Standard Chartered investing in robots to cut compliance costs

Standard Chartered is moving heavily into radical new technologies that could one day see robots providing bespoke wealth advice and artificial intelligence answering customer questions. The emerging markets-focused British bank has set up a new lab called the eXellerator in Singapore in an attempt to bring theoretical ideas from Silicon Valley to life. Chief executive Bill Winters has put the centre at the heart of a $1.5bn commitment to improving computing and IT systems. Some of the ideas are also urgently needed cost-saving initiatives. The bank has hired thousands of additional compliance officers in the past three years and last year hiked annual compliance spending by an extra $1bn in an effort to stop workers breaking laws and regulations, in the wake of expensive scandals including the breaking of US sanctions…


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