative forms part of the bank’s thrust to help business owners be exposed in the fintech space.”

Business Sans Border project – partnered with the Monetary Authority of Singapore (MAS),

this workshop showcased the opportunities for streamlined payments from one country to the other and how this project will help improve revenue streams for businesses. This project is led by UnionBank’s Fintech startup, UBX.

UnionBank GlobalLinker’s Trade Connect – this award-winning global SME Meetup, a key highlight of the event, was about cross boarder meetup between business owners from India, Singapore, Malaysia and the Philippines.

In 2018, one of UnionBank’s delegates, Ms. Audrey Regis, was only part of the winner’s circle. In 2019, she was invited by the MAS to become a speaker for the event. From locally selling goods in the Philippines, because of Trade Connect, she is now able to sell her goods in countries as far as India and Japan.

Financial Supply Chain on Blockchain

UnionBank is also a trailblazer for launching the first financial supply chain system on blockchain in the Philippines – a platform that enables seamless transactions without compromising security, efficiency and customer experience in the supply chain.

In an age where exchanges of goods and services has never been more closely connected, Financial Supply Chain has never been so crucial. Financial Supply Chain on Blockchain enables transparency while protecting sensitive data and information through distributed ledgers and smart contracts. This enables UnionBank to offer non-traditional payment options to small and medium enterprises, distributors, suppliers and dealers while digitising the invoice presentment and demand order processing.

During its initial implementation, the UnionBank team immediately realised the benefits of the project when its first transaction reached P63 million in total payments from a single buyer, which proves user acceptance of the system.

“Financial Supply Chain on Blockchain enables transparency while protecting sensitive data and information.”

The development (in partnership with IBM) of the Financial Supply Chain System on Blockchain gives the distributors, dealers and suppliers that are enrolled in the system the confidence to avail non-traditional financing options on a single click of a button. This provides efficiency in managing their receivables and payables as manual processing takes too much time.

The initiative also helped enhance customers experience as they can now view all their balances, request for multiple financing options and initiate any transactions via a single system without any manual intervention, all powered by Blockchain. The technology promotes transparency, security and immutability through distributed ledgers and smart contracts – features that greatly help reduce the risk of fraud such as double financing.

The implementation enabled UnionBank disrupt how financing if done in the Philippines by offering non-traditional and multiple financing options through a single platform.

Read more about the winners at the Digital CX Awards 2020 here.

Image: Z. Jacobs / Shutterstock.com

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SCB HQ

Standard Chartered is the Best CX Institution of the Year

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Sweeping numerous awards and outstanding recognitions at the Digital CX Awards 2020 by The Digital Banker, Standard Chartered took home the crown as the Best CX Institution of the Year. A rare feat even among the world’s biggest banks, Standard Chartered bagged an award in almost all categories it participated in – from Strategy to Product Innovation to Technology and even Islamic Finance – Standard Chartered showed everyone that when it comes to providing the best customer experience, it leaves no stone unturned.

Rising to the top among the more than 200 nominations in the various awards categories received this year, Standard Chartered’s achievements are truly something the entire team can be proud of. Among the highly reputable line up of judges who helped select this year’s award winners are respected subject-matter experts from companies such as Forrester, EY, Fuji Xerox, Bain & Company, Wipro Digital and KPMG.

“We are passionate about implementing new digital capabilities in servicing and transacting to simplify our clients’ digital banking activities. By putting the control and convenience in our clients’ hands, various products and services within our business have truly been game-changers. Winning these awards further fuel our passion to do more, to do better and to do everything that it takes to give the best to our customers,” said Millie Gillon, Global Head, Client Experience at Standard Chartered.

Nicole Kwa, Head, Wealth Propositions & Solutions, Wealth Management at Standard Chartered Singapore also added: “We constantly seek ways to differentiate our services and disrupt through digitalisation so as to better meet the needs of our clients. But beyond smart technology and processes, we also want to retain the “human touch” for clients who prefer more personal or require inclusive services. Having this kind of recognition is a great honour on our part.”

“By putting the control and convenience in our clients’ hands, various products and services within our business have truly been game-changers.”

Outstanding Initiatives that set Standard Chartered apart

Standard Chartered Fixed Income Mobile

Standard Chartered’s new Fixed Income Mobile platform is a purpose-built disruptive and innovative solution, extending mobile-first trading capabilities to clients in several fast-growing but under-served markets. By offering clients the ability to browse the list of available T-bills and bonds and submit orders from the convenience of their mobile phones, Standard Chartered has delivered a customer-centric application. Clients and Standard Chartered will both benefit from digitised and streamlined processes, as well as increased asset class awareness to help clients preserve and grow their wealth.

To date, FI Mobile has served clients in Kenya, Nigeria and Ghana. Leveraging Standard Chartered’s in-house design team and depth of product experience, FI Mobile presents investment opportunities directly to the client. Along with the ability to submit unsolicited orders it has eased the friction in investing in Fixed Income assets, thereby increasing order flows and associated revenues.

Improved Net Promoter Score

Improving the client satisfaction score and delivering client-centric improvements has been an area of focus for Standard Chartered Singapore. Through a multi-pronged approach to better  understand client experiences, the Bank was able to bring about tangible change to certain channels and platforms, and they were able to respond with features that augment and make banking smoother for the client. This has resulted in an increase of 13 points in Standard Chartered Singapore’s NPS score.

Enhanced Digital Capabilities for UAE Market

The bank has been investing significantly in digital technologies that enhance client experience. Over the last year, the bank has delivered 3 capabilities that brought digital banking to a whole new level of convenience in the UAE.

  • Card Controls – a feature that allows clients to control everything related to their credit card spending instantly, and on the go. It includes 5 main sub-features:
    • Temporary lock (instant lock/unlock of card usage)
    • Overseas transactions (control which countries to allow/disallow spending in)
    • Transaction Limit (set a limit on a single transaction amount)
    • Payment Channels (switch on/off online, contactless, and chip payments based on personal security preference)
    • Control which transaction categories to receive SMS alerts for
    • Real-time P2P – a new remittance mechanism that transfers amounts across countries in less than 3 minutes. Not only does it cover a wide range of countries, but also digital wallets
    • nGEN – an onboarding feature that allows New and Existing clients to apply for credit cards, get instant approval, and start using the card within minutes – by just adding its virtual credentials into a digital wallet.

These new initiatives brought about a better client experience, and higher adoption of digital services for Standard Chartered UAE. Mobile banking is close to 50% and digital active stands at over 65%. Over 95% of transactions are completed on digital channels, and 75% of the top 8 service requests are processed digitally.

State of the Art Digital Capabilities for Islamic Banking

Standard Chartered was the first international bank in Malaysia to be awarded Islamic Banking licence. Islamic Banking operates under the brand name of ‘Saadiq’ – which means truthful in Arabic. It is the only international bank catering to all Islamic client segments which include Retail, SME, and Corporate. Under Retail Banking, Standard Chartered offers the complete range of Islamic products like Credit Cards, Auto Finance, Home Finance, Current & Saving accounts and also distribute Wealth Management products such as Takaful, Sukuk, and Mutual Funds.

Standard Chartered offers a wide range of digital capabilities to its Islamic banking clients in UAE and is expected to continue to do so as the digital adoption and engagement rates within the Islamic banking segment continues to grow. By providing comprehensive Islamic banking services, the digital active rate in UAE is over 65% and the mobile active is close to 50%. The number of Islamic banking clients who engage digitally is close to 40%.

Member-Gets-Member Loyalty Program

Standard Chartered’s clients live in a highly digital world but tried-and-tested behaviours such as recommendations from friends and family still hold weight. In this project, the team had digitally powered word-of-mouth referrals for a seamless new-to-bank client onboarding experience.

Standard Chartered has provided a member-gets-member referral platform where existing clients of the bank can easily refer their friends and relatives through online banking and Standard Chartered mobile. Additionally, they are able to track the status of their referrals on their own. The team has built a simple and intuitive user journey, where both the referrer and referee are rewarded when the referee opens a new bank account with Standard Chartered.

The bank account opening process is real-time, leveraging APIs with the Singapore government’s MyInfo portal. The program was so successful that it contributed to 50% of new credit card sales. Furthermore, the gamification aspect of this program has engaged existing clients and kept Standard Chartered Singapore top of mind.

Making Social Media a Channel for Service

Standard Chartered identified an opportunity to significantly improve the way clients interacted with the bank on social media for servicing activities.  To turn things around, the team moved to an in-source model via its contact centre. Part of the strategy is to re-skill qualified contact centre agents to handle the social media channel. Furthermore, due to the reduction in call volumes and the increase in customer interactions in digital channels, Standard Chartered was able to re-deploy its excess capacity into social channel management.

Standard Chartered has extended its operating hours on social media from weekdays, 9am-5pm to seven days a week, 8am-12mn and have committed to achieving 80% of cases being responded to within 10 minutes and resolving issues for its customers end-to-end.

Social media is a key, strategic channel for the Bank, and part of a larger cross-channel build. With a holistic approach for social engagement including publishing, listening, servicing and sales, the Bank is responsive to clients in real-time. To continuously improve efficiency and customer experience, Standard Chartered engages with new technology, including AI-powered solutions.

Read more about the winners at the Digital CX Awards 2020 here.

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IndusInd Bank Making Customer Onboarding a Win-Win Proposition

IndusInd Bank: Making Customer Onboarding a Win-Win Proposition

by FeaturedMagazineSponsored ContentTop Stories

A brand is defined by its customers’ experience. Going by that principle, India’s IndusInd Bank is clearly one powerful brand. Proof of this is the remarkable onboarding program the Bank has implemented for affluent customers. This digital onboarding journey helps new customers navigate seamlessly – from initiation to account set-up, all the way to the first 90 days of engagement with the bank. As such, IndusInd Bank was adjudged the Winner for “Outstanding Digital Customer Experience – Customer Onboarding” at the Digital CX Awards 2020 by The Digital Banker.

The prestigious summit and awards, running on its second year now, received 200+ nominations for various awards categories. Its panel of judges include subject-matter experts known for their integrity and unbiased adjudication from companies such as Forrester, EY, Fuji Xerox, Bain & Company, Wipro Digital and KPMG.

“At IndusInd Bank, we constantly strive to leverage on the latest technology in order to bring forth path breaking solutions for our customers. The successful execution of the digital on-boarding program is a testament to this effort. This award reaffirms our vision to create and transform key customer journeys and make them more Seamless, Easier, Faster and Transparent,” said Sumant Kathpalia, MD, CEO for IndusInd Bank.

Mr. Sumant Kathpalia MD, CEO for IndusInd Bank

Mr. Sumant Kathpalia MD, CEO for IndusInd Bank

The Goal – transform the Customer Onboarding process

IndusInd Bank Limited is India’s new generation bank established in 1994. The bank offers commercial, transactional and electronic banking products and services. As on 31 December 2019, IndusInd Bank has 1,851 branches/ banking outlets, and 2,721 ATMs spread across India, with representative offices in London, Dubai and Abu Dhabi.

In 2018, the bank had embarked upon a mission to evaluate and re-engineer key customer journeys based on the principle of SEFT – an acronym for Simple, Easy, Fast and Transparent. One of the customer interaction journeys that the Bank prioritised to transform was the customer onboarding process, especially for Affluent clients.

In the past, the onboarding process was tedious and complex, as it involved process handshakes and handovers between multiple functional units ranging from frontline sales to branch operations to local processing hub and finally, a central operations unit. These multiple checkpoints in the customer journey were causing some degree of drop-offs or failed conversions due to manual interventions and delays. This was also creating a non-standardised customer experience which was dependent on a paper-based process and the quality of interaction with employees at the branches.

The goal was to create an onboarding program that provides customers with a frictionless digital journey – based on the principles of SEFT – from program discovery to account setup to engagement and account activation, all within the first 90 days of the relationship.

Based on industry data, a tedious experience makes almost 20% of the potential customers abandon the account opening process midway.

Keystones of the Project Implementation

Customers don’t decide to start a new banking relationship just for the sake of novelty. Hence, the bank’s immediate goal was to provide a delightful onboarding journey when a potential customer expressed an interest to do so.

Based on industry data, a tedious experience prompts almost 20% of potential customers to abandon the account opening process midway. In a bid to create a great first impression (and higher conversion), the Bank embarked on a project to implement a digital onboarding program for its affluent customers and launched the initiative in 2019.

Based on the successful implementation, the bank is now moving towards onboarding 200,000 new customers per month through digital onboarding in this year.

They have successfully implemented a robust omni-channel onboarding program across channels, which has increased conversion rates significantly. The seamless Digital-Human onboarding has also created new business opportunities within the first 90 days of a customer’s onboarding journey. Some of the key features of the program include:

  • Enabling prospective customers to initiate their relationship journey with IndusInd Bank seamlessly across multiple channels – mobile, tablet or desktop.
  • Improving customer experience with intuitive navigation of the journey through smart form factors.
  • Avoiding unnecessary re-routing of customers to back-ended or branch-based physical channels as it acts as a journey-breaker.
  • Build compliant and reliable online identity verification that eliminates paper-based KYC.
  • Incorporating autofill of existing customer information to avoid asking the same questions from existing customers who have been using other products of the bank like standalone Credit cards / Investments.
  • Providing instant account “Number of Choice” (e,g, customer’s date of birth or mobile number) so that the customer can start using the account.
  • Providing the customers the ability to reach out to their RM and Service Manager via a direct link in the Mobile App – so that everyone knows their Relationship Team.
  • Inviting customers to explore other program benefits and services through digital campaigns which have embedded links for independent activation or assisted digital activation. Clicking these links triggers an actionable for the RM / Service Manager to help the client via an assisted digital journey.
  • Using intelligent analytics to target campaigns on cross-selling sticky products and engagement hooks like term deposits, health / home protection, credit card.
  • Simultaneous digital messaging to the customers’ Service Manager if the customer encounters any hurdles in product activation or raises a service request. The Service Manager, upon seeing the notification, presses into action to help resolve the client’s issues and take the customer forward in the onboarding journey.
  • Allowing customers able to bring their family members as well as business relationship onboard the program as a household group and enjoy the program benefits across all accounts.
  • The result is an absolute win-win – for the customer and the bank. Because of the successful implementation of its omni-channel onboarding program, there have been remarkable benefits, in terms of customer experience and business opportunities.

Benefits for Customers:

  • The A/C opening is now much more seamless, faster and error-free as the application process goes through input of client information digitally via Mobile/ Tab / Desktop based platform. The process ease has helped bring down dropout ratio of customers during account opening to almost NIL.
  • The validation process of customer’s identity moved to a biometric or mobile OTP based verification using the country’s central unique identification database system. This eliminated the need for paper-based proofs of identity-reducing the returns or rejection of applications by nearly 50% thereby bringing down customer hassle of re-submitting documents.
  • A/C opening turnaround time has been reduced from 2 days to few minutes.
  • After A/C opening, the focus has shifted to sending relevant communication to customers to help them start using their account through digital channels. An intelligent rule-engine sits on top of the legacy banking systems and using API integration, checks for customer’s profile and/or transaction behaviour. Using advanced decision science based on data, the bank sends communication to clients basis a more targeted approach. Customers now find the communication more contextual and relevant, making them read and take desired action.
  • Besides the seamless digital engagement, whenever a customer gets stuck in the process of using their account program’s features /available services, there is a team of service managers ready to help them instantly. This has helped the bank reduce drop-offs and complaints by 50%.

Benefits for the Bank:

  • The onboarding journey encouraged many prospective customers to open a hassle-free account with the bank who earlier were anxious about the lengthy documentation process. New affluent customers onboarding rate increased by 20%.
  • The customers who onboarded digitally maintained 30% higher relationship balances in their accounts.
  • Household penetration into digitally onboarded customers is significantly higher than before
  • Digital channels usage and other product conversion rates during the bank’s onboarding process have increased appreciably since this implementation.
  • This has eliminated the need for a very large manual back-end operations setup for the bank.
  • Early NPS trends indicate better results than before the onboarding implementation.

Based on the successful implementation, the bank is now aiming to onboard 200,000 new customers per month through digital onboarding in this year.

The successful execution of the program has helped the bank significantly enhance the volume and quality of new customers per month. It has also improved client stickiness, relationship deepening, and transaction intensity for new clients.

“Winning this award means a lot to us. It is not just gratifying but also encouraging for us, to continue our endeavors on this path of transforming our customers’ key journeys ever more fervently,” said Samir Dewan, Head of Affluent Banking & Customer Experience for IndusInd Bank.

Read more about the winners at the Digital CX Awards 2020 here.

Image: SNEHIT PHOTO / Shutterstock.com

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Standard Chartered

Standard Chartered Bank: Simplifying Innovative Banking

by FeaturedMagazineSponsored ContentTop Stories

The future of banking is one that is driven by a culture of innovation, efficiency and automation. And by all measures, Standard Chartered Bank is leading this change. One of the most reputable names in the industry when it comes to technology and innovation, Standard Chartered Bank, through its Enterprise Data Management, Foundation Services and Technology Strategy (FSTS) team, bagged several major awards at the Digital CX Awards 2020 by The Digital Banker.

Among the awards received by the team are: Winner, Excellence in API Banking; Highly Acclaimed, Best Technology Implementation – Back-Office and Highly Acclaimed, Best User Experience – Internet. These prestigious awards are no small feat as they had to compete with more than 200 nominations in various awards categories.

The win was even more impressive considering the calibre of judges at this year’s awards ceremony, which include seasoned professionals from companies such as Forrester, EY, Fuji Xerox, Bain & Company, Wipro Digital and KPMG.

“A key focus for the Bank is in building our open banking capabilities. We are enabling partners and other fintech companies to discover and build with our APIs to create better customer solutions,” said Sham Arora, StanChart’s CIO, Foundation Services & Technology Strategy.

“Another area of focus is securing customers’ sensitive information given our role as custodians of trust. We have therefore invested heavily to identify and secure client data across the bank’s estate. To be able to be recognised by our peers in the industry, while pursuing our objectives for the benefit of our customers is absolutely rewarding.”

“Open banking is about putting more choices in the hands of our clients. They can decide what data they want to share, increasing their options of suitable services or products and how they are delivered.”

Dr Michael Gorriz, Group Chief Information Officer of Standard Chartered.

Dr Michael Gorriz, Group Chief Information Officer of Standard Chartered.

The Quest to Simplify Open Banking through aXess

“Open banking is about putting more choices in the hands of our clients. They can decide what data they want to share, increasing their options of suitable services or products and how they are delivered. From the Bank’s perspective, this also opens many opportunities, because we can now offer banking services through other platforms which are already integrated in our clients’ lives, whether its social media or ecommerce, for example. This connectivity is made possible through APIs” – Dr Michael Gorriz, Group Chief Information Officer of Standard Chartered.

Standard Chartered Bank’s mission to simplify banking, through the use of technology and innovative solutions, is a much-documented tale within the industry. By making banking easy for millions of customers across Asia, Africa, and the Middle East, StanChart is well on its journey to make banking seamless.

“By relentlessly focusing on delivering the benefits of Open Banking to its customers, StanChart has been able to provide remarkable digital experiences.”

Driven by a rapidly evolving technological landscape, customers now demand access to banking products and services wherever and whenever they need it, instantly and seamlessly. Competition from fintechs and new entrants in the form of technology giants are now more intense.

One of the radical shifts in this evolution is the banks offering services to where the client needs them, fast, at low-cost, and in real-time. For example, clients can now trade in dynamic market conditions anytime, anywhere with the availability of the most updated FX rates on their mobile phones. This shift is enabled by APIs (Application Programming Interfaces) – what many refer to as Open Banking.

By relentlessly focusing on delivering the benefits of Open Banking to its customers, StanChart has been able to provide remarkable digital experiences. Through its Open Banking platform, aXess, the bank has accelerated its participation in partnerships, platforms and ecosystems which were not possible before.

Currently, aXess has over 100 APIs that are actively used by clients and partners, including services targeted at Corporate banking and retail banking, such as FX, retail products and custody services, and categorised by different regions, catering to local demands. Third party developers visit aXess to explore, understand how to use the APIs, test them through sandboxes and co-create solutions with StanChart experts.

With the new API platform, customers are able to quickly find and identify APIs that support their business objectives and get quick access to sandbox data and supporting documentation. Customers can also quickly engage StanChart’s Labs teams to help with integration, support, and testing. Use cases presented on the platform give ideas and inspiration for how the APIs can be leveraged in various business situations.

Working with customers, StanChart has embedded its APIs in their flows and user journeys creating solutions for their customers and deepening customer relationships in the process.

aXess has also been the focal point for transforming the architecture and culture of the bank. The bank now adopts an API-first approach using microservices-based architecture, resulting in increased agility. Problem solving is done at aXess Labs through increased use of Hackathons enabled by an internal engineering platform. StanChart’s tech community can also access its APIs, libraries, apps (marketplace) and talent site for matching skills and opportunities to accelerate innovation.

“A key focus for the Bank is in building our open banking capabilities. We are enabling partners and other fintech companies to discover and build with our APIs to create better customer solutions.”

Safeguarding Customer Data

Another important facet of banking innovation is the protection of customer data. In a data-driven world, securing customers’ sensitive information and ensuring the quality of the data is of absolute importance. StanChart has approximately 1,200 different systems across multiple markets in the bank that contains millions of fields, in addition to a 3 petabyte data lake. To ensure the data can be used and analysed, it embarked on a major project to automate the classification and protection of data.

This involved the deployment of an automated data classification framework to classify data across 1,200 systems, which included:

  1. Matching of personal data based on column names – using algorithms such as Bag of Words, Levenshtein
  2. Exact and probabilistic matching of personal data-based data signatures – based on training data sets created using known Personally Identifiable Information (PII) fields.
  3. Pattern-based data classification leveraging some of the out of the box meta data tool capabilities

This framework enabled them to deploy a repeatable process to identify existing PII data sets across various systems and platforms in the bank. Users can upload a schema or datasets to this application, and it will automatically identify potential PII columns based on either column names, data content or pattern.

This data classification framework enabled the bank to execute its data classification strategy with up to 75% savings in productivity.

The efforts driven by Standard Chartered in simplifying open banking through aXess is a clear indication of the bank’s innovative prowess and capabilities in this space. With numerous digital initiatives in the pipeline, Standard Chartered is looking to attain more pioneering achievements in months and years to come.

aXess API portal

Read more about the winners at the Digital CX Awards 2020 here.

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HSBC Singapore A Holistic Approach to Customer Experience

HSBC Singapore: A Holistic Approach to Customer Experience

by FeaturedMagazineSponsored ContentTop Stories

One of the most envied organisations when it comes to customer experience has proved once again that it is second to none. Winning five highly coveted awards in various Customer Experience categories, HSBC Singapore remains the paragon of excellent service and innovative digital experiences in a highly competitive retail banking environment. Their holistic approach to customer experience truly sets them apart.

At the Digital CX Awards 2020 by The Digital Banker, HSBC Singapore was declared Winner in the following categories: Best Brand Customer Experience, Best Customer Experience – Mortgage Product, Best Customer Experience – Branch. It was also adjudged Highly Acclaimed, Best Customer Loyalty Program. One of the most prestigious awards given, CX Professional of the Year was also won by HSBC Jade Relationship Manager, Diana Cheng.

Coming out on top among the more than 200 nominations in various awards categories received this year, HSBC Singapore’s achievement is a source of pride. Among the highly respected line up of judges at this year’s awards ceremony are industry veterans from companies such as Forrester, EY, Fuji Xerox, Bain & Company, Wipro Digital and KPMG.

“We’re always motivated to create real and meaningful connections with our customers and leave a positive impact on our community. We’re glad that through some of our programs, we’re able to achieve this. The fact that we’re being recognised for making a difference is especially encouraging,” said Alice Fok, Head of customer propositions & marketing, Retail Banking & Wealth Management, HSBC Singapore.

HSBC Singapore remains the paragon of excellent service and innovative digital experiences in a highly competitive retail banking environment.

Commenting on the success of ‘Swing for Power’ initiative, which helped HSBC Singapore win the Best Brand Customer Experience award, Tony Cripps, Group General Manager and Chief Executive Officer of HSBC Singapore said: “At HSBC, we’re always looking for ways to give back to our local communities. This year, we decided to harness the collective power of the people to support the amazing work that RDA is doing for those in need. The success of the Swing for Power initiative was achieved by mobilising the public for the common good. We are heartened by the results from this initiative and we hope that the contribution will benefit more Singaporeans with disabilities.”

Best Customer Loyalty Program – HSBC Jade Passport

HSBC Jade Passport offers seamless banking to HSBC’s hight net-worth Jade customers across Hong Kong SAR, mainland China and Singapore. Jade Passport allows Jade customers who are principally qualified in one of these markets, the ability to enjoy reciprocal access to benefits across the three locations. Customers have praised HSBC for being the first in the market to offer such a loyalty program and they have seen growing interest from new customers who have a personal or business interest across these 3 markets.

Best Customer Experience (Mortgage Product) – HSBC Automated Facility Offer

The HSBC Automated Facility Offer letter cuts the time taken to generate a facility letter from 4 hours to less than 1 minute, providing its mortgage customers with a new first-class experience. Through digitalization, HSBC automated the generation of a facility letter very quickly.  With this, it has also provided customers with flexibility to change their loan packages should they change their mind. A new facility letter can then be generated quickly with minimal waiting time. The implementation saw a significant reduction in manual efforts.  More importantly, it has spurred the growth of HSBC’s lending business with the increased business volume.

Best Customer Experience (Branch) – Retail Banking and Wealth Management Branch Network

Combining technology and digital innovations with the enhancement of staff capabilities, HSBC Singapore – Retail Banking and Wealth Management Branch Network is building the business by placing the customer at the centre of everything it does. The culture and capabilities (both digital and people) are synergistic to deliver the best in class service to its customers. An array of digital innovations and enhancements has been deployed, alongside uplifting people capabilities, helped HSBC Singapore be recognised to be recognised for this award. As a result, the bank has experiences significant improvement in its customer satisfaction scores and digital engagement.

Best Brand Customer Experience – Swing for Power

In order to improve brand affinity in Singapore, HSBC created ‘Swing for Power’, a CSR program that bought Singaporeans together to improve the community.

The fact that many Singaporean families live in darkness is hidden from public knowledge. 10%-15% of households in Singapore are low income, and with the rising cost of living, these families have no choice but to cut spending on their electricity bills. This option, however, isn’t possible for charities serving the community. Under extreme financial strain, charities struggle to meet their electricity payments.

Unknown to many, there is a lot of power in a golf swing; a good hit sends the ball off at 94 mph. What if there is a way to capture this power and use it to power households or charities? Thus, ‘Swing for Power’ was born. The initiative included on-ground activations, interactive bus shelters and an online game allowing Singaporeans to participate by swinging a real or virtual golf club. With every swing, participants would generate real power for the community.

The most critical part of the strategy was to ensure that the power generated was donated back to the community. For this, HSBC Singapore, with its partners, decided that the campaign contributions would be donated to the Riding for The Disabled Association (RDA). The RDA provides horse riding therapy for those with both physical and intellectual disabilities. The RDA generously offers sufferers with sessions to help improve self-confidence and motor coordination. The service is in high demand with a 6-9 month waiting list. Such a contribution helped facilitate in speeding up with wait list having an immediate and significant impact to the disabled community.

Through the collective engagement of over 8,000 participants, ‘Swing for Power’ was able to harness 24,267 hours of electricity powering up the RDA facility for 33 months.

Through the collective engagement of over 8,000 participants, ‘Swing for Power’ was able to harness 24,267 hours of electricity powering up the RDA facility for 33 months.

CX Professional of the Year – Diana Cheng

HSBC Jade Relationship Manager Diana Cheng has built a strong customer base for the past 10 years in HSBC on the strong belief aligned with HSBC corporate values of customer centricity – meeting customer needs and providing “First Class Customer Experience”. A strong advocate of excellent customer service together with a leverage on digital tools, Diana delivers her own brand of highly personalised service to her portfolio of HSBC JADE (High Net Worth) customers who expects a discerning and distinguished service. Her customers have deepened their relationship with HSBC with a broad range of products/holdings through the years, and the consistent performance in her balanced scorecard across business growth and customer satisfaction KPIs testifies to her ability as a customer professional in her field.

Swing for Power 1

 

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Read more about the winners at the Digital CX Awards 2020 here.