Standard Chartered rolls out instant issuance of digital credit cards in Singapore

Source: Standard Chartered

Standard Chartered Bank (“the Bank”) today announced the roll out of its instant digital credit card issuance and loans disbursement capability.

Available 24/7, the Bank’s new and existing clients can look forward to a seamless and speedy credit card or personal loan application via the Bank’s website, Online Banking and SC Mobile, and instant issuance of the credit card or disbursement of loans1.

The concept is simple and the entire process from application to using the card is reduced to minutes from days. This capability is powered by the Bank’s real-time onboarding platform, which leverages on MyInfo2 to help new clients save a significant amount of time usually needed on lengthy form-filling. For clients who do not currently have a credit card or bank account with the Bank, MyInfo will help to pre-populate most of the information in the application form. Clients who hold existing credit card(s) with the Bank will have a simpler and shorter form to complete.

Upon receiving immediate approval on their application, applicants will be prompted to activate their new digital credit card. Thereafter, they can log in to SC Online Banking and SC Mobile to retrieve their credit card details, such as CVV and Expiry Date, and add the digital card to their Apple Pay, Google Pay and Samsung Pay wallets. From here, clients can start using their cards immediately for digital wallet payments and online purchases with merchants that use 3-Domain Secure (3DS) with One-Time Password (OTP). Personal loans of up to S$200,000 will be disbursed within minutes of application.

Natalia Goh, Head of Credit Cards and Personal Loans, Standard Chartered Bank Singapore, said: “Most consumers these days, especially millennials, expect products, services and information to be easily and instantly available digitally.

Our clients are highly engaged digitally. We have seen a 33% quarter-on-quarter growth in new mobile active clients, as our clients look to do most of their banking activities digitally, from application to activation to service requests and payments. Since last year, we have seen twice the number of digital service requests from our clients, such as card activation, replacement and renewal requests, as well as reporting of lost cards. In addition, we see that our clients are increasingly comfortable with digital payments, with the number of mobile wallet transactions growing more than 80% in the past year.

With this shift towards an increasingly digital lifestyle, we believe that our instant digital credit card and loan disbursement capabilities will greatly enhance the overall client experience.”  

Contributed | what does this mean?
This content is contributed or sourced from third parties but has been subject to Finextra editorial review.

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