Standard Chartered concluded a joint innovation agreement with data solutions provider Paxata.
Standard Chartered (SCB) hopes that the introduction of Paxata’s adaptive information platform will accelerate its agenda of being a digital bank. SCB first partnered with Paxata in 2016 for a compliance project.
By allowing self-service access to information, Paxata will empower the bank's employees, even those without technology backgrounds, to transform raw data into trustworthy business information they can turn into action.
In addition to the investment, Standard Chartered has entered into a joint research and development initiative with Paxata to investigate sophisticated algorithms for searching, linking, aggregating and classifying data.
Commitment to Digitisation
In 2015, SCB announced it was investing about 3 billion over 3 years in technology and systems. In 2016, SCB announced its investment in Ripple, a distributed ledger company, to co-develop commercially viable applications for global trade and payments.
«Joining the dots across different data sources and extracting value out of data is an important element of the Bank’s strategy as a diverse global bank. Paxata is helping us transform raw data into an insightful information fabric and this can help increase our speed of decision-making,» said Michael Gorriz, group chief information officer, SCB.
