Standard Chartered has launched SC GPT, a new Generative AI (GenAI) tool, across 41 markets globally. This initiative underscores the bank's commitment to innovation, aiming to enhance operational efficiency and client engagement. SC GPT plays a crucial role in the bank's strategy to integrate AI into its operations.
The tool is expected to benefit more than 70,000 employees worldwide by improving operations, boosting productivity, refining sales and marketing efforts, advancing software engineering automation, and enhancing risk management processes. Mohammed Rahim, Group Chief Data Officer at Standard Chartered, noted, "SC GPT reflects our people-focused approach to AI and commitment to innovation with responsibility." Rahim emphasized the importance of strong governance and ethical AI principles as core components of the tool, highlighting the bank's commitment to responsible AI adoption.
A more customized version of SC GPT is in development, allowing the use of Group data to address specific problems within Standard Chartered. Local teams are empowered to create solutions catering to market-specific needs, with applications in digital marketing content generation, translation, and customer enablement services.
Bill Winters, Group Chief Executive at Standard Chartered, remarked on the strategic importance of adopting GenAI, saying, "Effective adoption of GenAI is an operational imperative for all banks." Winters expressed optimism about GenAI's potential to revolutionize areas in Cross-border and Affluent banking, reinforcing the bank's leadership in digital banking. He further stated that the initiative marks the beginning of continued innovation to add long-term value for clients, colleagues, and communities.
The bank intends to roll out SC GPT to an additional 10 markets in the coming months.