Standard Chartered and Alibaba join forces to accelerate AI adoption in finance

Standard Chartered has forged a strategic partnership with Alibaba Group, utilising Alibaba Cloud’s AI technologies to accelerate the pace at which the financial services sector embraces Artificial Intelligence (AI).

Leveraging Alibaba Cloud’s intelligent solutions and AI technologies, the collaboration aims to help Standard Chartered elevate its competitive edge, enhance operational efficiency and elevate the customer experience. This includes developing AI-powered customer service and sales intelligence to raise the bar on customer engagement, automating AI-driven risk management and compliance, and upskilling its talents through AI workshops and certifications.

Meanwhile, the partnership will support Alibaba Group’s strategic development globally, with Standard Chartered providing a comprehensive range of banking services that is tailored to meet Alibaba Group’s business needs, from financial support, supply chain financing support, cross border fund management solutions, to deepening the collaboration in financial market.

Both parties will also actively enhance cooperation in the areas of sustainable development and sustainable finance.

Bill Winters, group chief executive of Standard Chartered, said: “We are investing heavily in cutting-edge technologies such as AI, which are transforming our own business model and reshaping the future of finance. I am excited to build on our existing relationship with Alibaba Group – a global leader in AI and other areas including eCommerce and retail – and advance our shared commitment to transformative innovation.”

“By combining Alibaba Group’s technological prowess with our financial expertise, we look to harness the full potential of AI technologies to advance on our innovation agenda while also creating long-term value for our clients, colleagues, and communities,” Winters added.

Eddie Wu, CEO of Alibaba Group, said: “From education to healthcare and scientific research, AI has already shown its potential to drive transformational change. We are thrilled to partner with Standard Chartered, a global leader in financial services, to shape the transformation in the financial sector. Through this strategic alliance, we will combine Alibaba’s technological expertise with Standard Chartered’s deep industry knowledge to unlock new possibilities.”

MARKETING-INTERACTIVE has reached out to Standard Chartered for more information.

In fact, the adoption of Gen AI is progressing steadily across the financial services industry in Hong Kong, with 75% of the surveyed financial institutions having already implemented at least one Gen AI use case, or are currently piloting and designing use cases and exploring potential investment areas, according to a report by The Hong Kong Institute for Monetary and Financial Research.

This ratio is expected to increase to 87% within the next three to five years, said the report. There are challenges hindering adoption, including concerns regarding model accuracy, data privacy and security, as well as constraints related to resources and talent. However, the emergence of less resource-intensive models and maturing technology, coupled with regulatory engagement, are likely to contribute to the broadening of Gen AI adoption over time. Based on these findings, the report outlines some considerations aimed at facilitating responsible Gen AI adoption by the financial services industry in Hong Kong.

This was broadly consistent with findings of a separate study by HKMA, and aligned with the role Gen AI is anticipated to play for employees, as 75% of the surveyed financial institutions viewed Gen AI as a tool to enhance productivity and operational efficiency, followed by 53% that viewed Gen AI as empowerment for innovation and decision making.

Related articles:

Standard Chartered names new global corporate coverage marketing director
Standard Chartered celebrates LFC’s HK tour with citywide campaign
How Standard Chartered ditches the numbers to tell real stories of wealth