This commitment has propelled Standard Chartered Bank (SCB) forward, earning them the prestigious International Retail Bank of the Year award, while Standard Chartered Securities (B) Sdn Bhd clinched the Wealth Management Platform of the Year award for the second year in a row at the recent Asian Banking and Finance 2024 Retail Banking Awards.
Even in a rapidly changing landscape, SCB continues to thrive by combining progress with a strong sense of responsibility toward the community. Their focus on humanity and community impact remain an important pillar towards their success and growth.
A LEGACY OF EXCELLENCE
Fresh off their win, SCB Chief Executive Officer (CEO) Pengiran Aki Ismasufian bin Pengiran Haji Ibrahim reflected on the significance of these awards. He noted that this recent achievement underscores the bank’s commitment to the Brunei market, especially their clients, key stakeholders and regulators.
“We continue to be committed and this reflects our pride in being the oldest bank in Brunei,” he said. He added that since the international bank was established in the Sultanate more than six decades ago, it has not only undergone significant changes but has also grown and evolved to adapt to the times.
Through strategic initiatives and innovative financial solutions, the bank has consistently stayed ahead of market trends and regulatory requirements, ensuring they meet the evolving needs of their clients and stakeholders.
“We’ve seen our income grow by over 60 per cent. Our retail banking income has increased, and our services have improved significantly.
“Our digital banking services have expanded with 19 new service journeys launched on our online platform. These enhancements allow our customers to perform transactions more easily and efficiently.
“This achievement reflects our growth and the enhancement of our services. Our focus on services, solutions, and innovations has been a continuous effort and it’s now bearing fruit.”
INNOVATING WEALTH MANAGEMENT
Upon receiving the Wealth Management Platform of the Year award for the second year in a row, CEO of Standard Chartered Securities (B) Sdn Bhd and Head of Wealth and Retail Banking Brenda Low, shared what sets their wealth management platform apart.
“What differentiates us is our continuous investment in our capabilities and platform to provide the latest information and keep our clients abreast of the latest market developments,” she shared.
A notable innovation is their Online Investment Portfolio, introduced during the pandemic in 2020. SCB is the only bank in Brunei to offer this platform, which, as Low explained, allows clients to conveniently view their investment portfolios and access real-time pricing.
Additionally, Low highlighted the bank’s Interactive Fund Library, which enables clients to compare unit trusts and access essential documents directly from their website.
She also noted the launch of the e-Advice Platform, which further enhances the client experience by digitising the delivery of investment advice documents.
EMPOWERING THROUGH FINANCIAL LITERACY
Standard Chartered Brunei is not only committed to delivering exceptional banking services but also to cultivating financial literacy within the community and among its clients.
Outlining their dedication to financial education, Low highlighted various resources available to empower clients.
These include Market View on the Go – accessible on their website – which offers global publications on the latest market developments and forecasts.
Clients can also stay up-to-date via the bank’s SC Money Insights podcast or SC Wealth Insights on YouTube.
For those new to investing, SCB also offers SC Wealth Select, an advisory platform designed to empower clients, aimed at helping them grasp key investment concepts and understand their wealth objectives.
COMMITMENT TO SUSTAINABILITY
Sustainability is deeply embedded in Standard Chartered Brunei’s operations and product offerings.
The bank provides over 300 investment products, with nearly 20 per cent dedicated to sustainable options.
“We see that over 27 per cent of our assets under management are allocated to sustainable investments, reflecting a significant commitment from our clients to the climate change agenda.
“These funds are directed to areas that need it most and contribute meaningfully to advancing climate goals,” Low explained.
In his part, Pengiran Aki emphasised the bank’s dedication to achieving the net-zero goal by 2050, as outlined by the Paris Agreement, highlighting the critical role banks play in addressing climate change.
“This involves sustainable finance and supporting our clients in advancing their sustainability agendas.
“We must also consider how companies, including banks, can contribute to sustainability through actions like reducing paper use and lowering electricity consumption,” he said.
CLIENT-CENTRISM AND THE DIGITAL LANDSCAPE
As the bank progresses from strength to strength, its upward trajectory is strategically crafted with a central focus on enhancing the client experience.
“For us, the bottom line is crucial, encompassing income growth, cost management and operating profit – key financial elements,” explained Low.
“However, another critical aspect is how we deliver our banking services to our clients. We measure this through client satisfaction scores, including a monthly survey with a random group of clients. Additionally, we monitor digital activity.”
According to Low, SCB has made significant investments in its digital space and is committed to seeing customers adapt to these changes, which ultimately provides ease and convenience while driving progress.
“We are pleased to see that over 80 per cent of our client base is digitally active. On the investment front, over 90 per cent of our investors are engaged with our online investment portfolio,” she noted.
LOOKING TO THE FUTURE
As SCB continues to set the standard for excellence in banking and wealth management, their dedication to innovation sustainability and customer service remains unwavering.
“We must continue to take advantage of our strong momentum and positive growth. There are a few key factors we need to focus on. One of these is managing our risks well, ensuring our business operations are well-managed and maintaining governance,” said Pengiran Aki.
He added that besides managing risks and governance, SCB will also continue to invest further in the bank, focusing on innovative solutions and most importantly, investing in their people.
“Our people are the backbone of the bank, so investing in them is a key strategic goal. At the same time, we need to maintain our focus on our strengths within the business segments.”
For more information about Standard Chartered Brunei’s award-winning services and to experience their innovative approach to banking, visit their website at https://www.sc.com/bn/.
