Standard Chartered in Pakistan announces the launch of its state-of-the-art innovative Digital-Banking solution aimed at elevating client experience by offering enhanced convenience, agility, and customized offerings to its existing and potential client base. The solution has been developed in-house leveraging global expertise and best practices and partnering with local service providers under the Digital drive of the State Bank of Pakistan.
Using the newly launched platform, clients can open their accounts, perform transactions, seek a host of services and subscribe for products, without the need of visiting the branch or using other customer servicing channels. The digital solution involves straight-through processing with automated workflows including the integration of core banking and due-diligence systems to offer minimal turn-around-time.
With this launch, Standard Chartered once again combines its international expertise in digital banking with its local knowledge to bring together a unique offering unlike any in the market.
State Bank of Pakistan has played a leading role in creating an environment to push the frontiers in this space. Standard Chartered is also the first bank in Pakistan to join hands with NADRA to offer real-time biometric verification for account opening through the Standard Chartered Mobile App.
The Chief Executive Officer of Standard Chartered Pakistan Limited (SCBPL) – Rehan Shaikh stated: “Our App is prepared to set new benchmarks for innovation in financial services, with a primary purpose of making banking simple and convenient for everyone. This is a key milestone in our aspiration to lift participation and drive financial inclusion across Pakistan. It also signifies our commitment to not only investing in and growing the market, and also fuelling innovation through strategic collaborations and partnerships to advance an integrated digital banking ecosystem. We will continue to build on this launch and strengthen our award-winning digital capabilities by continuously incorporating client feedback in product development and aligning with different partners to solve for client needs.”
Standard Chartered recognises that technology-driven enablement and partnerships can facilitate the resolution of challenges facing various sectors and accelerate economic growth for different market segments. Through its investment into digital capabilities, Standard Chartered is committed to working with the Central Bank, local and global service providers and financial technology players to innovate and develop curated products for unbanked segments which are quite often not reachable due to the lack of infrastructure and digital platforms. With the Bank’s SC Mobile app, millions of formerly unbanked Pakistanis will be able to enrol for and utilise round-the-clock secure banking facilities with the touch of their fingers through mobile applications now.
The traditional legacy banking model status is already being challenged by consumer bias towards digital solutions coupled with the enhanced cyber security measures. Additionally, technologically driven, AI and analytics-based, client due diligence and risk profiling tools integrated with digital platforms are resulting in a better client experience. Building on this shift, Standard Chartered intends to serve a larger client base with convenience at their fingertips.
