Standard Chartered is a leading international bank with a presence in 60 of the world’s most dynamic markets and serving clients in a further 85 countries. Its securities services arm provides custody, clearing, fiduciary and fund services to client segments that include insurance, asset management and sovereign wealth funds. The organisation’s fund and fiduciary footprint covers 22 markets across Asia, the Middle East and Africa.
With more than 160 years of experience, as a bank, Standard Chartered’s securities services business has developed a trusted formula for success: an unwavering commitment to accuracy, commitment and timeliness. It is continually looking for ways to improve, and in the fast-evolving fund administration space, this willingness to adapt is an essential differentiator.
Shikkoh Malik, Head of Group Fiduciary & Fund Services, Securities Services, Standard Chartered, explains: “Operating in fast-moving markets across multiple geographies means that our customers’ fund administration requirements vary greatly. At the same time, fund structures and investments are becoming ever more complex. And while clients want an increasingly tailored service, there is also competitive pressure on our margins. To continue expanding our operations, we have to find new ways to enhance our services and boost efficiency.”
To prepare for the next phase of its evolution, Standard Chartered looked to deepen client relationships by freeing its fund accountants from time-consuming, routine processing tasks. With this objective in mind, the Bank embarked on a refresh of its technological capabilities to achieve its goals.
Embracing a strategic partner
For the last decade, Standard Chartered has managed its global fund accounting operations using Temenos Multifonds. The Bank opted to upgrade to the latest version of the software to realise its vision of digitally integrated accounting and transfer agency platforms within its securities services environment.
“Since our first engagement with Temenos, we have been impressed by their dedication to time management, consistent enhancements and customer-centric approach. The roadmap for Temenos Multifonds is aligned with our own strategy, and we saw it as a major advantage to have access to market leading tools and capabilities.”Shikkoh Malik, Head of Group Fiduciary & Fund Services, Securities Services, Standard Chartered
Standard Chartered worked closely with Temenos to plan the upgrade, agree on timelines, allocate resources, as well as develop contingency and problem resolution plans.
“What started off as a business relationship with Temenos has grown into a true partnership“Shikkoh Malik, Head of Group Fiduciary & Fund Services, Securities Services, Standard Chartered
Shikkoh says “Our priority was protecting our clients from any impact from the upgrade, and Temenos demonstrated that they were equally committed to delivering a positive outcome for us and our clients.”
Adopting a fresh approach
Standard Chartered is using the new capabilities of the Temenos Multifonds platform to drive its transformation from a fund accounting processor to an agile financial reporting hub that can efficiently and effectively contribute to the fund ecosystem. Low-level administrative tasks are now automated, giving the Bank’s fund accountants more time to focus on value-add services and foster stronger client relationships.
With faster processing times, Standard Chartered is delivering a more responsive service to its clients. In addition, it is also driving down operating costs, enabling efficiencies for the benefit of its clients.
“Our clients want better insight into NAV [Net Asset Value] calculations, and with Temenos Multifonds, we can provide that.” comments Shikkoh
“Since we upgraded to the latest version of the Temenos platform, along with other efficiency initiatives, we are delivering NAV reports faster than before. And because we have improved efficiency, having achieved approximately 10% improvement in NAV issuance, we are providing better service to clients.”Shikkoh Malik, Head of Group Fiduciary & Fund Services, Securities Services, Standard Chartered
Keeping pace with change
Standard Chartered is now better positioned to operate in diverse markets, and can adapt faster to local regulatory requirements and individual client demands. As a result, the Bank is increasing its reach into new geographies.
“Following the upgrade of our Temenos Multifonds platform, we have expanded our securities services offering into an additional market i.e. Kenya, confident that we have the scalability and agility to serve the needs of more clients”Shikkoh Malik, Head of Group Fiduciary & Fund Services, Securities Services, Standard Chartered
“We have only just started the process of exploring the full potential of the platform’s new capabilities—once that happens, we are confident they will contribute significantly to our competitive edge.”
With another successful project with Temenos under its belt, Standard Chartered is turning its attention to what the partners can do next.
Shikkoh concludes: “We look forward to further exploring how we can harness Temenos’ solutions to improve our services, including the upgrade of our transfer agency platform to enhance the client experience.”