Standard Chartered Bank’s Future Fit Tech Strategy
In today’s volatile and uncertain environment, it’s getting harder for tech executives to deliver the right strategy to enable customer obsession. Forrester’s Future Fit technology strategy helps you be successful. Future Fit is a customer-obsessed approach to technology that enables a company to quickly reconfigure and reimagine business structures and capabilities to meet future customer and employee needs with adaptivity, creativity, and resilience.
As we work with our clients to take advantage of this important framework, they often ask: “Who has successfully implemented such a strategy in an end-to-end way?” We recently published a case study that shows how Standard Chartered, a global financial services institution, has embraced a future fit technology strategy to help the bank reduce technical debt, speed its continuous transformation, and make its business more adaptive, creative, and resilient. This case study explains how Michael Gorriz, Standard Chartered’s group CIO, and his team continuously execute on the three key drivers of a future fit technology strategy:
- Platforms to reduce risks and accelerate time-to-value. As a critical pillar of the bank’s future fit technology strategy, Standard Chartered is using modern technology platforms to accelerate its continuous transformation, drive co-innovation with partners, and leverage the flexibility of cloud to deliver more resilient services.
- Practices that align teams to customer and business outcomes. Standard Chartered puts significant emphasis on reskilling the business and technology teams. New ways of working are driving new behaviors and a more customer-obsessed culture that emphasizes the development of core values. New practices enable the bank to deliver continuous innovation much faster with cross-functional teams and shared accountabilities.
- Partners to help the bank innovate. The bank’s future value depends on how quickly and how well it leverages technology to build new platforms that differentiate experiences, operations, and offerings. Standard Chartered knows that it can’t do this alone. The bank is working with fintechs, technology firms, and industry partners to explore how it can use technology to revolutionize banking services for its clients.
Forrester clients can access this case study here to understand how a future fit technology strategy works at Standard Chartered and what benefits the bank has already earned in terms of increased customer acquisition and engagement, new business model innovation (including Mox and nexus), as well as increased employee engagement and productivity.
The Future Fit tech strategy framework is part of Forrester Decisions, a new approach and brand-new platform focusing our research, insights, and collaborative resources on helping you solve the most challenging technology issues you face.