London-headquartered Standard Chartered is rolling out a new genAI tool to more than 70,000 employees around the world.
The bank said that the new tool, which is being launched across 41 markets worldwide, it set to improve productivity and operations, as well as tailor sales and marketing efforts to boost revenue.
The technology, called SC GPT, also aims to advance software engineering with more automation and “scale how risks are measured, managed, recorded and reported.”
Standard Chartered plans to expand the tool across a further 10 markets over the next few months.
“SC GPT reflects our people-focused approach to AI and commitment to innovation with responsibility,” said Mohammed Rahim, group chief data officer at Standard Chartered. “The tool has been developed with strong governance and ethical AI principles are at its core.
“As we scale GenAI across our business, we remain committed to responsible AI adoption, guided by our responsible AI framework to mitigate potential biases and promote fairness.”
Standard Chartered said that a more customised version of the technology which allows it to use group data to better solve problems particular to the bank is underway.
Local teams are also able to use the tool to develop tailored solutions designed to address market-specific needs, for example content generation for digital marketing, translation and customer enablement services, specifically in product and service advisory.
Bill Winters, group chief executive at Standard Chartered, said: “Effective adoption of GenAI is an operational imperative for all banks. We have a distinctive and increasingly differentiated strategy – we believe the potential for GenAI to help us win in so many areas across Cross-border and Affluent banking will be game changing. By harnessing GenAI responsibly, we are driving new efficiencies, transforming service delivery and reinforcing our leadership in digital banking. This is just the beginning of how we will continue to innovate and create long-term value for our clients, colleagues, and communities.”
The move is not the only AI-driven rollout for the London-headquartered organisation in recent months, with the bank launching an AI-powered video column in February for clients in Asia to provide better insights on the foreign exchange market.
Called ‘Standard Chartered wealth management FX intelligent expert’, the column uses advanced AI technology deployed in collaboration with the London Stock Exchange Group (LSEG).
The new feature draws on insights from the bank’s Daily Market Navigator, a market publication produced by its global chief investment office.
It features an AI-driven content summarisation, automatically converting the synthesised insights into a one-minute video with voiceover and relevant images and translating the material when necessary.
The service is already available in mainland China and will be extended to Singapore, Hong Kong and Taiwan in the coming months.
