StanChart sees growth in mobile banking

  • Banking app downloaded 114,000 times since introduction in Malaysia in 2010
  • Registered Internet banking users represent 74% of StanChart’s retail customers

StanChart sees growth in mobile bankingSTANDARD Chartered Bank said active users of its Breeze mobile banking app doubled in 2013 and is expected to grow a further 50% this year.
 
Available for both Android and iOS, the app has been downloaded 114,000 times since its introduction in Malaysia in 2010, the bank said in a statement.
 
The app allows users to view balances, perform transactions, and locate nearest ATMs (automated teller machines) and branches on-the-go. A new feature added recently allows users to make instant transfers to other banks. This is expected to drive transaction volume by 30%, the bank said.
 
According to the latest Bank Negara Malaysia statistics, as at end-June 2014 there are 16.6 million Internet banking subscribers, which represents 55% of the population.
 
Mobile banking subscribers number 5.1 million representing 16.9% of the population and 11.8% of
mobile subscribers, Standard Chartered Bank Malaysia said, citing the central bank and industry regulator.
 
StanChart sees growth in mobile banking“Our customers value the convenience, speed and simplicity that our digital platforms provide,” said Adam Grabarczyk (pic), head of digital banking at Standard Chartered Bank Malaysia.
 
“They expect the same technological innovation and user-friendly interface that they experience in other areas of their lives.
 
“With the availability of technologies such as near field communications (NFC) in the latest smartphones, we foresee mobile banking gaining acceptance in Malaysia, and new services such as mobile wallets will emerge,” he added.
 
Registered Internet banking users represent 74% of the bank’s retail customers. The bank saw a 37% growth in payment volume through online banking and Breeze, boosted by its move to waive Interbank Giro (IBG) fees.
 
Standard Chartered said it was recently named ‘Best Consumer Internet Bank’ by Global Finance magazine in 19 countries including Malaysia.
 
Besides the country titles, the bank also bagged five sub-category awards in Asia Pacific for Best Integrated Consumer Bank Site, Best Bill Payment & Presentment, Best Mobile Banking, Best Social Media and Best Information Security Initiative.
 
The world winner will be announced in a ceremony in New York in October. Standard Chartered said it will be defending the title which it has held for the past three years.
 
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