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Standard Chartered Bank is ramping up its digital platform to reach out to more people and expand its wealth management business.
“The three broad pillars of our business strategy are leadership and advice, building digital solutions to achieve scale, and building client-centric solutions,” said Sumeet Bhambri, Regional Head – Wealth Management, Asean and South Asia, and Head – Wealth Management, Singapore, for Standard Chartered Bank.
In an interaction with BusinessLine , Bhambri said: “India is our second-biggest business within Asean and South Asia space, and one of the fastest-growing regions for wealth management across the bank.”
The bank has already rolled out a number of digital offerings to customers, including a tool for personalised investment ideas in Singapore, which it now plans to launch in Hong Kong.
“It provides advice on the tablet and our relationship managers can discuss it further with clients. It uses the bank’s market views, preferred products access it, the client’s risk profile and his portfolio and cash he holds and runs it through a proprietary algorithm, which churns out specific ideas for clients to execute,” said Bhambri, adding that 44 per cent of the total sales is getting routed through this platform.
Online account opening
While this is still some time away from a launch in India, the bank has facilities like online account opening and also an online mutual fund platform. About 20 per cent of the total transaction flows on the mutual fund platform go online.
Standard Chartered Bank is also focussing more on retirement planning and health insurance, said Bhambri.
“One of the big themes we want to focus on is retirement and health. In a lot of our markets, our clients are getting more affluent and the average lifespan is increasing in many markets, going over 90s. That’s happening in India as well,” he said, noting that most people still do not realise the importance of planning early for their retirement.
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