Standard Chartered Bank goes digital, introduces India’s first instant …
News from Economic Times:

MUMBAI: Standard Chartered Bank, India’s largest international bank has gone digital, launching India’s first instant online Credit Card approval solution, which will enable a customer to apply for a card online and receive an ‘Approval In Principle’ (AIP) almost instantly.

Standard Chartered will extend this process to several other Consumer Banking products over the next few months, making the more convenient for millions of customers.

“The online Credit Card AIP is poised to revolutionise customer experience with its instant feedback feature,” said Sanjeeb Chaudhuri, Regional Head, South Asia & Chief Marketing Officer, Consumer Banking. “Digital solutions are the future of banking and Standard Chartered is leading the way in making digital channels an important and integral part of the way customers bank.”

With the digital application process, the customer can apply for a credit card online at his or her convenience. From a customer-friendly dedicated internet page accessible directly or through our website, the customer can browse through various options available and apply for his or her preferred card.

The online application process involves verific…………… continues on Economic Times

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Discover Financial 2Q net income falls, revenue up
News from Lexington Herald Leader:

— Despite concerns about the economy, Discover’s customers are using their cards more often and paying their bills on time at record rates.

The company’s profit fell 10 percent in its March-May quarter, as the credit card issuer freed up less money from reserves set aside to cover customers’ unpaid bills than a year earlier as its loans increased.

But credit conditions are improving. Late payment rates and customers’ loan defaults dropped sharply, reaching historic lows. Discover’s management expects that charge-offs, or loans written off as unpaid, will modestly increase over the next 12 months as the company widens its pool of borrowers.

The economic shakeout of the last few years has left credit cards in the hands of more affluent consumers who are better able to pay their bills in full each month, while those with lower credit scores and presumably less ability to pay are now less likely to use credit. Tighter underwriting standards also have pushed loss rates lower.

Discover Financial Services said sales volume on its namesake cards rose 5 percent during the March-to-May period to $ 26.1 billion, reflecting more card use by customers, as total retail sales rose 5.7 percent in the same period according to government figures. Credit card balances also grew nearly 4 percent to $ 46.6 billion, while t…………… continues on Lexington Herald Leader

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