StanChart Ghana invests in digital tech to boost retail business

• Improved digital capabilities for better customer acquisition
• Understanding market dynamics and consumer trends
• StanChart Mobile onboards 35,000 new customers digitally from 2019 to 2022

The government of Ghana has pursued a digitalisation agenda that has made the country a leader in West-Africa. It developed core infrastructure to support e-payments and digital currencies as it digitalised public services. The government also encouraged online platforms for business and commerce to help the economy navigate challenges during the COVID-19 pandemic. 

Among those at the forefront of this transformation is Standard Chartered Bank (StanChart). The bank prioritised investments to enhance its digital capabilities to boost its retail business. As a result, the bank’s gross revenue grew by 20% year-on-year to around $41 million in 2022, driven by improved productivity and enhanced balance sheet management. The bank also saw a 54% increase in its wealth management revenue, with 64% of the wealth management services delivered through digital channels.

Yvonne Gyebi, who leads consumer, private and business banking at the bank, said that using digital technology in retail banking means acknowledging the importance of digital transformation and spearheading the bank’s efforts to embrace technological advancements. To achieve this, she collaborated with regional and country digital teams to launch SC Mobile in 2019, a mobile app that offers clients end-to-end banking services on their mobile devices.

Improved digital capabilities for better customer acquisition

The bank’s digital strategy paid off, as it achieved high digital adoption and enhanced its operational efficiency. To date, the bank has onboarded over 95% of its clients digitally. Moreover, over 89% of its servicing was done through SC Mobile. The bank also saw a 143% uplift in customer acquisition within the first year of introducing the digital onboarding capability, thanks to strategic marketing campaigns that has added more than 35,000 new customers digitally, contributing to the increase of their retail customers with 52% of them being digitally active. The bank introduced new features such as facial recognition, identity verification and validation through an application programming interface with the national registry to align with know-your-customer (KYC) requirements. It also improved customer engagement on its digital platforms and upgraded its operational client-contact centre. The bank has transitioned from face-to-face to digital interactions. As a result, the bank’s Net Promoter Score (NPS) reached 80% as of September 2022.

Gyebi said: “In the current dispensation of digital disruption, embracing transformation is not just an option but an imperative. Our unwavering commitment to transformation, improvement to customer experience and leveraging technology to harness new streams of growth will secure relevance and build a future-proof bank for all stakeholders.” 

Yvonne Gyebi, Head, Consumer, Private and Business Banking at Standard Chartered Bank Ghana

Understanding market dynamics and consumer trends

As part of the restructuring announced in April 2022, StanChart exited several African countries including Cameroon, Gambia, Angola, Zimbabwe, Sierra Leone to focus on the region’s growing markets.

In Ghana, the bank drove business growth by understanding the market dynamics and focusing on customer experience, realigning key products and services to adapt to the changing market and seizing opportunities. This has resulted in a significant annual growth rate of 11% over the last five years across all its retail segments—affluent, personal and business banking. The bank also worked with partners to develop solutions that deliver simple, everyday banking. 

Gyebi said: “Clients are at the centre of all decision-making at Standard Chartered Ghana. Hence, the resolve to seek to achieve and deliver an exceptional customer experience remains a key pillar in the approach to driving business growth.”