Standard Chartered is rolling out video banking starting with Asia

Standard Chartered Bank is bringing its video banking service to its over 5 million customers across Asia, Middle East, and Africa. The bank is starting with Asia and by then end of this year 9 countries in the region will have the service up and running.

The whole purpose behind video banking is to make the life of customers easier. People will be able to use their video channel for anything they can do at an actual Standard Chartered branch which includes taking a loan, opening up a new account, arranging mortgage or even just asking for basic information.

“Video banking is about giving our clients more choice and more convenience,” said Karen Fawcett, the bank’s CEO of retail banking. “Now you don’t have to come into a branch to talk to somebody face-to-face. We are investing in technology that makes banking secure, simple and personal for our clients.”

SCB’s video banking is already active in Malaysia and Singapore and will be extended to extended to Bangladesh, China, Hong Kong, India, Taiwan, Kenya, and the UAE by the end of this year. Exact plans for other countries haven’t been released yet.

Standard Chartered has earmarked $1.5 bn from 2015-2017 for growth in technology and rolling out video banking worldwide is proof that SCB is taking concrete steps towards digitization. In March 2016, they launched a “bank on an iPad” sales-and-service tool in Pakistan, Bangladesh, Malaysia, Singapore, India, the UAE, Kenya, and Nigeria.

It’s 2016 and all companies are shifting gears to become a tech company, banks are following the suite.

Source – Enterprise Innovation