Standard Chartered Bank (StanChart) has experienced a significant boost in innovation through its ‘SC Inner Circle’ program in Fintech Singapore. The program, which was launched in 2019, has attracted over 10,000 users who actively contribute to the bank’s innovation initiatives.
The SC Inner Circle program aims to foster collaboration between StanChart and fintech startups, as well as other external partners, to drive innovation in the financial industry. It provides a platform for these stakeholders to share ideas, co-create solutions, and test new technologies.
One of the key benefits of the program is the access it provides to a diverse range of perspectives and expertise. By engaging with fintech startups and other external partners, StanChart can tap into the latest trends and developments in the industry. This allows the bank to stay ahead of the curve and deliver innovative solutions to its customers.
Through the SC Inner Circle program, StanChart has been able to identify and address pain points in its existing processes. By collaborating with fintech startups, the bank has been able to leverage their expertise in areas such as artificial intelligence, blockchain, and data analytics. This has resulted in the development of new products and services that enhance customer experience and streamline operations.
Furthermore, the program has facilitated partnerships between StanChart and fintech startups. These partnerships have enabled the bank to leverage the startups’ technology platforms and capabilities to enhance its own offerings. For example, StanChart has partnered with fintech startup AxiomSL to develop a regulatory reporting solution that automates compliance processes. This has not only improved efficiency but also ensured compliance with regulatory requirements.
The SC Inner Circle program has also provided a platform for StanChart to engage with its customers directly. Through various initiatives such as hackathons and innovation challenges, the bank has been able to gather feedback from customers and incorporate their insights into its product development process. This customer-centric approach has helped StanChart create solutions that meet the evolving needs and preferences of its customers.
In addition to driving innovation, the SC Inner Circle program has also contributed to the growth of the fintech ecosystem in Singapore. By collaborating with fintech startups, StanChart has provided them with access to its extensive network of clients and resources. This has helped these startups gain visibility and credibility in the industry, ultimately leading to their growth and success.
Overall, StanChart’s SC Inner Circle program has proven to be a valuable platform for driving innovation in the financial industry. By engaging with fintech startups and other external partners, the bank has been able to leverage their expertise and technology to develop innovative solutions. With over 10,000 users actively contributing to the program, StanChart is well-positioned to continue its journey of innovation and deliver enhanced value to its customers.
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