Standard Chartered: A Futuristic Bank?

As emerging technologies rapidly change the world in dimensional ways, more traditional industries have no option but to make a quick switch to remain relevant and effective.

In recent times, the banking sector has experienced dramatic changes in its operational methods. More interestingly, new age banks are springing up almost every month.

Since this is the age of the digitized economy - Most organizations are either building their internal automatic deployable SaaS platforms or are subscribing to third-party automation softwares to cater to the needs of their customers.

Convenience and ease of banking, coupled with robust security systems are high in demand, especially with the risk of trusting your personal information in the hands of aggregating service providers that collect your data. The struggle to close the loose ends is real and you'll often see sectors like the banking sectors scouting for the best software developers, software engineers, or hackers to help protect and strengthen their business and customers' data. 

The question we're faced with is, amidst these rapid changes, are the traditional (non-fintech) banks catching up with the speed?

In this context, Standard Chartered Bank comes to mind when it comes to keeping up with technological speed and swiftly resolving technical difficulties that most banks have to put up a fight with for days, weeks, or months without a headway most times. 

From our internal research about the bank, it is clear that not only is the bank up to speed with the newest technological advancements that are changing the business world as we know it, the bank has also built a system that most competitors might never catch up with even in years to come.

What are these unique features?

Let's take a moment to see what some of these features are and why it puts Standard Chartered ahead of the curve.

1. Gone completely digital/mobile: Unlike most banks, Standard Chartered has gone almost completely paperless - Making it one of the most environmentally conscious & friendly organizations. 

(you'll remember that recently, the UAE government announced that it had completely gone paperless, this is in a bid to support a greener and safer environment)

Standard Chartered approach to the digital banking system is not only to catch up with the trends of technological advancements, but it is equally a step in the right direction as it relates to global warming and climate change advocacy.

2. Seamless onboarding process: New customers can seamlessly sign up for an account with the bank by doing everything on their mobile device - Your device is your bank, you literally hold your bank in your hands or your pocket anywhere you go.

Submission of necessary documents, such as utility bills, identification documents, tax documents, or other important documents can be done without stress on the mobile app. You don't even need to have physical contact with an agent or staff of the bank. 

Account upgrades can also be carried out through the bank's mobile app.

3. ATM request and activation: One of the most interesting features that put Standard Chartered ahead is the card request option that is built within the app. You can request for a credit or debit gold visa card and upon successful approval, it'll be made available virtually in your app, even if the physical card hasn't arrived - Meaning that, you can activate the card or cards (you can request more than one) and start making use of it immediately.

What's more? Card issuing is completely free of charge, and delivery is made to your address, also for free through UPS courier service. 

4. No unwanted monthly charges on your account: You wouldn't get unnecessary charges, e.g. sms alert charges, card maintenance charges, account maintenance charges, etc, etc. Like most other banks do every month. Instead, your money grows, it doesn't stay dormant, it doesn't reduce, it increases by a little percentage every month - Isn't this how a bank should operate?

5. 24/7 Customer service lines: Standard Chartered has a toll-free line you can call at any time and get a real human assistant to help you with your inquiry or sort out an issue with your account. Most banks might just get you interacting with a bot for minutes, and you might virtually not achieve anything, and on top of that, you would have exhausted your call credit.

But for SC Bank, this is different - Their assistants are well trained to attend to the needs of customers politely, and most of them we've spoken to, have some technical skills. 

6. No transfer charges: SC does not charge for inter/intra bank transfers, all transfers are free of charge.

What's more?

You can buy airtime, pay bills, subscribe for cable or data, fund betting accounts - And much more, at the convenience of your home or office, or even outdoors, it's just a few simple clicks and you're done.

The fact that SC is going almost completely digital would give the bank more social leverage, and customer behavior/response data collection would be easier to do.

Safety measures

On its app, there is a 2 step authentication feature that allows users to secure their account access - There is also the biometric login feature, which is widely being adopted by most brands that require login credentials.

OTP's are also a big part of their safety features so that users can authenticate most changes and effect them on the app.

The Edge

Standard Chartered has not only succeeded at digitizing its banking operations - But through these constantly infrastructural changes, they're steps ahead in terms of technology, expertise, and customer service experience. Since they keyed in earlier than other competitors in the industry, the bank has gathered more experience in managing situations that may arise now or in the future. 

Does this make them a futuristic organization?

Our definition of organizations that are futuristic in nature are those who see new systems or emerging technologies, ideas, or concepts, not as a threat to their business but as a chance or opportunity to scale and thrive.

Our Hot Topic: Is Standard Chartered Bank Leaving Nigeria?

The global economy as of today is ruled by those who have made the switch - More markets will crash, old ideas are failing, although business frameworks remain preserved, but the means to achieve success is constantly being tweaked or revamped.

Therefore, a futuristic organization is one that has successfully gone borderless in its operational methods, whether this borders are socially or culturally created, the impact of being limited by the traditional system of running a business will no longer hold.

Conclusion

From our view, if the bank continues at this pace, in adopting the new tools of the trade, there will be an increase in its customer numbers, if that is one of the aim.