The boss of Standard Chartered has apologised after describing employees whose jobs are vulnerable to being replaced by Artificial Intelligence (AI) as lower value human capital. Discussing how automation was likely to lead to thousands of job cuts at the bank at a recent conference, Bill Winters said it wasn't about cost cutting but replacing, in some cases, lower value, human capital, with the financial capital and the investment capital that we're putting in. He later sought to contextualise the remarks via LinkedIn and said he was sorry for his wording, which had caused upset to some colleagues. He said he was committed to helping staff cope with the accelerating pace of change. The rise of AI tools has led to predictions of huge job losses, particularly for tech workers and graduates.

Standard Chartered said it would cut 15% of its corporate function roles by 2030. Standard Chartered said it would cut 15% of its corporate function roles by 2030. Standard Chartered plans to cut more than 7,000 jobs over the next four years as it increasingly uses artificial intelligence. The London-headquartered lender is one of the first major global banks to lay out plans to cut thousands of jobs, citing AI as a driver to make its operations slimmer as it seeks to increase its profitability and tackle competition. StanChart said on Tuesday it would cut 15% of its back-office roles by 2030, which would result in about 7,800 redundancies out of its more than 52,000 staff in such roles.

Banking giant Standard Chartered has become the latest major company to announce job cuts as it increases its adoption of artificial intelligence (AI). The firm, which has its headquarters in the UK, said it will cut more than 15%, or around 7,800, back-office roles by 2030. The BBC understands that Standard Chartered aims to move some of the effected workers to other roles in the business. Companies around the world have announced major job cuts in recent months as they increasingly use AI tools for roles currently carried out by humans. The company did not give details of where the roles would be cut.

Artificial intelligence is changing the dynamics of businesses and the banking system is no exception. From mobile banking to customised customer service, the role of AI technology is transformational. The hassle of standing for long hours to get banking services is slowly becoming a thing of the past for retail consumers. Consumers' desire to reach banking services from the comfort of their homes has increased the demand for mobile banking. A recent study by Insider Intelligence showed that more than 45 percent of respondents considered mobile banking among the top three features that influence their selection of financial institutions.

Financial and banking services company Standard Chartered turned to a model intelligence platform to get a clearer picture of how its algorithms make decisions on customer data. How machine learning comes to conclusions and produces results can be a bit mysterious, even to the teams that develop the algorithms that drive them -- the so-called black box problem. Standard Chartered chose Truera to help it lift away some of the obscurity and potential biases that might affect results from its ML models. "Data scientists don't directly build the models," says Will Uppington, CEO and co-founder of Truera. "The machine learning algorithm is the direct builder of the model."

Financial and banking services company Standard Chartered turned to a model intelligence platform to get a clearer picture of how its algorithms make decisions on customer data. How machine learning comes to conclusions and produces results can be a bit mysterious, even to the teams that develop the algorithms that drive them -- the so-called black box problem. Standard Chartered chose Truera to help it lift away some of the obscurity and potential biases that might affect results from its ML models. "Data scientists don't directly build the models," says Will Uppington, CEO and co-founder of Truera. "The machine learning algorithm is the direct builder of the model."

Digital Reasoning, today announced a strategic investment from SC Ventures, the innovation, ventures and fintech investments unit of Standard Chartered Bank, bringing its Series D-1 funding round total to $40 million. In addition to this investment, Digital Reasoning will partner with Standard Chartered Bank to expand its financial services product offerings in Communications Surveillance across Asia Pacific, the Middle East, and other international markets. "Digital Reasoning is the leader in communications analytics, identifying and finding key risks and insights from human language and behavior. Doing this requires an increased understanding of diverse languages and contexts across numerous cultures," "Standard Chartered is a leading global bank with a very diverse footprint. Through the partnership, we believe we can accelerate our solutions' applicability across Asia, the Middle East, and Africa. Together we will further democratize using AI to understand the languages in markets where these new solutions can be used for good."

In the banking business, Digital Transformation means much more than just transactions, apps and automation. There's a whole new shift that will make banking a different experience altogether. Pivoted around customers experience, self-help and omni channel enablement, this new wave will define banking of the future. Standard Chartered India's CIO Mr Zuzar Tinwalla in an exclusive interaction with Muqbil Ahmar (DC), Executive Editor, dynamicCIO reveals some of the interesting dimensions of the company's digital journey and how it is reinventing itself to empower millennials. DC: Banking and finance sector is pioneering the adoption of Digital.

The most common application being researched for machine learning is optimal execution. When large trades are executed in the market, it could potentially push prices in an unfavourable direction, so it makes sense that traders are keen on optimising this cost. So far, most of the interest in applying machine learning technology to reduce trading costs has been from the buy side. However, recent research by quants from Standard Chartered shows this may be about to change. In this month's first technical, Evolutionary algos for optimising MVA, Alexei Kondratyev, a managing director at Standard Chartered in London, and George Giorgidze a senior quantitative developer in the strats team within the same bank, propose machine learning techniques to optimise initial margin costs through trade selection.

Machine learning, a subset of Artificial Intelligence (AI) is a method of data analysis that uses algorithms to iteratively learn from data and derive insights without being explicitly programmed. We can find examples of how Machine Learning is already a part of our daily lives – like Google Maps, using location data from smartphones, analyses the speed of movement of traffic at any given time. Or like Amazon makes recommendations for products – "customers who bought this item also bought." Behind all these lie complex algorithms that are continuously learning new data and refining outcomes. In banking for example, using client's financial data, risk preferences and desired target return, 'Robo-Advisors' provide personalized, algorithm driven portfolio management services without human supervision.