Standard Chartered announces launch of First-in-Market online simulators for Wealth Lending
Standard Chartered Bank Singapore has announced that it has launched three brand-new digital simulators, taking its Wealth Lending overdraft facility online.
The Wealth Lending simulators are particularly useful during stressful market environments when clients need practical and simple solutions to help them streamline their investment decision process, the firm said in a press release.
The first-in-Singapore scenario-based simulators were designed to help clients visualise how factors, such as market movements and FX volatility, could influence the performance of their Wealth Lending portfolio and show clients the potential returns and associated risks of leveraging quality assets in their portfolio.
Clients can then calibrate their Wealth Lending portfolio based on their current financial circumstances, investment goals and protection needs, and decide how they can best use Wealth Lending to meet their financial goals and aspirations. The transparency enabled by these tools and the emphasis placed on both risk and returns also help relationship managers better educate clients on the benefits and risks of Wealth Lending.
The Wealth Lending simulators were co-created with clients, a first-in-market Bank-client developed solution. This came on the back of an in-depth qualitative study with 30 clients on investment experiences. Responses showed that investors’ top-of-mind concerns include the resiliency of their Wealth Lending portfolio in face of market stress events, portfolio performance and margin calls.
Aligning to one of the Bank’s key priorities to consistently improve on client journeys, a project team was quickly assembled to start addressing these client pain points and develop solutions for them.
After rigorous testing and incorporating feedback from clients over a period of three months, the Wealth Lending simulators were launched and are accessible by all via the Bank’s website, the firm said in a press release.
Sumeet Bhambri, Regional Head of Wealth Management, ASEAN and South Asia and Head of Wealth Management Singapore, Standard Chartered Bank, said: “Our clients are always at the centre for every innovation at the Bank. The development of the Wealth Lending simulators takes it a step further with client co-creation – we call this partnership reimagined. Since the soft launch, clients have provided feedback that they have better knowledge of what the facility provides and greater confidence in using it when investing. This has resulted in a stronger take up of the facility.”
Standard Chartered says that it remains focused in delivering and enhancing its digital capabilities to provide clients with more convenience in the way they manage their investments. With Wealth Lending going online, the Bank now has a comprehensive suite of “self-serve” digital platforms, including Online Unit Trust, Online Trading and LiveFX, with more digital offerings to come.
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