Standard Chartered Malaysia is on track to fulfilling its strategy to become a digital, agile and lean bank. According to a 2018 study by McKinsey & Company on Asian banking in the age of the digital customer, the banking landscape is changing rapidly with digitally active customers doubling in Emerging Asia and growing 1.2 times in Developed Asia.
Digital adoption rates of the Bank’s online and mobile banking platforms have consistently increased over the years, with close to half of the Bank’s clients performing their common banking transactions online. The Bank aims to grow its digital adoption rate to 65% by 2022. The company also noted that the percentage of digitally active customers (those who use digital banking at least every fortnight and have made e-commerce purchases in the last six months) has grown significantly since 2014, doubling in Emerging Asia (to 25% of the population) and growing 1.2 times in Developed Asia (to 85% of the population).
Aaron Loo, Country Head of Retail Banking, at Standard Chartered Bank Malaysia says, “Technology is at the heart of the Bank’s strategy – driving efficiencies, increasing automation, reducing manual errors and strengthening how we combat financial crime. This is driven by the desire to serve our clients more effectively and efficiently by giving them more convenience, choice and security. Clients can now perform their transactions in an instant with digital banking, transforming the entire client experience. Yet, when they need a helping hand they can also reach out to any of our branches for a more personalised experience. Our goal is to become a Digital Bank with a Human Touch.”
In 2015, the Bank announced an investment of about USD 3 billion over three years in technology and systems across the Group. This investment was placed towards refreshing the Bank’s products and services for ease-of-use on digital platforms, developing intuitive solutions based on client feedback and simplifying processes to make things simpler, faster and better. The Bank has recently launched a suite of digital banking services including Live Chat with the Bank’s consultants anywhere, Touch ID login, Online service requests and Update of personal details online.