Standard Chartered is looking to invest heavily in new technologies by setting up a new lab called the eXellerator in Singapore, with its future aim of providing bespoke wealth advice to clients and artificial intelligence for answering customer questions. It is also viewed as a cost-saving initiative: recently the bank has been spending thousands 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 results. The Bank of England said that while there were many reasons why banks might want to use AI, they would be “very cautious” about using AI without proper safeguards against misuse or abuse.
Standard Chartered is looking to invest heavily in new technologies by setting up a new lab called the eXellerator in Singapore, with its future aim of providing bespoke wealth advice to clients and artificial intelligence for answering customer questions. It is also viewed as a cost-saving initiative: recently the bank has been spending thousands 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 results. Globally banks are hiring more compliance and regulatory staff resulting in a shortfall of suitably qualified workers and spiralling costs.