Asia:Standard Chartered launches digital initiatives to target the emerging affluent and affluent in India

Standard Chartered India has launched a suite of new digital banking initiatives to target affluent and emerging affluent retail banking customers. Under this initiative, customers will be able to instantly open a savings account using their Aadhar details (a unique identification number issued by the Indian government) through online or mobile interfaces.

They will also be able to make investments in mutual funds and initiate payments through Unified Payment Interface (UPI) and Bharat QR. Premium and priority banking customers will also have the option to chat online and via video conference with their relationship managers.

The launch by the bank is an attempt to capture young and emerging affluent customers, recognizing that millennials are more likely to be digitally engaged. The additional features available will help to reinforce Standard Chartered’s position as a priority account provider in the market.

Market share of Standard Chartered Priority Banking among the affluent stands at 4% in H2 2017, according to RFi Group data. With the introduction of the digital services, this number will potentially rise.

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