STANDARD CHARTERED
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TO WATCH : ‘ DENIZ GÜVEN , CEO , VIRTUAL BANK ON ON WHY STANDARD CHARTERED IS LAUNCHING A VIRTUAL BANK IN HONG KONG ’
you can withdraw cash out of an ATM using a QR code rather than a card , and we rolled out real-time onboarding for customers in India and Singapore last year .”
Yet perhaps the crowning jewel in Standard Chartered ’ s digital strategy is its cutting-edge virtual bank . In a recent blog post , Deniz Güven , CEO of the Virtual Bank by Standard Chartered , urged businesses : “ Cannibalise yourself , otherwise , someone else will ! You can delay the deadline but don ’ t be too late to build a ‘ New Operating Model ’.” In essence , businesses
shouldn ’ t anxiously wait for new innovative products and services that could eat into their market share . Instead , they should create their own disruptive offerings – that way , if it cannibalises the old proposition they won ’ t lose their market share . This is precisely what Standard Chartered has done , setting out to create one of the first virtual banks in Hong Kong which will act as a separate entity to Standard Chartered . It ’ s both a defensive and offensive move ; with a standalone virtual bank , Standard Chartered hopes to defend against
SEPTEMBER 2019