STANDARD CHARTERED BANK LAUNCHES A BANKING PRODUCT FOR THE YOUTH

By Dan Muhuni

As the banking fraternity continues to make forays into the retail segment, an increasing number of banks have seen the importance of launching products that fits its consumers. In this regard, Standard Chartered Bank has launched a new class of banking targeted at the young emerging affluent consumer. The Preferred Banking customer is aged between 28 and 40 years is young, upwardly mobile, and typically looking to achieve a higher level of affluence than his peers, usually within 5-8 years of his working life.

According to Kariuki Ngari, Standard Chartered Bank’s Executive Director for Consumer Banking, East Africa said that the Preferred Banking offering will holistically address this significant customer segment; a sizable and rapidly growing customer segment with needs that have been largely underserved and undifferentiated.

A customer research study undertaken by the Bank in 2009 shows that the young emerging affluent segment is a key indicator for economic recovery and growth. This growth is fueled by a conscious effort by African governments to create stable political and economic environment that   encourage investments, better economic management of government budgets and cutting back debts and deficits and urbanization.

“The young emerging affluent are in their peak years when they have tremendous appetite for financial products that will help them achieve their aspirations, like borrowing to buy their first home, or upgrade to a larger property, saving and investing for their future, their children’s education and buying more protection for themselves and their families. This led us to believe that this consumer segment will fuel the economic recovery and growth across our markets in Asia and Africa. And at Standard Chartered we see a huge opportunity for us to partner them in this growth,” said Jane Kimemia, Standard Chartered Bank’s General Manager for Priority, Preferred and International Banking.

Preferred Banking comes hot on the heels of the successful launch of the Priority Banking business last year, to complete the suite of offerings from Standard Chartered in the overall affluent space. It addresses the key needs of customer and is positioned as more personal, more convenient and more rewarding.

Customers will receive the convenience of preferential services at the branch, phone and internet and assistance from a team of preferred bankers – all available on demand, recognition of their relationship through special benefits such membership cards, specially designed pan bank rewards and special offers and a full range of solutions primarily offered through bundles across banking, borrowing, investing and protection that are relevant to their life-stage.

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