Standard Chartered Bank Hong Kong has launched a major upgrade to its mobile banking application, SC Mobile Next Gen, the first significant update since 2018. This initiative sought to bridge the gap between traditional banking apps and digital banks’ superior user interface and experience (UI/UX) capabilities, thereby improving the overall customer experience in line with rising expectations for an intuitive, easy-to-use, and engaging mobile banking platform.

Traditional banking apps frequently have cluttered interfaces, making it difficult for users to navigate and find necessary functions quickly. In contrast, fintech apps prioritise streamlined, user-centric designs that improve usability and engagement.

A common issue with traditional banking apps is a lack of simple and organised functionalities, which leads to user frustration. Fintech companies prioritise intuitive navigation, personalised dashboards, and clear, jargon-free information to make financial management simpler and more accessible.

One-click single-view of functionalities

To meet the changing needs of its customers in an increasingly digital world, the SC Mobile Next Gen platform is built on four guiding principles: exceptional usability, intuitive design, hyper-personalised offerings, and future-proof technologies. The redesigned app consolidates over 30 features into five main categories—Home, Pay & Transfer, Invest, Discover, and Services—for more seamless and efficient navigation. It enables users to see all their accounts, including assets, investments, and liabilities, in a single view, eliminating the need for multiple tabs and apps. Most service requests now require only one click after login, which improves the overall user experience. 

In an interview, a representative from the Bank said: “Our mobile banking strategy includes incorporating advanced features to provide a better user experience. We’ve made it possible for our customers to manage their accounts, make transactions, and even invest through the app. This digital-first strategy has been critical in meeting the expectations of our tech-savvy clients, particularly in our key markets.” 

The SC Mobile Next Gen app features advanced payment and cross-border remittance capabilities. The Bank was the first foreign bank to directly participate in the Cross-border Interbank Payment System (CIPS), which enabled cross-border Renminbi transfers. The app includes secure add-payee features for both local and international transfers, same-day international transfers in over 30 locations, as well as recurring payments, instant transaction alerts, and a comprehensive expense tracker.

Optimising with martech

The Bank uses a martech stack—a collection of tools and platforms that work together to automate, analyse, and optimise marketing activities—to deliver real-time, hyper-personalised business offers through the Discover Tab. This technology enables the bank to offer personalised product recommendations, exclusive discounts, and timely financial advice based on individual customer behaviour.

These capabilities helped to drive a record-breaking significant double-digit year-on-year (YoY) increase in mobile banking users, and overall triple digital growth YoY in digital sales revenue. Furthermore, the app supports a variety of digital wallets and QR code payments, ensuring that customers have a seamless transaction experience.

The Bank reported its highest registered mobile user growth in 2023, with mobile channels accounting for more than 95% of the bank’s retail payment transactions. Faster Payment System transactions, Hong Kong’s real-time payment rails, increased by 30% YoY, totalling more than 12 million transactions. 

The Bank has also achieved a high level of service automation, with digital service adoption at high double digits. The service request straight-through rate has also elevated significantly. The improved mobile capabilities also resulted in a significant shift of voice call traffic to automated systems. In 2023, the Bank migrated 40% of voice calls to live chat on mobile and through their chatbot, Stacy, improving both customer experience and contact-centre operational efficiency. 

According to The Asian Banker’s 2023 BankQuality™ Consumer Survey, the Bank’s BQS score rose from 28% in January 2023 to 34% in January 2024, surpassing the top four banks’ average of 28%.

User-friendly, intuitive interface

SC Mobile stands out from other mobile banking services due to its strong security measures that ensure the safety of user data. Consumers appreciated the app’s seamless integration with other digital platforms and services, which provided a consistent and convenient banking experience. Furthermore, the app’s user-friendly and intuitive interface made it accessible to people of all ages and levels of technological expertise.

Looking ahead, the Bank intends to make significant investments in fintech and martech capabilities to improve sales and service engagement throughout the customer lifecycle. The Bank also has solid plans to improve onboarding and welcome processes across all products, integrating physical networks with digital platforms to ensure a seamless customer experience. 

Martech deployment will be expanded to provide hyper-personalised experiences through data models, hyper-segmentation, lifecycle marketing, and digital innovations. Customers can also expect future product enhancements, even more user-friendly interfaces, and proactive engagement opportunities. 

Furthermore, the Bank will use application programming interfaces to incorporate external data and strategic partnerships, resulting in hyper personalised products and services. This approach seeks to make credit approval more straightforward, particularly for customers with no credit-bureau history. 

The Bank’s emphasis on improving its mobile banking capabilities meets the digital preferences of its customers. By investing heavily in mobile technology, the bank has provided a superior user experience that enables customers to manage accounts, make transactions, and invest seamlessly, outperforming its major competitors.