PayKey helps to transform Standard Chartered Bank of Korea
An expert on redefining the modern mobile banking experience, PayKey’s keyboard-based solution aims to seamlessly integrate P2P (peer to peer) banking into customers’ daily lives.
For instance, users could easily send money on Whatsapp via the ‘banking key’ shortcut on their mobile keyboard, select the appropriate ‘send money’ function, type the desired amount and then send it to an authorised contact, all while staying within the original chat window.
Standard Chartered’s deployment of this open banking platform forms part of its focus on driving banking transformation through digital innovation. Although currently utilised for account maintenance and money transmission purposes, PayKey envisions a time when it could be used for trading, investment and more in the future.
A new generation of banking in South Korea
In addition to overcoming logistical barriers through technology, the new standard will allow banks to offer customers a far more personalised and optimised form of the services they require.
“The launch of Standard Chartered’s new keyboard solution marks a significant leap forward in delivering an embedded banking experience that puts the customer’s preferences at the core,” said Sheila Kagan, CEO of PayKey.
“Nowadays banks must weave their services into customers' digital lives, and provide the financial services customers need when and where it's most convenient for them.
“We are thrilled to see that Standard Chartered is pioneering a new banking experience and are honoured to bridge the gap between Standard Chartered’s impressive portfolio of banking services and their customers' digital lives.”
Indeed, the Bank’s recognition that greater integration with mobile technology is an assured method for strengthening relationships with customers, and then forging a tech partnership to achieve it, is a textbook example of innovative thinking within banking.
Joseph Hyung Ki Cho, Head of Digital and Personal Banking at Standard Chartered, summarises: “Over the past year, the Standard Chartered Bank Korea digital team has worked tirelessly in creating an all-new mobile banking experience with new technology.
“The new keyboard banking solution is an example of how an institution can create a superior bank-branded mobile experience within some of the most popular and often-used smartphone apps.”
CMA warns UK and Irish banks over bank transaction histories
Specifically, the CMA named prominent challenger bank Monzo, the Bank of Ireland, NatWest Group, and Virgin Money as not providing customers with records of their bank transactions within the maximum outlined timescale (40 days after closing the account).
Such information is crucial not only for ensuring a smooth transition from one bank to another, but also to provide a foundation for credit applications in the future.
According to the Retail Banking Market Investigation Order 2017, 95% of bank and building society customers should receive their bank transaction histories in at least 10 days.
Reputation: A bank’s greatest asset?
Of the 150,000 customers affected, Monzo was by far the main contributor - 143,000 (95.3%) - with the other three dividing the remaining 7,000.
The extent to which the magnitude of its mistake is attributable to being a digital-only bank is not clear, although it may give some customers pause for thought. With a superior customer experience being among the bank’s greatest assets, continued reputational damage is something that it cannot afford to sustain.
Although the CMA’s action in this instance has been to issue each bank a warning and order the immediate dispatch of all outstanding information, it has warned that future breaches will carry heavier consequences. Measures could include legally enforceable compliance audits on a yearly basis.
Helping customers get a better deal
Condemning the banks for negligence that could negatively impact customers’ desires to take out loans or mortgages, Adam Land, CMA Senior Director of Remedies Business and Financial Analysis, promised that his organisation would remain vigilant to similar behaviour moving forward.
“Banks must comply with all the rules – that includes providing a full transaction history promptly.
“We will be watching closely to make sure these leading names stick to their word and don’t let their customers down again. The Bank of Ireland, Monzo, Natwest Group, and Virgin Money should be in no doubt that the CMA stands ready to take further action if these failures are repeated.
Image source: gov.uk