[Smart Finance Awards] SC Jeil Bank Proves Its Prestige in WM Sector Online as Well

SC Jeil Bank Wins Award in Business Sector

[Asia Economy Reporter Kim Min-young] SC First Bank, which won the Best Business Division Award, was recognized for effectively implementing Wealth Management (WM) functions within its own application as a prestigious global asset management firm.

The non-face-to-face (untact) WM sector stood out. Amid rising demand for non-face-to-face communication due to the COVID-19 pandemic, SC First Bank introduced the online and mobile 'Wealth Care Web Seminar' in April.

So far, 11 web seminars have been held, with about 10,000 customers participating in the live seminars remotely. The seminars received favorable reviews by offering various concepts tailored to customer needs, including investment strategies, market outlooks, retirement planning, and tax law revisions.

The seminars conducted via live streaming were uploaded to the bank’s official YouTube channel, allowing customers to watch them anytime.

High-quality WM services are also offered through the mobile banking app. Market outlook and investment strategy content are provided daily, weekly, monthly, and on an ad hoc basis (issue materials). In May, the minimum subscription amount for funds was lowered to 10,000 KRW through mobile and internet banking to enable customers to start investing without burden.

In addition, in June last year, SC First Bank launched an ‘Integrated Asset Management Service’ based on scraping technology, allowing comprehensive management of deposits, loans, and funds across all other banks’ accounts. In December of the same year, the bank added a ‘fund transfer’ linkage function to the transaction-available deposit accounts in the list of other banks’ assets in open banking, enabling users to view and transfer funds directly from other bank accounts within the integrated asset management service. Since September 2016, the bank has also offered mobile bancassurance services.

An SC First Bank official stated, “Based on the investment products and asset manager selection processes verified globally by our parent company, Standard Chartered (SC) Group, and thorough risk management procedures, the fund sales volume in the first half of this year grew approximately 64% compared to the same period last year, and the balance of foreign currency assets increased about 37% as of the end of June this year compared to the same period last year.”

This content was produced with the assistance of AI translation services.