StanChart fast tracks investments in digital technologies

Standard Chartered Bank is fast tracking its investments in digital technologies in Africa markets to meet the changing needs of customers on the continent.

Mr Jaydeep Gupta, the Regional Head, Retail Banking Africa and Middle East Standard Chartered Bank, who made this known during a media interaction in Accra with some top team staff and clients, said Ghana, would be one of the recipients of investments in the digital platforms this year.

“You will see by June-July fresh new mobile application platform, which would improve customer service like you’ve not seen in the past. It would be state of the art technology,” he said, adding that by the end of the year the frontline processes would also be automated.

“Many of these retail investments had started already. The delivery would start from March to December in different forms and platforms.”

He said it is important for customers to be reached through different delivery channels.

Mr Gupta, who is on two-day visit to Ghana, said “although the global economy is going through a fair amount of challenges at this point in time, we see the retail part of the business producing a strong set of results.

He said Standard Chartered Bank Ghana is well positioned to lead the African retail banking business performance and to deliver strong results in 2016.

He said given the plans available and the investments that would be made in the process of delivering the results, Ghana is in a very strong position.

“Ghana is extremely well positioned. It is exceedingly strong. We have been here for 100 of years and the reality is that we have very strong franchise,” Mr Gupta said.

He said Stanchart has a clear solid credit policies and a fair amount of modelling to ensure that the retail portfolio is one of the best.

“We always have to ensure that we run a robust process. I think the reality is that the quality of our books and the processes we follow and the risk framework that we have is extremely robust. Given that it is robust we absolutely believe that we can continue to grow the way we are growing and run good quality business.”

Mr Henry Baye, Head of Retail Banking Ghana and West Africa, said Mr Gupta’s visit was very important for business at this time because it expressed the confidence of StanChart in Ghana and also the business.

“We are very confident that we have a strong business and that we are also confident as a bank about what we are seeking to do to ensure that we continue to have a strong franchise,” he said.

Mr Baye said the bank has a continuous mindset to improve and to continuously remain relevant to customers and so is investing in digital technologies to ensure that clients’ needs are met.