On day one of IDC’s annual Asian Financial Services Congress, Group CIO of Standard Chartered Bank (SCB), Michael Gorriz gave the opening keynote to a hall-full of professionals and decision makers from APAC’s financial services industry.
Gorriz shared about how Standard Chartered Bank has formed ‘Exellerator’ in Singapore, a laboratory entity to co-create with fintechs and other tech companies. This process lets them crank through the emerging technologies and data science applications, and pick the ideas that would help the bank provide sustainable business solutions.
Besides also engaging with fintechs in the countries it operates in, Gorriz commented, “Standard Chartered is a special bank, having operations in regions where growth is taking place. We are big enough but also small and nimble enough to make quick decisions.”
Aspiring to be a digital bank with a human touch, Standard Chartered looks to work with fintechs that can provide better understanding of customer segments, and how to offer more relevant products and services to them, based on study of their data and history of transaction behaviour.
Gorriz said, “Banking will still exist in 500 years… but will the banks of today still be around?”
(This journalist is a guest of IDC’s to AFSC 2017 in Singapore)
