Standard Chartered further accelerates the democratisation of banking AI

The British Bank Standard Chartered announced the deployment of a new generating AI tool in a synchronised and generalized way to its entire network around the world. 41 markets are thus concerned for what represents a new step in the democratisation of AI generative technologies within the international banking sector.

FACTS

• Standard Chartered presents SC GPT as a generic AI tool capable of promoting innovation in the banking sector. And to enable it to achieve its objectives, the British bank is planning a very large scale deployment of its technology.

• SC GPT was launched on 41 markets through which the bank is currently operating. More than 70,000 employees worldwide are equipped. 10 new markets will also be affected in the coming months.

• The key objective of this deployment is also clearly set by the bank, which is planning to rely today on SC GPT to improve its operational efficiency and increase client engagement.

• The bank specifies that the AI will now have to:
  • Improve operations and productivity;
  • Optimize sales and marketing efforts to increase revenues;
  • Advance software engineering through increased automation;
  • Optimize its risk management.

• There are many cases of use; Standard Chartered today cites content generation for digital marketing, translation and customer support services.

• The deployment of SC GPT represents a first step while Standard Chartered is also working on a more customized version of the technology, using its internal data. This private version is being developed.

ISSUES

• Full integration : Far from relying on sporadic testing and implementation of artificial intelligence technologies, Standard Chartered is now focusing on a very large-scale integration that, according to the bank, represents an important strategic step in the evolution of all its activities.

• A responsible effort Standard Chartered anticipates possible criticisms of this widespread deployment by stating that its approach to artificial intelligence is human-centred and conducive to responsible innovation. The search for fairness and the fight against the potential biases of this technology remain at the heart of the bank's work.

PERSPECTIVE

• Most of the major international banks are now involved in the deployment of artificial intelligence technologies to optimize some of their services and processes. Standard Chartered stands out today from competition by defending a very large-scale strategy.

• But the UK bank is not alone in defending a globalised approach to the integration of this technology. The Spanish group BBVA, for example, demonstration of his commitment to this end 2024. Godman Sachs planned for his part transform his trades last January. Société Générale had its own entity dedicated to AI in February to mark its efforts.

• In concrete terms, the deployment of this technology is made at varying speeds within banking groups, which mostly choose to value certain cases of use (Improvement customer experience, optimisation process security or acceleration for example, real estate credits).

• Most of the strategies put forward defend a responsible approach to technology, like Standard Chartered today. Only DBS recently made the choice to assume the future replacement of a large part of its employees by AI.

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