Standard Chartered Bank wins IDC's "2021 Smartest Bank in Asia" Award with SAS Solution

Partnering with SAS, Standard Chartered Bank Builds Scenario-Based Analytic Platform for Robust Testing.

Jakarta, 26 April 2021 - Standard Chartered Bank has been awarded IDC's "2021 Smartest Bank in Asia"award for its Scenario Based Analytic Platform (SBAP) by IDC Financial Insights at its annual Financial Insights Innovation Awards 2021. The solution not only meets the demands of increasingly challenging stress test requirements but also excels in its scalability other uses cases. 

In Partnership with SAS, the leader in analytic software and services, the Bank built a robust stress testing platform that started out as a tool for regulatory compliance, and has been expanded to assess the impact of crisis scenarios on its future P&L and balance sheet. Standard Chartered Bank's efforts in building a competitive advantage around risk analytics and intelligence are a key element of their success in digital transformation. 

Standard Chartered Bank's initiative was among the 100 high-quality entries submitted for this award by leading bank across the Asia/Pacific (excluding Japan) or APEJ region. This year, there are fifteen winners. Each year, IDC Financial Insights invites financial services organizations across Asia/Pacific to nominate the initiatives that they believe warrant special recognition in the area of innovation. The FIIA recognizes the successes of these institutions in displaying innovations to realize business objectives. 

These initiatives are measured by the FIIA Assessment Panel (made up of IDC Financial Insights analysts and independent panel of industry practitioners) against a rigorous set of matrices that look at responsiveness to market needs, effectiveness of rollout, and market take-up and sustainability. 

According to Daniel Gelinas, Head of Stress Testing Strategic Programme, one of the major reasons of choosing SAS as the main vendor for the SBAP project was that SAS solution allowed for easy integration with other tools and software in the market. The Bank is currently migrating the SBAP to centralized and more powerful second generation,with plan to gain greater efficiency in managing data. The are plans to make the platform available to as many as 20 regions, entities, and countries by the end of 2021. 

SAS Vice President for ASEAN Remco den Heijer said, "Working with Standard Chartered Bank to create a comprehensive stress testing  capability for the whole Bank has taken less than three years, and we are looking forward to continuing our partnership with them as we expand the solution into the next generation. We are aiming to gain greater efficiency in managing data and will be working with them to make the platform nimbler, to run faster, be more elastic, and be cloud native."

The SBAP is a key example of getting the best out of scalable technology innovation that factors in the consideration of future roadmaps and business objectives around risk analytics. As we assessed the submissions of this year, we recognise that digital transformation journey are becoming more distinct. The role of technology vendors like SAS extends beyond that of merely being a service provider, to also playing a key role in taking ownership over Standard Chartered Bank's journey and working collaboratively with the business to grow their technology capabilities and implementation across a wide range of uses cases. The Bank's continuous transformation strategies in partnership with SAs, along with their commendable achievements in the SBAP project reiterates their standing as Asian's Smartest Bank," says Darshiniy Selvaratnam, Program Director of the FIAA Awards.

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