Standard Chartered is planning to invest heavily in new technology by setting up a new lab called the eXellerator in Singapore , with its future aim of providing bespoke wealth management to clients and artificial intelligence for answering financial questions . It is also viewed as a cost - saving initiative : recently the bank has been spending heavily hiring additional compliance and regulatory staff and it is hoped this new computer system will ensure regulations are not broken , rather than continually hiring more compliance staff to manually implement them and monitor compliance . Chief executive Bill Winters has put the centre at the heart of a $1.5bn commitment to improving computing and IT systems. Globally banks are hiring more compliance and regulatory staff resulting in a shortfall of suitably qualified workers and spiralling costs .
Standard Chartered is planning to invest heavily in new technology by setting up a new lab called the eXellerator in Singapore , with its future aim of providing bespoke wealth management to clients and artificial intelligence for answering financial questions . It is also viewed as a cost - saving initiative : recently the bank has been spending heavily hiring additional compliance and regulatory staff and it is hoped this new computer system will ensure regulations are not broken , rather than continually hiring more compliance staff to manually implement them and monitor compliance . Globally banks are hiring more compliance and regulatory staff resulting in a shortfall of suitably qualified workers and spiralling costs .