Reimagining Wealth Lending and FX Trading

Standard Chartered Bank launched a new Wealth Lending service called “OneOD OneClick” in April 2022. The service is integrated into the bank’s existing digital Foreign Exchange (FX) trading platform, LiveFX SG. The objective of the project was to empower front-line staff to book FX trades on behalf of their clients using their lending facilities, automating a previously manual and tedious process that took two days to perform.

This new solution is part of the bank’s key strategy towards investing in technology to deliver wealth propositions through a single wealth platform, which is becoming more and more critical to providing best-in-class client experience and attracting top relationship managers.

OneOD OneClick offers clients the benefit of a cross-currency credit limit, rather than a single limit per currency. Relationship managers (RMs) can easily and instantly switch their clients’ loans from one currency to another via the fully automated FX trading platform, taking less than a minute. The FX trading platform receives the latest client line limit from the wealth lending platform through APIs and credit simulation checks are fully automated in a matter of seconds.

Clients can also now perform multiple loan switch transactions intraday if they choose to. The offering is available for both market and limit orders, meaning clients can switch their loans at the current market rate or place an instruction for the transaction to happen when the market hits a certain price. In addition to loan switching, clients can also perform other cross-currency lending transactions, such as loan drawdown, loan repayment, and collateral switching, depending on currency fluctuations. Clients also benefit from preferred rates through the WealthFX Membership Tiers Program.

Instead of the FX and Lending applications working in silos, with all the limitation that can imply, this enhancement offers an all-in-one solution which minimises the manual touchpoints to combine them into one seamless experience. It also reduces the waiting time for the client to get their funds. The bank is now proud to have reached the stage where both digital abilities can be combined to deliver an outstanding frictionless product proposition in an innovative, efficient and competitive manner.

With volatile financial markets, this solution came in time and provided clients many trading opportunities for FX gains by switching their loans and collaterals between currencies to their advantage. On the back of this successful launch, the bank plans to expand this offering to more locations and to offer this capability via direct-toclient channels on mobile and online banking in order to make it a full omnichannel solution.

In addition, it also allows the bank to create scale across its footprint and client continuum, lower costs and improve time to market. The bank has already built advanced trade execution and digital advisory capabilities, and has also unified nontechnology elements, including its all-digital and automated retail foreign exchange (FX) trading and order management system. It aims to be a onestop solution for all FX-related services, extending its capabilities externally to retail and private customer segments and internally to staff users.

For its sheer drive to deliver value to customers, Standard Chartered Bank has recently been declared Winner, Innovator of the Year for Digitally Empowering RMs at the Global Retail Banking Innovation Awards 2022 organised by The Digital Banker.

“This recognition is a testament to StanChart’s commitment to innovation and its dedication to providing the best possible experience for customers,” said Standard Chartered Bank in a statement.