StanChart Malaysia to grow digital banking to 65 pct of client base

KUCHING: Standard Chartered Malaysia is on track to fulfilling its strategy to become a digital, agile and lean bank.

The banking landscape is changing rapidly with digitally active customers doubling in Emerging Asia and growing 1.2 times in Developed Asia according to a 2018 study by McKinsey & Company on Asian banking in the age of the digital customer.

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 per cent 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 per cent of the population) and growing 1.2 times in Developed Asia (to 85 per cent of the population).

“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.

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