Following its return to profit in 2017, Standard Chartered commits to throw more money into digital banking innovations. Will Asian units benefit?
Standard Chartered poured $400 million into digital banking operations in 2017, and is not about to slow down the pace of investment, Hong Kong CEO Mary Huen told «The South China Morning Post».
As a result of customers responding positively to digital banking services, Huen said the bank will expand its chatbot and mobile payment services in Asia and plans to allow customers to apply for savings accounts online in the second quarter.
Digital Tools for Relationship Managers
The bank which makes the majority of its revenue in Asia, bulked up its digital capabilities appointing Michael Gorriz chief information officer and Anju Patwardhan, as chief innovation officer in July 2015.
Since then Standard Chartered rolled out digital initiatives across its wealth management and retail units and also launched eXellerator, an innovation lab located in Singapore. The bank also put digital investment tools into the hands of their high net worth relationship managers, and established a new business unit, SC Ventures, to invest in fintech and other start-up companies.
