Standard Chartered Singapore launches digital RM app
App closes gap between high touch and high tech to service affluent clients globally.
Standard Chartered Bank (the Bank) has launched a digital ‘My RM’ app to bring seamless and secured connection to clients globally amidst border restrictions and travel halts. The brand-new function, embedded within its online and mobile banking platforms, allows its affluent clients – both local and international – to interact with their relationship managers directly, schedule appointments to go through latest market views, and authorise investment transactions securely from wherever they are.
My RM offers clients a time-efficient engagement with their relationship managers and investment advisors to make transactions conveniently, especially in the current low-contact environment. Through file sharing, screen sharing, and audio call functions, clients can quickly react to market movements and capture opportunities speedily, all within a secure environment.
With over 30% of the Bank’s affluent clients in Singapore being international, having the right channels to stay in contact with them is crucial, especially during these times. International Banking is a growing business for the Bank and has been experiencing strong growth despite headwinds in the last year. The Bank’s International Banking client portfolio and total assets under management (AUM) have registered double-digit growth over the last few years and remains on an upward-growth trajectory of more than 30% per annum last year. Owing to the Bank’s pervasive deployment of digital solutions and heightened level of collaboration between markets in the network, there has been a record number of more than 6,000 successful referrals made across borders last year. This number is expected to grow. According to the ‘Global Wealth 2020’ report by Boston Consulting Group, the affluent band will be the fastest-growing in Asia and its share of cross-border wealth is set to reach 40% by 2024.
The Bank plans to double its relationship managers to tap on Singapore’s reputation as an international wealth hub, and double its International Banking business in the next five years.
Dwaipayan Sadhu, Head of Consumer, Private and Business Banking, said: “Staying close to our clients, regardless of distance, and harnessing technology to elevate their banking experience is a huge priority. With My RM, we have a strong tool which marries high touch and high tech to effectively provide timely investment services to our affluent clients, especially those based overseas. I am glad to share that since its launch in April, almost half of our affluent clients are on My RM, with significant usage from International Banking clients.”
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