With three decades of experience in the banking sector, including 23 years at Standard Chartered, you’d be hard-pressed to find a more valuable source of financial industry knowledge than Sunil Kaushal.
As Standard Chartered’s regional CEO for Africa & Middle East (AME) – he previously held the same position for South Asia – Kaushal credits his career trajectory to his adherence to a few key values. “Firstly, professional integrity in the way we conduct ourselves with all our stakeholders, colleagues, regulators, clients and the community. In the corporate world, I have seen so many of us who let this value erode.”
He sees professional integrity as a compass that guides one through their personal and professional lives.
“Sadly, many forget this and, in many ways, lead a double life where they are different personalities at the workplace and in private.”
Kaushal’s second key value? Being visible – especially when there is a problem. Leading from the front without pointing fingers is important too. “Show up when a crisis happens.”
While he recognises the importance of financial well-being, Kaushal is firmly against using money as the primary motivator behind your actions. “Financial well-being is very important, but it is one amongst others such as physical, emotional and social/relational well-being.” Though there’s nothing wrong with doing things with one eye on achieving a higher bonus or pay increment, that shouldn’t be the sole motivator, he adds.
Finally, a determination to continuously learn from peers while staying abreast of market conditions has given Kaushal the technical know-how to lead the bank’s AME operations. “Be decisive but be open to ideas and suggestions – I believe it is crucial to stay curious and hungry for knowledge and development, be it in a professional or personal capacity.”
A hunger for knowledge
Kaushal has invested substantially on the knowledge front, with executive education programmes from the likes of Harvard Business School, INSEAD, Oxford and London Business School under his belt. “From these courses, I gained a multitude of practical and technical experience that ultimately fuelled my drive to excel in the banking field. The structure of these schools has also translated into my day-to-day life – committing to deadlines, time management, interpersonal skills, and much more – which have also had a significant impact on my personal development.”
Even outside the formal structures of such programmes, Kaushal likes to research and dive into topics such as digital, blockchain and ESG.
However, while he certainly appreciates the value of a formal education from a prestigious university, Kaushal believes that alone isn’t sufficient today. “Your real value is driven by a combination of deep knowledge and soft skills,” he says, adding, “No one checks on your degrees on a daily, monthly or even annual basis – but they do check on your contributions.”
If your professional life feels too easy and comfortable, that’s not a good sign, he says. “A constructive sense of paranoia is good.” Kaushal is keen to stress the importance of spending time in “deep work, not superficial matters” and displaying visible leadership, particularly when things are tough. “It is also important to invest in relationships based on trust and hard work, and not necessarily only with seniors.
“Circumstances change and you never know who may later have a say on your next career move.”
Kaushal feels blessed to have worked with a range of inspiring mentors throughout both his career and personal life, in which his father and wife have always been there to offer him guidance and support. He likes to spend his spare time on the golf course, reading and at home unwinding with family.
The Eureka moment
Every successful leader has a moment where everything clicks: their realisation of the passion they have for the industry they operate in coinciding with a great idea. Kaushal’s came during a town hall meeting with his team in Cote d’Ivoire (CDI) during his first visit to the country.
This was 15 years after Standard Chartered had commenced operations in the country, just before the 2001 civil war had broken out. “It has since recovered to become the most consistent and fastest growing economy in sub-Saharan Africa, registering a 7 percent plus growth for five consecutive years with strong investment in infrastructure and good governance.”
During the town hall session, someone asked a question: “If the economy is doing so well, if the bank is committed to Africa, if consumer growth is a theme and if we are short of CFA funding (local currency), then why don’t we have a retail business in CDI?” After brainstorming sessions to discuss restarting Standard Chartered’s retail operations in the country, Kaushal and his team soon realised what was needed: a digital bank.
After successfully piloting a digital bank in CDI in 2018, Standard Chartered rolled out similar platforms across eight other key African markets: Uganda, Tanzania, Ghana, Kenya, Botswana, Zambia, Zimbabwe and Nigeria.
“The digital journey is ongoing, and it has been transformational. The digital banks have allowed Standard Chartered to attract a new audience of future-ready consumers, comprising a younger, digital-savvy demographic, with more than two-thirds of accounts being opened by consumers below the age of 35 and women representing a much larger share than normal.”
Digital demands
Across the banking sector, from wealth management to personal banking, the shift to digital has been underway for years. “It was a conscious choice for Standard Chartered to adopt a mobile-led digital strategy and to invest in an affordable, easy-to-roll-out end-to-end digital bank offering, but that choice was also driven by changing consumer behaviours and preferences,” explains Kaushal. “Consumer behaviours have also undergone a shift as a recent survey conducted by Standard Chartered found that two-thirds of consumers in the UAE expect the country to become fully cashless by 2030. The apparent shift will eventually spur a reconfiguration of physical branches, which are evolving from being transaction-oriented to focus on advisory services.”
Kaushal adds that the bank’s heavy investment in technology also aims to help position the UAE as a “beacon of innovation” in the Middle East. With consumers in 2021 demanding access to a highly personalised and inclusive experience, as well as a wide variety of services from the comfort of their homes, he sees the greatest potential in disruptive technologies that make banking more accessible, efficient and convenient.
“Open banking, for instance, allows the financial services sector to seamlessly integrate with that of the retail and lifestyle sector, providing consumers with a dynamic blend of services through a singular platform.”
For Standard Chartered, he says, the pandemic served as a “large-scale, abrupt test drive” of these technologies while reaffirming the importance of digital transformation.
Coronavirus challenges
While the pandemic presented a formidable, unforeseen stumbling block for most businesses, Kaushal says the bank saw its growth accelerate over this period. “Standard Chartered has grown its customer base by more than half a million – which is more than 50 percent of its legacy base – since the onset of the pandemic.”
However, he adds that the unprecedented nature of the event blind-sighted global business leaders, who had to very quickly ensure the safety, security and well-being of their workforce while maintaining productivity.
“Just like any other organisation, we were compelled to have a solution in a matter of days – how were employees meant to work remotely, activating business continuity plans, and guiding our workforce on how to best handle the situation in a time of angst?”
Kaushal recognises that leaders might be tempted to put their head down and exhibit control during the early days of a crisis, but he believes it’s important to demonstrate emotional intelligence – “this ensures employees and colleagues are able to grapple with their own reactions”.
With a positive work culture, strong internal communication and support – things Kaushal says Standard Chartered has always stressed the importance of – a healthier, happier workforce translates into greater productivity. “This ensured that business objectives were being met while not compromising on employee well-being.”