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Alibaba, Standard Chartered partner to accelerate AI adoption in banking sector
The British multinational bank will leverage AI solutions from Alibaba Cloud to boost operational efficiency and elevate customer experience
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Ann Caoin Shanghai
Alibaba Group Holding and Standard Chartered have entered a deal in which the Chinese technology giant’s artificial intelligence systems would be deployed across the operations of the British multinational bank.
The two companies signed a memorandum of understanding that would see Standard Chartered leverage solutions from Alibaba Cloud – the Hangzhou-based firm’s AI and cloud computing services arm – to enhance operational efficiency and elevate customer experience, according to a statement on Tuesday from Alibaba, which owns the South China Morning Post.
“Through this strategic alliance, we will combine Alibaba’s technological expertise with Standard Chartered’s deep industry knowledge to unlock new possibilities,” Alibaba CEO Eddie Wu Yongming said.
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Their cooperation includes building AI-powered customer engagement tools, automating risk management and compliance, and talent development at the bank through AI workshops and certifications for employees.
“From education to healthcare and scientific research, AI has already shown its potential to drive transformational change,” Wu said.
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The AI alliance with Standard Chartered marks the latest high-profile deal in the banking sector for Alibaba Cloud, following AI projects with China Construction Bank and Industrial and Commercial Bank of China (ICBC).
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