The bank has added a feature called SC Keyboard on their digital app, SC Mobile, designed to show up on the lower left corner of the chats whenever one has opened say Facebook, WhatsApp or any other social media platform.
Sensing that more people are spending their time scrolling through
their social media platforms and hardly want to be interrupted, Standard Chartered
bank has devised means to find them there.
The bank has added a feature SC Keyboard on their digital app, SC Mobile,
designed to show up on the lower-left corner of the chats whenever one has
opened say Facebook, WhatsApp or any other social media platform.
Only account holders in the bank will use the feature.
The new feature, according to Moses Rutahigwa, the Stanchart head of
retail banking, means that one will not need to leave their chats to look for
the app in the phone, but click directly from the chats to bank.
The feature shows how far banks will go in the race to win the digital banking
battle. Young people, who spend most of their time on social media, are
particularly of interest for these banks.
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The only unique thing is that the platform shows up while you are
having social chats.
Rutahigwa says the feature performs almost all banking functions.
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Standard Chartered and Stanbic banks have both indicated that
digital platforms make up more than 80% of their transactions. But to keep the
customers, banks are adding features to digital platforms to entice them to
stay or enlist more people.
“Less than 20 per cent of the transactions are happening in the branches,”
Audit firm PricewaterhouseCoopers has predicted that by 2020,
retail banking will look different from the way it is now because of customer
expectations, regulatory requirements, demographics and new competitors serving
people without going through the old bank.
This implies banks have to continuously innovate to add more
features on their platforms.