Standard Chartered Success Story January 2019 The Key to Social Banking
Shifting into truly digital banking Standard Chartered is a global banking group, serving 1.6 Billion customers in 60 countries. In South Korea, it s positioned as an innovative brand, in a region known for early adaption of new mobile technologies. In 2014 it launched its Mobility Platform, as part of its strategy to shift all consumer banking services in South Korea to mobile devices. Success story / PayKey & Standard Chartered 2
We are the only bank in Korea with a complete infrastructure enabling all banking to be done through tablets. Even loan decisions on credit or mortgages can be completed in half an hour The rule of thumb in sales is simple: If customers don't knock on the doors of your shops, you should knock on doors of their homes. And there is another way you can be at a place where folks flock Park Jong-bok CEO, Standard Chartered Bank Korea The Korea Times, Oct. 16, 2016 Success story / PayKey & Standard Chartered 3
Keyboard banking: the natural next step in the digital evolution With that digital mindset, and a commitment to make banking services fully accessible whenever and wherever customers are, Standard Chartered partnered with PayKey and in January 2018 launched its own social banking solution. Capitalizing on heavy usage of social messaging, particularly by young adults, the Standard Chartered banking key was integrated in the customers smartphone keyboard - right in front of their eyes. Good Morning, Alex From that moment on, users had a seamless and intuitive access to Standard Chartered s banking services from within ANY messaging app. Success story / PayKey & Standard Chartered 4
Banking made quick, seamless and contextual While many banks offer a consumer app, using it disrupts the natural flow of social conversations, forcing users to leave the messaging app. With PayKey s Social Banking Solution, Standard Chartered customers can pass funds to their contacts instantly, as a seamless part of the the social conversation. An additional embedded feature is checking account history. Having the Standard Chartered s key always visible and top of mind encourages usage of instant P2P payments, and contributes to the brand s perception as a truly digital and innovative bank Success story / PayKey & Standard Chartered 5
P2P flow: paying without leaving the messaging app 1 2 3 4 5 Menu Choose contact Enter amount Authenticate Confirm Success story / PayKey & Standard Chartered 6
How did we make it happen? PayKey s unique keyboard is seamlessly integrated within the service provider mobile app, transforming the smartphone keyboard into a new channel for services, information and communication, enabling P2P payments, balance checks, top-ups, and more. The best part: users can do all that instantly from any application including all popular messaging apps without having to switch between apps. Success story / PayKey & Standard Chartered 7
Driving keyboard adoption with a full-blown campaign Realizing that creating awareness to the new keyboard is critical for usage, Standard Chartered launched a marketing and PR campaign on the new service: Digital advertising Media coverage Social media posts Click here for video The campaign also included a launch event (offering free emojis for users), in-app promotions and a dedicated landing page Success story / PayKey & Standard Chartered 8
Traction: engaged users, positive brand exposure 35K users in the first three months of the launch >2K new users joining every month since $1.1M worth of media exposure generated by PR initiatives Success story / PayKey & Standard Chartered 9
Setting a new standard for Social Banking in Korea In light of the successful launch of Standard Chartered s banking key and its positive feedback from customers, two other leading banks in South Korea followed suit - integrating PayKey s Social Banking solution as part of their mobile offering: Shinhan Bank launched its banking key in February 2018 NH Bank launched its banking key in December 2018 Success story / PayKey & Standard Chartered 10
In their own words Placing our bank s key right in front of our customers eyes whenever they re typing on their smartphone creates deep, sustainable value to our brand perception Aside from building our brand image, the launch helped drive higher usage levels of our app and increased customer satisfaction levels The launch generated a lot of buzz and media coverage in outlets across Korea, as well as positive responses by users on social media Ryan Jong Hoon Kim Regional Head of Digital, Greater China & North Asia, Standard Chartered Bank Based on the positive adoption rate, we re exploring ways to create additional value to users by enabling easy and frictionless access to other financial services without ever leaving their messaging app Success story / PayKey & Standard Chartered 11
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