Digital transformation continues to drive technology adoption at most companies—the banking sector is no exception. In an interview, Zuzar Tinwalla, chief information officer (CIO) of Standard Chartered Bank in India, spoke about the digital initiatives at the bank. Edited excerpts:
What’s the Standard Chartered Bank approach to digital technologies?
We aspire to be a digital bank with a human touch. Banking is a service and at Standard Chartered Bank, we understand that even in the digital age, it is important to incorporate a human element into our digital channels. In our digital journey, our goals are simplicity, personalisation, mobility, and agility.
Can you share your recent investments or projects in digital?
We launched 100-plus technology projects between 2016 and 2017 and have made significant investments towards strategic digital transformation. We have invested heavily in the improvement of our mobile and web banking user interface for both retail and corporate clients. Also, we have enabled application programming interfaces on key legacy systems and all new services have to be API-ready. In addition, we are collecting all data generated by our transaction processing systems and putting it into a central ‘data lake’. This will serve as a deep analytic tool for converting enterprise data into strategic information and provide us with a 360-degree view of the customer.
How are you using emerging technologies like AI and blockchain?
We are using blockchain technology (Ripple network) to streamline cross-border payments as part of the first live, real-time payments corridor between Singapore and India.
The system is used to speed up payments between buyers and sellers in our corporate supply chain and places a strong focus on instant settlement and transparency. We also employ machine learning for analysis of internal accounts to optimize liquidity management or risk assessment. We also plan to deploy a chatbot on our online and mobile banking platforms.