by Laurie Clarke

Standard Chartered CIO Peter Clark discusses balancing security and innovation on a global scale

Aug 08, 2018

Standard Chartered regional CIO Peter Clark discussed working with global departments, the most disruptive technologies in banking and creating a customer-centric culture in an interview with CIO UK sister title, CIO Asia.

He pointed to the evolving responsibilities of the CIO today at the intersection of tech and banking. “The main priority of a CIO – protecting the stability and security of a bank’s systems – has not and will not be changed,” he said.

“But as customers are looking for more digital solutions, and the competition landscape changes with technology companies entering the banking market, regional CIOs have to drive innovation, creativity, customer centricity in their team to anticipate customer needs much more than in the past where they were service providers,” he added.

He works closely with Standard Charter’s CIOs across Asia, including China, Hong Kong and Taiwan. “I encourage them to spend time understanding what is happening in the market and adopt a risk-taking attitude to try things and not worry too much about failure as we can learn from it,” he said.

Discussing the future, he pointed to three main technologies he sees as potentially the most disruptive in banking: artificial intelligence (AI), distributed ledger technology, and biometrics.

“AI will have a big impact on banking,” he said, sharing that Standard Charter is working with fintech company Bambu, which specialises in using AI for investment management.

“We are working with them to see how their technology can help us analyse customer data, customer preferences plus the market to create optimal investment,” he said.

Read the full interview on CIO Asia here.