The Telegraph My details My newsletters Logout Upgrade to Premium My details My newsletters Logout The Telegraph Standard Chartered investing in robots to help cut costs more compliance and regulatory staff Credit: Bloomberg 26 March 2016 • 5:00pm Standard Chartered is moving heavily into radical new technologies that could one day see robots providing bespoke wealth advice and artificial intelligence answering customer questions.
 The emerging markets-focused British bank has set up a new lab called the eXellerator in Singapore in an attempt to bring theoretical ideas from Silicon Valley to life.
 Chief executive Bill Winters has put the centre at the heart of a $1.
5bn commitment to improving computing and IT systems.
 Some of the ideas are also urgently needed cost-saving initiatives.
 The bank has hired thousands of additional compliance officers in the past three years and last year hiked annual compliance spending by an extra $1bn in an effort to stop workers breaking laws and regulations, in the wake of expensive scandals including the breaking of US sanctions against Iran.
 Banks across the world are hiring more compliance and regulatory staff, leading to a shortfall of suitably qualified workers and spiralling costs.
 To combat this, Standard Chartered wants to run computer systems and artificial intelligence programmes to ensure the regulations are not broken, rather than hiring staff to manually implement them and monitor the results.
 “In the last two or three years, almost all banks have added hundreds or thousands of additional people for compliance, to regulate reporting, regulate compliance – now, banks understand what is going on and want a way to make it more efficient,” said the bank’s global chief innovation officer Anju Patwardhan.
 “I am coming across some very targeted, specialised technologies from companies in New York and San Francisco focused on specific aspects of automatically rather than relying on hiring more people to observe co-workers.
 Stanchart Customers are likely to notice the new technologies when receiving financial advice from banks.
 Currently a customer typically tells a bank how much risk they are prepared to tolerate in their investment portfolio and the banker – or a machine – matches suitable investments to that risk profile.
 In future, Ms Patwardhan believes artificial intelligence could offer more tailored advice, understanding customers’ end goals.
 “If you moved to using cognitive computing, the computers would give you recommendations based on the data received without you having to disclose anything… the computers are continuously learning,” she said.
 Follow Telegraph Business READ MORE ABOUT: If you would like to add a comment, please register or log in Register Log in Please review our commenting policy Follow Telegraph Business Galleries Gallery 21 Dec 2017, 12:15pm Gallery: Revealed: The 10 highest-paying jobs of 2017 Gallery 19 Dec 2017, 11:17am Gallery: Hamleys unveils its top 10 toys for Christmas 2017 candidates now?
 Gallery 17 Dec 2017, 10:53am Gallery: From Lee McQueen to Alana Spencer: where are the Apprentice candidates now?
 Business latest Serious Fraud Office didn't choose an autism expert when 2018, 7:00pm Libor families hit back at SFO with further claims of non-experts 06 Jan 2018, 6:42pm Former easyJet boss takes on ITV amid troubling Virgin dispute president of OPEC, speaks as Alexander Novak, Russia's energy minister, left, listens during a news conference following the 172nd Organization of Petroleum Exporting Countries (OPEC) meeting in Vienna, Austria, on Thursday, May 25, 2017 06 Jan 2018, 6:28pm Comment: As oil prices start to stir, the only way is up Liam Halligan Premium Liam Halligan 06 Jan 2018, 6:17pm Comment: Theresa May's government is failing miserably on rail, as on much else Jeremy Warner Premium Jeremy Warner 06 Jan 2018, 6:07pm How to manufacture a more balanced economy President and CEO Joe Kaeser announce their deal to merge their rail operations and create a "European champion", in September 27, 06 Jan 2018, 5:56pm Planets align for deal boom as nations set sights on overseas riches Premium 06 Jan 2018, 5:43pm Workers more pessimistic over pay growth than Bank of England forecasts 06 Jan 2018, 5:38pm Fitness First takeover leaves DW Sport with an £8m loss 06 Jan 2018, 5:29pm Garden Bridge designer Thomas Heatherwick nets £2.
6m payout despite falling profits 06 Jan 2018, 5:17pm Comment: Steinhoff's warning signs were there for all to see Ben Marlow Premium Ben Marlow accounting scandal 06 Jan 2018, 5:06pm Poundland owner Steinhoff's fairy tale proves too good to be true amid accounting scandal Premium 06 Jan 2018, 4:43pm Tesco takes the Christmas crown in festive retail wars 06 Jan 2018, 3:26pm Energy networks prepare to blend hydrogen into the gas grid for the first time chief Joe Kaeser announce a deal to merge their rail operations and create a "European champion", in September 27, 2017.
 06 Jan 2018, 3:25pm European champions to form in next deal boom, City predicts President Jean-Claude Juncker, right, prior to a meeting at EU headquarters in Brussels on Friday, Dec.
 8, 2017.
 06 Jan 2018, 3:02pm Comment: Brexit offers the chance to positively reshape our immigration policies Lady Barbara Judge Premium 06 Jan 2018, 2:35pm Bitcoin futures investors set to suffer losses as cryptocurrency fever fades Premium 06 Jan 2018, 1:46pm The businesses making a living from God's work (despite falling attendances) previously served as chief of staff at the Treasury to former Chancellor, George Osborne 06 Jan 2018, 1:30pm George Osborne's former adviser: 'There is no sense that we are due a recession soon' 06 Jan 2018, 1:26pm CES 2018: Time for the world's biggest tech show to get its mojo back Premium Comment: Why can YouTubers get away with posting controversial content?
 06 Jan 2018, 10:02am Comment: Logan Paul's disastrous YouTube video is just a symptom of very modern problem Chris Stokel-Walker Premium 06 Jan 2018, 9:13am What is ethereum and how does it differ from Bitcoin?
 Premium Please support us by disabling your adblocker We've noticed you're adblocking.
 We rely on advertising to help fund our award-winning journalism.
 We urge you to turn off your ad blocker for The Telegraph website so that you can continue to access our quality content in the future.
 Thank you for your support.
 Need help?
 Click here for instructions