Standard Chartered Bank announced a significant upgrade to its wealth management digital tool — myRM — introducing the latest capabilities for offshore structured notes trading. This enhancement follows last year’s upgrade of myRM STP (Straight-Through-Transaction) capability for bonds, equities, and ETF solutions, further solidifying the bank’s position at the forefront of digital wealth management services. The latest upgrade to myRM allows clients to effortlessly manage their assets and seize investment opportunities, especially in offshore structured notes.
ENHANCE INVESTMENT CAPABILITY WITH GREATER FLEXIBILITY
Standard Chartered Bank aims to make wealth management simple to understand and easy to execute. Samrat Khosla, head of Wealth Solutions at Standard Chartered Taiwan, said: “As part of our strategy targeting the affluent client base, we are committed to delivering innovative wealth management solutions that cater to the unique needs of our affluent clients. We are making step-changes to create a simple wealth management experience and doing this at a much larger scale. As we continue to evolve and adapt to the dynamic financial environment, we remain dedicated to maintaining our position as a leader in wealth management, always prioritizing our clients’ financial well-being and success.”
To achieve this, the bank leverages intelligent analytics and data to enhance the personalization of advisory and solutions for clients. With the bank’s Internet and mobile banking, clients can enjoy personalized interactions through a digital-first approach.
Via myRM, relationship managers (RM) are virtually connected to clients, allowing them to seek instant advisory anytime, anywhere with just a click which can seamlessly initiate transactions for mutual funds, bonds, equities, and ETFs at their convenience. The new capability in myRM allows clients who have initially transacted the same type of structured notes products previously through branch counter channel to easily complete structured notes transaction remotely in four-steps. After discussing and confirming the transaction details with their dedicated relationship manager, clients will receive a push notification from myRM, and once agree the transaction instruction document and complete the OTP verification, the transaction can be competed in just few clicks.
HIGHLIGHTS OF MYRM
‧ Comprehensive Digital Wealth Experience: Combines professional wealth advisory services with convenient and secure digital transactions, adding a human touch to the digital approach.
‧ Industry-First Structured Notes Digital Transaction Service: Integrates structured notes remote transaction functionality, providing seamless end-to-end service from consultation to transaction for non-first-time investors.
‧ Streamlined W-8BEN Form Process: The upcoming online form feature will eliminate the need for in-person branch visits to complete or renew W-8BEN forms.
OPTIMIZING WEALTH MANAGEMENT THROUGH DIGITAL SOLUTIONS
Central to the bank’s growth strategy is the targeted expansion of the affluent client base. Recent enhancement to the bank’s wealth management services, including the introduction of innovative digital solutions such as myRM initiatives, have not only broadened the bank’s reach within the affluent market segment but also improved the client experience and accessibility.
FEATURES FOR SEAMLESS STRUCTURED NOTES TRANSACTION:
‧ Best Execution: Real-time Market price update with strategic issuers, continuous expansion of high-quality institutional partnerships.
‧ Fast turnaround time: Products can be put on the self for sales couple of hours, ideation to pricing, setting a new industry standard.
‧ Same-Day Trading: Supports same-day trading and price locking for structured notes, enabling clients to seize every investment opportunity.
Since its launch, myRM has received positive feedback from clients, 300 percent increase in user registration and has achieved 45 percent adoption rate for bonds transactions in myRM year to date. The service is available in mobile and internet banking, creating an additional communication channel between clients and relationship managers, enhancing client engagement and flexibility. This omnichannel wealth management experience blends traditional relationship management with digital convenience.
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