Standard Chartered (Thai) highlights its strategy on providing financial service with innovation and differentiation
24 May 2012
Pioneering account opening with Smart ID Card and '7 Service Guarantees' for CB customers
Today (24 May 2012) - Standard Chartered Bank (Thai) Public Company Limited steps up its consumer banking market penetration by providing financial products and services with innovation and differentiation. The Bank today announced the launch of account opening with Smart ID Card, saving time and trouble in additional document. With further effort on efficiency improvement and customer centric concept, the bank has also launched an extensive 'Service Guarantee' campaign for fast, accurate, and friendly service in seven areas of financial service – making it the first in Thailand for such comprehensive guarantee coverage.
Mr. Pattarapong Raktabutr, Senior Vice President, Head of Distribution - Consumer Banking at Standard Chartered Bank (Thai) said the Consumer Banking, with its focus on providing quality service, conducted a survey on customers' expectation and found that the two priorities expected by customers are fast and accurate service, and integration of technology to improve service efficiency and product innovation. In response to the findings, the bank introduces a campaign on comprehensive 'Service Guarantee' to enhance its service delivery quality and work process efficiency.
The '48-hour Service Guarantee' campaign derives from the survey which found that customers want convenience and speed especially when applying for a loan. They want to know the result of their loan application quickly as possible. To meet this expectation, the bank has reviewed and invested in the improvement of the work process that allows faster turn-around time in loan application approval and fund transfer to customers' accounts once the loan is approved.
"For personal loan and mortgage, the bank will notify and transfer the fund to customers within 48 hours, and within three working days for business loan. We realize the importance of liquidity for business and we are here for customers, to help them plan and manage their life and business with comfort and confidence," said Pattarapong.
Furthermore, the Bank can now process and approve credit card application within 48 hours after receiving all completed documents, thanks to the technological development of AIP (Approval in Principle) system that enables bank staff to effectively pre-screen loan and credit card applications to quicken the initial process and ensure loan disbursement within 48 hours. The AIP system has also won the Banking & Payments Asia Trailblazer Award 2011 for Process Excellence.
"The 8-minute Service Pledge" campaign is another promise under our Service Guarantee umbrella. Though today internet banking is gaining popularity, many customers still prefer to conduct transaction in branches. This campaign is to guarantee that every customer in our branch will be served within eight minutes after receiving their queue number. In the case of failing to deliver as promised, the Bank is pledged to donate eight bahts to any of these charitable organizations; namely Chaipattana Foundation, Christian Foundation for The Blind, and Caring Hearts for Aids Foundation; at customer's choice.
"In the past, we have collected information on bank counter service and continuously improved the service delivery with efficiency and accuracy. One of the factors we found that could reduce the waiting time is the account opening process. By using just one Smart ID Card, the process of filling various forms can be minimized, thus reducing the time spent waiting and also trouble filing paper documents since the information from Smart ID Card can be securely saved and stored in the bank's data system," added Pattarapong. Recently, this innovation has made the Bank won the CIO Asia Award.
The Service Guarantee campaign covers seven areas of financial service as follows:
- Personal Loan - application approval notification and fund transfer within 48 hours. Customers will be notified via SMS. Failing to deliver, the bank will pay 500 baht in compensation to the customer.
- Smart Cash Platinum Personal Loan - application approval notification and fund transfer within 48 hours. Customers will be notified via SMS. Failing to deliver, the bank will pay 500 baht in compensation to the customer.
- Mortgage - application approval notification within 48 hours, via SMS. Failing to deliver, the bank will pay 500 baht in compensation to the customer.
- Business Loan - fund transfer within three working days (for Bangkok Metropolitan, Pathum Thani, Samut Prakarn and Nonthaburi) after loan approval. Customers will be notified via SMS. Delayed in delivery, the bank will pay 500 baht in compensation to the customer.
- On-line service approval within 48 hours for credit card, Stand-by Cash, Smart Credit, and Smart Cash Personal Loan Platinum. Delayed in delivery, the bank will pay 500 baht in compensation to the customers.
- Credit card application approval within 48 hours when applying at branches, the result will be notified via SMS to customers within 48 hours. Delayed in delivery, the bank will pay 500 baht in compensation to the customers.
- 8-minute service pledge at bank counter after receiving the queue number. Failing to deliver, the bank will donate eight baht to charitable organizations at customer choice.
Customers can enjoy the Service Guarantee campaign at Standard Chartered Bank (Thai) starting from now, at all branches. For more information, please contact Call Centre 1595.
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