People Moves
Standard Chartered Steps Up Digital, AI Game
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With AI being a major technological theme influencing wealth management and private banking, UK-listed Standard Chartered has minted a new role that covers this area.
Standard
Chartered has created the newly-formed role of “global
head, wealth and retail banking data, analytics and
AI,” highlighting how developing artificial
intelligence is continuing to be a hot theme for
business.
The bank has appointed former HSBC senior figure Yusuf Demiral to
the position. In this role, he will lead Standard Chartered’s
strategy across the end-to-end client journey, working with
marketing, digital sales and client experience teams to deliver
the overall strategy of the chief client office.
Demiral, who has more than 25 years of banking
experience, was most recently group head of data analytics
and customer relationship management for wealth and personal
banking at HSBC. He was responsible for managing data platforms,
advanced analytics and CRM capabilities for HSBC’s retail and
wealth banking operations across products, segments and
channels.
Based in Hong Kong and joining the UK-listed bank on 7 July,
Demiral will report to Samir Subberwal, global head, wealth
solutions, deposits and mortgages, and chief client office.
The appointment comes at a time when banks and other financial
institutions are continuing to explore AI use cases (see an
article
here), as well as extracting value from data. AI
capabilities include credit scoring and risk assessment; fraud
detection and prevention; chatbots and virtual assistants;
personalised banking and financial planning; algorithmic trading;
customer relationship management; regulatory compliance;
robo-advisors; and natural language processing (NLP). The recent
rise of generative AI has sent shockwaves through financial
services. (This news service mused on the implications here.)
At the start of this year, Lloyds Banking Group said it
had appointed Magdalena Lis as head of responsible
artificial intelligence. In the US, Morgan Stanley promoted
Jeff McMillan to be its first head of firm-wide AI. AI is
upending certain parts of banking, bringing changes including
cuts to certain roles. In February, DBS reportedly (BBC,
other media) said it expects to shed about 4,000 roles over the
next three years as AI replaces certain human tasks. A
report from NTT Data in February this year said
that cost
cutting appears to be the most popular reason for the world’s
financial institutions embracing generative AI, although
enhancing the client experience and gaining a competitive edge
are also strong motivators.