SINGAPORE (June 4): Digital adoption rates for Standard Chartered Bank have hit historic highs, the bank said in a statement on Wednesday.

Digital sign-ups for credit cards grew 71% y-o-y for the first four months of 2020, while wealth and investment-related transactions more than doubled. Overall, there was a 30% y-o-y surge in the volume of digital transactions in March 2020, while mobile banking users increased 42% y-o-y.

Product sales on digital platforms in the first quarter of 2020 comprised almost half of the overall sales – an almost twofold increase from the same period last year,

With this, Standard Chartered expects digital services to be a “key growth driver” for its retail banking business in 2020, and foresees that digital will lead the way as a mainstream banking channel moving forward.

“We have seen an unprecedented increase in digital banking and investment activities among our clients. While circumstances have spurred changing consumer behaviours, our investments in strengthening our digital infrastructure have paid off in delivering the capabilities,” says Dwaipayan Sadhu, head of retail banking in Singapore for Standard Chartered Bank.

“The human touch in banking is still paramount, and our digital platforms, designed to provide as human an experience as possible, have eased clients’ transition towards banking online,” he adds.

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