Seamless client onboarding process by SELF BANK embedded in Digital Channels
Early last year, Standard Chartered Bank Korea launched a mobile sales application ‘SELF BANK; to enable clients to easily onboard the bank without visiting branches. It has been very well recognized in the market.
We wanted to reach out to broader audience through wider channels and decided to leverage the network and relationship we had with our digital partners across various industries. We have existing partnership with mobile payment companies, money sending companies, credit card companies, e-commerces, online travel agencies and we rolled-out various marketing programmes to expose our products in the market. This helped us to greatly accelerate acquiring New To Bank clients and growing digital sales.
We have expanded our product range on SELF BANK to cover all retail products. We introduced new UI based on one-touch method to minimize customer’s input fields to shorten out on-boarding turnaround time. Also after studying local/international digital or mobile user interfaces, we have designed SELF BANK to be most user-friendly to our users. With the web version of SELF BANK – it simplified the end to end onboarding or product subscription without downloading the application.
Since the very recent launch on Jul 2018, NTB client and product sales have shown some remarkable numbers; doubled NTB acquisition.
Without the support and help from various teams across the bank, the innovation could have not been made – thanks to all the teams – Digital, Digital Partnership, IT, Retail Product, Segment, Information Security, Finance, Legal & Compliance team and etc.
Uniqueness of the project
Different versions for client appetite: SELF BANK is a mobile application. Clients need to download it to onboard, but now we have added ‘web version’ of SELF BANK. As we are diversifying our digital sales channels through expanding the partnerships in the digital space, it is important that we provide seamless and easy access to SELF BANK. When a client wants to subscribe our product exposed on our partners’ platform, one click of the link will open web version SELF BANK and he/she can finish product subscription without leaving the platform or downloading the app. This soared our digital sales.
Full retail products available: On top of simple current or savings account opening with card sales, SELF BANK provides Time Deposits, FCY deposit and E2E PL subscription with real-time credit approvals. Clients can receive mortgage consultation and have access to WM products including mutual funds and Bancassurance. This is all available for New To Bank clients so that they can start banking relationship with full product suite available in their hands.
Simple and Safe ID verification process: We have simplified the verification process significantly for client convenience with full approval from the regulators, ensuring security. The process consists of simple 3 steps - individual mobile phone verification, copy (photo) of ID card submission, and other bank’s account check or video phone call through Client Centre.
Extended operating hours: From 9am – 6pm weekday only working hours, SELF BANK now operates 9am – 9pm everyday including weekends and holidays. We have focused on our target clients’ life style and when they would need banking service most – now, they can bank anytime anywhere literally.