Standard Chartered Embraces Artificial Intelligence, Phasing Out Nearly 100 Software Applications.

Banking giant Standard Chartered has embraced artificial intelligence, eliminating dozens of software programs and continues to seek various ways to cut costs. Chief financial officer Diego De Giorgi said in a media interview that the adjustments include integrating 55 different systems used to track IT events into one program. In addition, the bank has also developed a super application to replace 40 different software programs managing company pension plans, employment contracts, and various other tasks. "As a CFO, every day you are faced with a large amount of data and paper documents - in the past you could only view these numbers and documents," De Giorgi said. "But now, we can almost have a conversation with the numbers. We can communicate with data, and data also gives us feedback. That's the power of artificial intelligence."