Understanding and engaging customers
Standard Chartered Bank (SCB) is one of the world’s oldest banks and its operations in Singapore are home to their global business leadership, technology operations and innovation hub. Craig Walker has worked closely with their innovation and ventures teams in Singapore on a series of projects to help the bank understand and engage with their customers and tap into new opportunities across the 70 countries they operate in.
The project in numbers
5Venture design programmes supported
Reaching the next generation
The transfer and ownership of wealth in Singapore is a strategic focus for SCB, as families in the region usually have strong inter-generational ties. Craig Walker helped SCB understand the dynamics of this market and build a perspective on how to attract the next generation of wealth customers to the bank. Using a range of interviews, observation of families and deep discussions with family ‘elders,’ we identified the key moments, habits and product mix to attract the next generation of SCB’s customer base.
Tapping new sectors
SCB wanted to quickly understand the rapidly growing Indian healthcare market to identify opportunities and develop new strategic directions for the sector. Our team travelled to India to undertake ethnographic research of the local healthcare ecosystem, observing and interviewing 50 people, eight hospitals, one insurance company and a third-party administrator. From the research, we developed a set of outputs for the eXellerator team to drive innovation and strategic solutions workshops.
Activating a latent customer base
SCB’s Group Wealth team needed to understand how to engage and better serve the 80% of their priority banking customers who are largely inactive. Our research team spent time with 12 priority banking customers in order to understand how they live, what’s important to them, their priorities around money and investing and how they might use the bank’s digital services. We turned the research outcomes into a set of tools, including customer preferences, future state journey maps and personas, to help the business Group Wealth team find quick wins and prioritise a roadmap for a global product with localised services.