In Standard Chartered, the role of a CIO is somewhat different. We have the technology side which everyone associates with the role of a CIO. We also take care of banking operations, similar to what a COO (Chief Operating Officer) does. Technology and Operations together keep the Bank alive and running. Building, delivering and supporting secure and stable systems that work well for customers remains the number one priority for a CIO.

Risk Management

Risk management is a major focus in today’s banking world. Data security and privacy of customer data is a big topic as the general public are quite rightly sensitive and protective of their personal information. Security is an ongoing challenge. We employ some of the best people in the field of technology information security and we constantly take preventive measures and monitor security threats.

Regulators

Every country has a regulatory body that regulates all the financial institutions, and in Hong Kong, this is the Hong Kong Monetary Authority (HKMA) which ensures that banks operate according to the right standards and protocols. Since the financial crisis in 2008, regulators, in general, have imposed tighter controls on how banks manage themselves and how the customers’ money and assets are being protected. Maintaining collaborative relationships with our regulators is a very important aspect of a CIO’s job.

Evolution of Banking

Once you have the basics right, the role of a CIO can now turn more to better understanding the customers’ needs and the changing ways in which they want to do business with us. Gone are the days that the banks dictate what channels customers can use to interact with the bank according to the bank’s prescribed rules and opening hours. We need to allow our customers to bank in ways that fit into their lifestyles rather than the bank’s preferences.

More and more, technology is becoming a competitive weapon. It is important to understand the potential of the technologies in the market and bring them together into a set of services which will better engage our current and future customers.