Standard Chartered is reportedly planning to invest hundreds of millions of dollars to raise the share of income from its retail business 10 percentage points by 2020, said the bank’s group head of retail clients.
According to Karen Fawcett, who leads the retail clients division, the lender will direct its investment in areas such as technology to raise the share of retail business income from prevailing 30%, reported Reuters.
Fawcett said in an interview in Kenya: "The bank has very big ambitions in this area."
The bank, which operates with a focus on Asia, Africa and the Middle East, will also emphasise on its retail business in Africa.
Fawcett added that the bank’s new generation digital banking platform, which allows users to access their accounts via any device, would be rolled out in Africa first.
She said citing Islamic banking products, mortgages, car loans and wealth products: "We see things moving quickly here (Africa). There is a huge demand from our clients. These are all things this emerging confident African consumer is going to need."
The bank’s retail business is focused on 80 cities, ranging from Shanghai to Lagos, and expects to be among the biggest by 2030, observed the news publication.