Spearheading innovation in the banking industry

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Spearheading innovation in the banking industry
Sunil Kaushal, Regional CEO of Standard Chartered, Africa and Middle East

The demands of a technology driven society are prevalent, with conventional trends reformed in favour of comprehensive digital solutions, explains Sunil Kaushal, Regional CEO of Standard Chartered, Africa and Middle East The demands of a technology driven society are prevalent, with conventional trends reformed in favour of comprehensive digital solutions, explains Sunil Kaushal, Regional CEO of Standard Chartered, Africa and Middle East

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Published: Thu 24 May 2018, 12:24 PM

Last updated: Thu 24 May 2018, 3:27 PM

Furnished with an eclectic collection of art, Standard Chartered's Dubai headquarters for its Africa and Middle East region is a reflection of its international footprint. For watchers, it is a clear indication of the bank's attention to detail, and in depth analysis, which has secured their status as frontrunners. Driven by innovation, the bank has forayed into creating seamless digital platforms for their consumers, setting new benchmarks. Their recent venture in Côte d'Ivoire marks the opening of the first digital bank in Africa. Developed with clients in mind, Standard Chartered integrated feedback at each stage of the design process to create a mobile friendly application through which consumers can execute all banking activities and access seventy services. CEO Sunil Kaushal describes it as a 'key milestone' in Standard Chartered's digital journey, which 'underlines their commitment to investing and growing in the market'.
Assuming the role of Regional CEO was a natural transition for Sunil Kaushal, after thirty years of international experience in the banking industry. Overseeing the bank's operations based in several markets across the globe, including Singapore, Taiwan, India and the US, set the direction for the dynamic CEO to assume the Africa and Middle East role as its regional head. He remarks his journey as 'fantastic', and regards himself as 'fortunate' and 'privileged' to have a fulfilling career, having worked for 20 years with Standard Chartered. "I worked in different parts of the bank, starting with wholesale banking in the initial stages of my career, followed by retail banking, while setting up our SME business globally for the bank. The next step in my career was being appointed as a CEO, and the head of consumer bank, for one of our largest acquisitions in Taiwan, turning around the business. When Bill Winters became Group Chief Executive, and formed his management team, I got an opportunity to run a larger region bringing me here to this region" he relays.
The Mark of Success
For Kaushal, leading operations from Dubai was a privilege, as he began his prolific career in the UAE, and calls the city home. Since taking on the role, he credits Standard Chartered's success to his team's approach of challenging conventions and setting new benchmarks. "Our success is a testament of our team's efforts and we value each employee's input from every level of management. We have navigated through challenges in 2015, to reach a successful period in 2017. However, it does not distract us from scaling new heights of success and achieving more milestones. The prospect of tapping into new ventures is exciting and setting new benchmarks is where I derive my enthusiasm from, because I believe the best is yet to come."
When asked about Standard Chartered's milestones in 2017, Kaushal explains stepping in with a tighter risk profile with very high standard in compliance and control, was imperative to achieving success. "By addressing a cost based, risk management very tightly and delivering a 49 per cent growth in profits, to reach about $642 million dollars in growth has been very satisfying. It is fulfilling because we were challenged by the underlying economies. The true test of a management team is when you perform against the odds, and perform better than the market. Our winning streak against the odds has been running for two consecutive years, and strive to continue to overcome challenges this year."
Revolutionising Banking in Africa
Furthermore, he talks about the first digital bank in Africa, endorsed by sporting legend and Ivorian icon Didier Drogba. "When it comes to applications, there are three integral components, to launch a seamless user interface.  You need to address the client, who will be using the applications, then manage the middle office, and back end, where the electronic records of all the digital transactions are captured. Many banks have launched applications, however, they have been blindsided by technology to consider the requirements of consumers. Not all users have been able to digitise end-to-end, which is why it is important for the middle and back end office to collect data and analytics to deliver the best products and services to the customer," says the CEO.
"Our bank's interface for Côte d'Ivoire has been developed in house, and we are passionate about taking it to the next level by adding more features. For the first time, the client on boarding journey has been digitised and in under 15 minutes, they can provide all verification documents by uploading to the application and fully complete the process. In addition, they can track and trace a request submitted, which is a first for Standard Chartered. We are proud of this breakthrough and are striving to constantly improve our programmes," he adds. 
Client-Centred Solutions
According to Kaushal, there has been a prominent rise in increased earnings for many clients; therefore, their need for investment, mortgage, and lifestyle products is increasing. He says: "Our insights showcase that customers from various parts of the world demand accessible banking, which requires a 24-hour service. The traditional 8-5 hour cycle of banking has become irrelevant in the contemporary world. A client should be able to access services at any hour and make their necessary transactions. The key is to enable seamless operations, without glitches or multiple clicks."
Amongst the disruptive trends, Standard Chartered has maintained their prominence in the industry due to their ability to evolve. "Further to emphasis and focus on innovation, our business has always been broad-based. Standard Chartered's resilience lies in our international presence, our network, and our heritage. With more than 150 years in the industry, we have a strong understanding of various markets. What distinguishes us from a local bank is our background and presence in regions such as Vietnam, China, India, Africa, Europe and Americas, which is an asset to retain while discussing business opportunities. Our extensive and reliable network ensures that we deliver services to our customers, and in terms of connecting their trade flows and investment flows. What remains unique for Standard Charted in terms of our participation model is our international presence. Clients often have international requirements and preferences for certain standards in terms of service, which we are honoured to facilitate in the region," he says. 
Kaushal signs off with an important insight regarding the UAE's presence as a global trade giant. "For Standard Chartered, UAE's status as one of the most important and busiest trade hubs globally, is a winning factor; as we are one of the largest trade finance banks in the world. With healthy global trade volumes and values, UAE and Dubai as a logistics hub has clearly profited. All major industries within the UAE are looking to grow their business and we are aligned with the vision of growth and innovation, by providing digitised banking solutions being the core of our strategy," he concludes. 
- Fatima Abbas


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