SHB Wins Digital CX Awards for Innovation in Digital Customer Experience
At the recent Digital CX Awards 2024 held in Singapore, SHB proudly took home two awards for its groundbreaking products and solutions on a digital platform. This remarkable recognition is a testament to SHB’s significant achievements in its ongoing digital transformation journey.
The Digital CX Awards, organized annually by The Digital Banker magazine, bring together leading industry experts from PWC, Deloitte, Forrester, and Capco. The prestigious awards recognize and celebrate pioneering innovations that enhance customer experience within the global financial ecosystem.
SHB’s accolades include the Outstanding Digital CX – Cash Management Platform award for its “SLINK Account ID Receivables Service,” and the Best Technology Implementation for Digital CX award for its “ACAS Automated Credit Approval System.” Notably, both these digital solutions were developed and implemented entirely by SHB’s in-house team.
Mr. Duong Quoc Tu, Deputy Director of SHB’s Digital Banking Division, accepts the award for “Best Technology Implementation for Digital CX” for the “ACAS Automated Credit Approval System.”
The SLINK Account ID Receivables Service received high praise from the Digital CX Awards 2024 judging panel for its superior cash management capabilities tailored specifically for corporate clients. The platform’s flexibility, speed, and efficiency ensure seamless management of cash flow.
SHB’s product offers a more streamlined business management solution compared to traditional methods. Transactions processed through the SLINK Account ID are automatically categorized, organized, and processed swiftly. Corporate clients can proactively assign unique identifiers to their business locations, receive real-time revenue updates from these locations, and conveniently manage cash flow through Internet Banking. Individual business locations can easily access and track revenue performance.
The SLINK Account ID Receivables Service was conceptualized by an SHB employee in the bank’s business unit. By listening closely to the pain points of corporate customers, the team member identified an opportunity for innovation and presented the solution to management. The project was swiftly recognized as a strategic initiative and successfully implemented through collaboration with various departments in 2022. The product is a testament to the ingenuity, creativity, and customer-centric approach that define SHB.
Alongside the Outstanding Digital CX – Cash Management Platform award, SHB’s ACAS Automated Credit Approval System also impressed the judging panel, securing the Best Technology Implementation for Digital CX award. Key to ACAS’s success lies in its exceptional customer experience, achieved by streamlining approval processes through automated technology. This enables credit cards and overdrafts to be offered to customers anytime, anywhere, with minimal documentation and adherence to stringent risk management standards. The ACAS solution also enhances internal processes, allowing business units to effortlessly review credit approval outcomes, identify eligible and ineligible customers, and access rejection reasons, facilitating timely communication to customers.
Compared to conventional credit approval processes, ACAS empowers customers seeking loans with significant time and document savings. By completing a simple application form within the bank’s mobile banking app, customers receive notification and can finalize the process within mere minutes if ACAS’s data screening finds them eligible. As of 2024, ACAS will be further refined to cater to small businesses and individual loans, including home loans, auto loans, and home renovations.
Building upon the remarkable milestones achieved in its three decades of operation, SHB is steadfastly progressing towards its vision of becoming a modern bank of the future. Digital transformation, supported by a clear roadmap and strategic approach, has fueled significant growth in SHB’s customer base and transactions. The bank has launched numerous digital products and innovative features, including SHB Corporate Mobile, a mobile banking app designed for corporate customers to manage their finances on the go; the SHB SAHA app, which offers a comprehensive suite of features for retail customers; and an online foreign exchange service.
SHB continuously automates its internal processes to enhance efficiency and risk management, and leverages artificial intelligence to bolster business operations. Approximately 90% of SHB’s core banking services are now accessible through digital channels. Correspondingly, 90% of customer transactions are conducted entirely via Mobile Banking and Internet Banking platforms.
SHB remains committed to investing in digital transformation and collaborating with international partners to develop cutting-edge solutions that deliver seamless experiences and meet the evolving needs of its customers.
