Standard Chartered Bank (StanChart) will later this year introduce a video banking service in Africa, starting with Kenya alongside banking consultations via web chat and audio links on their website. This service is already in effect Malaysia and Singapore with plans to launch in Bangladesh, China, Hong Kong, India, Kenya, Taiwan and the United Arab Emirates by the end of 2016.
Video banking eliminates the hustle of having to go to a physical bank and wait your turn to talk to a consultant about the bank’s offerings. Taking advantage of technology, clients and prospective clients can get access to a full banking experience, complete with a face to face conversation. The Bank has also just rolled out a new online banking user interface and mobile banking platform. StanChart customers are now able to track their finances, transfer funds and pay their bills right from their PC or smartphone.
Quotable: “Video banking is about giving our clients more choice and more convenience. Now you don’t have to come in to a branch to talk to somebody face-to-face.” She added: “We are investing in technology that makes banking secure, simple and personal for our clients.” ~Karen Fawcett, Standard Chartered Bank’s CEO for Retail Banking
StanChart announced an investment of $1.5 billion over a period of 3 years in beefing up its technology, retail and private banking, and wealth management operations. Of this amount, the bank has earmarked $30 million for the implementation improved technology services. The process will be managed by Scope International, a subsidiary of Standard Chartered providing IT support, software development and customer services in 54 countries worldwide.
Traditional banks are battling fintech startups using the very technology that gives the fintect companies their appeal. By incorporating online and mobile banking, aided by a long history doing business, banks are finally countering disruptive innovations which sought to change the status quo. The need to respond to growing trends has forced traditional banks to loosen up and adapt if they are to retain their relevance to the younger market surrounded by technology.
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