StanChart Partners With Snowdrop for Interactive Digital Banking Experience Using Google Mapsby Fintech News Singapore September 22, 2020
Standard Chartered Bank has launched Standard Chartered Places (SC Locate), a new banking enhancement that maps out where users spend their money.
Built in partnership with market leaders Google Maps Platform and Snowdrop Solutions, SC Locate will enable the bank’s retail clients to visualise their expenses in an interactive and intuitive way on its digital banking platforms. What is said to be a first in Singapore, this new enhancement will turn confusing transaction information into clean, easily identifiable places shown on a Google map with real-time notifications.
It will also include related logos and categories for major brands, including both on-line and in-store merchants, and enable customers to see their spending habits and recognise transactions even when traveling abroad.
Powered by Snowdrop’s Merchant Reconciliation System (MRS), the technology scans the payment processing messages typically found in a bank statement, cleans up the data, finds a matching logo, and locates the relevant merchant using Google Maps Platform. This eliminates consumer angst around unclear transactions.
Dwaipayan Sadhu, Head of Retail Banking, Standard Chartered Bank Singapore said:
“The traditional way card transaction details are presented may appear to be vague and at times confusing; we have experienced customers viewing their statements and calling to get more details on where the transactions are made.
With technology and innovation, we are elevating the whole experience through SC Locate and giving our customers a visual context where and when they have spent their money. Yet another first for Standard Chartered in Singapore. This partnership reflects the Bank’s focus on creating delightful experiences that place the consumer at the heart of our digital transformation.”
Ken Hart, CEO of Snowdrop Solutions said:
“By making transactions more transparent, we help make banking more transparent. We are thrilled to be working alongside Standard Chartered Bank and the opportunity to create intuitive banking services in Singapore and the surrounding region with a single-minded focus on the customer experience.”
Nicola Dalmazzo, Field Sales Representative ASEAN for Google Geo Enterprise said:
“We are happy to collaborate with Standard Chartered and offer consumers better banking solutions using Google Maps Platform. The bank statement enrichment is the first of many ideas we would like to bring to this market together with our partners.”
This capability falls within Standard Chartered Money Manager (SC Money Manager), the bank’s personal financial management tool, which is available on its digital banking platforms. With SC Money Manager, clients can also customise and set monthly budgets, track their spending across multiple spending categories, and make use of insights to make their money go the extra mile.