As global trade flows recover and the international commercial & investment landscape improves following the pandemic, corporates in emerging and frontier markets especially those located in the Africa & Middle East (AME) region have been increasingly seeking consistent, resilient and scalable solutions to power their treasury and supply chain management needs across all points of engagement with digital at its core.
As client experience (CX) is being redefined and financial requirements fast-evolving, Standard Chartered (SC) Corporate, Commercial & Institutional Banking (CCIB) segment proactively developed and upgraded their digital platform, Straight2bank, through its Digital Channels and Data Analytics (DCDA) arm.
CCIB accelerates Straight2bank upgrade and AME client migration
Effectively, DCDA is enabling the delivery of key digital services for the Bank’s corporate & institutional clients, with a strategic objective of maintaining superior and consistent customer experience. To achieve this, SC proactively accelerated the Straight2bank upgrade and associated client migrations in 2022, with Africa and Middle East Clients (AME) being the first across the regions to adopt the new platform.
Importantly, the regional DCDA team servicing AME clients is tasked with driving the in-market platform deployment of the Bank’s digital platform and implementation of its commercialisation strategy across the 23+ countries within the region. This is centred on digitising customer journeys to elevate client experience through ease of connectivity, faster transaction execution and access to datadriven insights
Suite of digital solutions and data capabilities as core differentiator
The CCIB DCDA strategy is predicated on the ability to provide holistic digital CX solutions that can support key Cash, Trade and FX offerings. These encompass digital onboarding for new-to-bank customer s with web e-forms,a mobile app for Straight2bank with biometrics and cash utilities for corporate customers, digital application of loan drawdowns, digital initiation of audit confirmation and several other utilities.
Moreover, the platform has embedded online self-service functions such as AI powered Chatbot, contextual on-screen guidance tool ‘Walk-Me’ and live chat with service agents for clients needing guidance. In addition to upgrading the proprietary digital platform, SC enhanced its offering with open banking functions through advanced integration of APIs across the range of Cash, Trade & Financial Markets products.
The data architecture is built using a machine learning framework to deliver advanced analytics at scale for both internal stakeholders so as to enable capture of client wallet share, while offering insights to clients for better FX and liquidity decision-making.
Seamless platform migration across systems complements transition efforts
In addition, the Bank through its DCDA team delivered key change-management initiatives and alignment activities such as a “Client Needs Forum” that highlighted migration progress, underscored benefits of the upgraded platform and sourced client feedback to reinforce confidence in the programme. Likewise, “Train the Trainer” sessions helped prepare 100 key front-line staff to be across the new interface features and services to provide more meaningful support to clients.
Crucially, to maintain CX standards and facilitate client comfort, DCDA ensured that newly migrated clients would be able to toggle between the previous and the new version s of the platform for a 60-90 days period to familiarise themselves with the improved changed user interface. This helped clients to better prepare and plan for the platform upgrade as active digital communication with clients continued throughout the migration process to reassure users. SC had mandated a zero-business impact throughout the transformation journey extending to the post-migration phase.
AME Regional NextGen migration adoption resonates with business clients
Clearly, the efforts of the DCDA AME team have generated beneficial outcomes for the Bank’s CCIB clients as the move from legacy classic to NextGen unveiled new enhancements and features such as self-administration options and digital initiation of lending products through web portal. Importantly, more than 30,000 e-banking profiles were upgraded and AME is the first region within the SC network to achieve this milestone globally.
Clients responded positively as reflected in the record high Net Promoter Scores (NPS) of +74% coupled with high digital initiation rates for cash & payments services at 99%, digital onboarding exceeding 60% and mobile app utilisation of more than 55% in 2022. Similarly, the utilisation of the built-in digital servicing tools reached 60% with first call resolution rates rising above 60% during the period under review.
Standard Chartered Bank through its DCDA AME team has truly demonstrated exceptional change management in delivering new and improved digital CX standards to its CCIB clients. Affirming its institutional achievements, The Digital Banker has recognised Standard Chartered Bank (UAE) for a Highly Acclaimed “Outstanding Implementation of Digital CX Initiative by a Team” distinction at the recently concluded Digital CX Awards 2023.
“The CCIB DCDA strategy is predicated on the ability to provide holistic digital CX solutions that can support key Cash, Trade and FX offerings”