One of the objectives of the Standard Chartered Group is its commitment to building a sustainable business over the long term that is trusted worldwide for upholding high standards of corporate governance, social responsibility, environmental protection, and employee diversity.
The increasing demand for account holders and the business industry has led to a change in the banking sector. Like many other industries, the banking sector is also affected by the impacts of information technological and technological advancements. Standard chartered uses a number of technologically advanced equipment to quicken the procedures involved in the banking work. It makes use of computers, the internet, modern software for accounting and transactional processing and so on. In recent years, online banking has also been established and promoted by the banking sectors. Standard Chartered Plc also proposed a trading platform for the users of its services called B2Bex. This platform is used by both sellers and buyers to perform the basic transactions online without any delays or necessary paperwork. This platform helps in maintaining the whole trade procedures by giving the opportunity to the buyers to locate a supplier and choose products, negotiate insurance and transfer finances (United nations 2005, p. 101). The software to combat hackers and misuse of customer information have also been incorporated in the IT infrastructure of most banks. This helps in maintaining a substantial level of security of information of the users. Standard Chartered was the first bank to introduce ATM during 1979 in Hong Kong (Liao et. Al., 1999).
Strong Cryptography is extremely essential as it is the process through which data is converted into scrambled code and sent across a public or private network and deciphered or unscrambled at the other end. There are two types of cryptography:
Under Symmetric cryptography, the same key is .used for encryption and decryption. .