Mr. Jaydeep Gupta is the Head Retail Clients, UAE and Head Integrated Distribution, UAE & MENAP at Standard Chartered Bank. In this interview he talks about the unique services being offered by his bank and how they are working towards exceeding customer expectations.
With so many different banks in UAE, what role do you think quality customer service can play in customer retention and loyalty?
Everything from the way we transact with each other and with brands is changing rapidly; banking is no exception to that change. In a competitive market like the UAE, customer service becomes a differentiator. Clients expect fast, efficient and quality service from a reliable financial partner.
I believe there is a strong link between emotionally charged moments of truth and client loyalty. These moments often occur when the client has a problem, requests for service or receives financial advice. If we manage to meet client expectation and satisfaction at those moments of truth, that’s when we build up the client trust and ultimately gain loyalty.
Every interaction is a great opportunity to create a long lasting impact on the client. Many companies make the mistake of overinvesting in humdrum transactions but fail to differentiate themselves in the customer experiences that really matter.
Our Net promoter score in the UAE enjoyed an increase of 47 per cent, from 57 in December 2013 to 84 as of today. Our TAT for a highly complex product as mortgage is one of the best and is currently less than five days.
Can you walk us through the customer journey as a new customer enters your bank for the first time to avail a particular service?
If we think about someone considering opening a new account with our bank, he may begin to gather information while physically at the bank, from the electronic Kiosk available or through a face-to-face interaction with the Personal Financial Consultant (PFC). He may then learn more from his desktop at work or his laptop at home, perhaps emailing the bank for more details. Ability to initiate account opening process using various digital channels, for example our Online Banking portal, from a tablet or mobile phone will be a critical differentiator. As an organisation we are working on each of these areas.
That means every possible access point has to be perfect and seamless to deliver experiences to the clients that not only exceed their expectations, but make them our ‘raving fans’.
How important do you find social media for reaching out to your customers in terms of publicizing new products?
What people say about a brand or our products has become more important than what the brand says about itself. With this in mind, social media represents a huge opportunity for us to engage with our clients. Our focus, over the last few years, has not only been on publicizing new products across social media channels, but also serving highly relevant content to our clients at the right time and really engaging them through this medium by keeping their interests and needs in mind.
Speaking of financial institutions in general, we believe they should be socially aware, responsive, and mature. Social has already started to disrupt banking. At the core of this disruption is the client whose collective “voice” can either render a big bank powerless if not treated properly, or generate opportunities for new business if treated in personal and friendly ways. This is a very new and rather fragile space and we continue learning as we develop our business in this region.
What exclusive products and services does your bank offer which sets Standard Chartered apart from other banks in UAE?
As one of the leading banks in the UAE, The Bank introduces its products in the market after thorough research and feedback from customers.
As a result of this strategy, Standard Chartered bank has now a list of award winning credit cards in the market. We launched VISA Infinite Credit Card, the UAE’s most exclusive credit card. Cardholders of the Infinite Credit Cards enjoy complimentary golf rounds at the UAE’s top golf clubs and unlimited free access to Fitness First clubs across the UAE. The card also offers concierge service, unlimited access to airport lounges, marhaba meet and greet services, the best airline reward points redemption program on purchases across all airlines and up to 50% discounts at premium merchants, high end retailers and dining outlets.
We have also launched The Standard Chartered Titanium MasterCard Credit Card the most value-packed credit card in the market today. The card comes with first-in-the-market Cashback offers on the everyday spending of customers, where they can enjoy up to 10% cash back on all supermarket purchases, and up to 10% cash back on utility bills as well as school fee payments.
What kind of e-banking options are you currently providing to your customers to enhance their experience?
We offer a host of digital banking services which allow our clients to access and manage their finances in a safe and convenient way. By using our online banking service, clients can view all their financial products (including accounts, credit cards, loans and investments), transfer funds, pay bills, redeem rewards, open accounts and deposits, subscribe for and download e-statements and do much more covering a wide range of banking services.
Being an international bank operating in 70 markets globally, we identified the need for our customers who have relationships with us in different markets to be able to have a single and holistic view of their relationships. This is exactly what ‘Global Link’ achieves. It is a service that we provide through online banking which allows customers to ‘pull’ information on their relationship with Standard Chartered in different markets through a unified online banking access. It also allows customers to easily transfer funds from one market to another.
We also allow our clients to bank-on-the-go by using ‘Breeze’ our award-winning mobile banking application. It is available on the Apple App store, Google Play Store and can also be accessed by visiting m.sc.com/ae. ‘Breeze’ has been intuitively designed keeping the mobile form factor in mind giving our clients the convenience of digital banking at their fingertips. Staying on mobile, earlier this year we launched ‘The Good Life’ app which uses the GPS technology of the mobile device to show our clients exciting deals on their Standard Chartered Bank credit and debit cards across categories like dining and entertainment in locations near them.
Our clients and prospects alike can apply online for credit cards and personal loans and get an instant approval-in-principle. Our personal loan clients also have the opportunity to take a top up on their loan via online banking with the loan amount being credited to their account in five minutes. These are both unique propositions in the market. Apart from this we also allow clients and prospects to buy car insurance on our website in a quick and convenient way.
We continue to transform our business and invest for long term growth, with afocus on digital technologies which we believe will shape the future of banking.
What kind of online customer support is available on your bank’s website?
At Standard Chartered, we are committed to make banking a pleasant experience.As such, we always welcome client’s enquiries, feedback and suggestions through our website.
Our clients can reach us for support across multiple digital channels wherever they are and whenever they want. Clients can write to us on our website www.sc.com/ae or can also login to online banking and write to us via the online banking mailbox service. Apart from our own channels, clients can also use social media channels and write to us on our Facebook page (Standard Chartered UAE) or on our Twitter handle @StanChartUAE.
How does your management handle customer complaints and feedback to improve the quality of service and grow further in the banking industry?
Client complaints are taken seriously in our bank, they are the voice of our clients who have shared with us their experiences and highlight to us what needs to be reviewed and fixed.
Our Client Care Unit plays a key role in our journey to becoming a truly client focused organisation. The lessons learnt from complaints will be fed into the process, to ensure a high level of service is provided to our clients on a continuous basis.
About Jaydeep Gupta:
With more than 24 years of financial services industry experience, his expertise and accomplishments span across Middle East, South Asia and Africa. Jaydeep has experience in a variety of different fields including Distribution, Alternate Channels, Wealth Management, Acquisitions, Post Merger Integration and Finance. Jaydeep holds a Bachelor of Commerce and Arts degree and a Master of Business Administration degree in Marketing and Finance from Concordia University in Montreal, Canada. He has attended advanced executive development programs at Templeton College, Oxford; INSEAD France; and London Business School. Mr. Gupta has also delivered special sessions on Post Merger Acquisition at International School of Business (ISB) Hyderabad in their Executive Management Program.