At the center of Standard Chartered Bank's innovation
At Standard Chartered Bank innovation is about how to make use of new things. It is not limited specifically to the use of technology. It could also be just re-organizing the way things are done to better address its customers’ needs.
According to Paul Wan, chief information officer, Standard Chartered Bank Hong Kong, innovation is about making use of new ideas, new services, new delivery mechanisms, and sometimes technology – all in the name of addressing customer’s needs.
“I think innovation is about thinking outside the box, thinking beyond the nine dots. Personally I would not like to introduce a set of parameters because once we’ve set that employees might misinterpret these as rules to follow. This might suppress some of their innovative ideas,” he explained.
He cited two categories from which ideas are benchmarked against: anything that can help better deliver service; anything that would address the new customer requirements.
Wan believed that innovation is not a standalone cure to address present day digital evolutions. It is very important to ensure that the strategy of the banks should have an element of innovation inside.
In this exclusive interview with Fintech Innovation, Wan shared the criteria upon which ideas are brought forward and benchmarked against the bank's innovation agenda.
By using innovation to widen access to financial services tailored to the needs of its customers, Standard Chartered says it is promoting growth in the communities it serves.