Standard Chartered Bank has appointed Anju Patwardhan, its Group Head of Risk Innovation, as its first Group Chief Innovation Officer.

The London-based UK multinational said that Patwardhan will "shape its strategic innovation agenda across its global network and through different business areas by harnessing a range of new technologies and rapidly advancing data science". This will enable Standard Chartered to better understand its target clients, respond to their needs, and innovate to enhance services, the bank said.

Patwardhan will be based in Singapore and report directly to the incoming Group Chief Information Officer, Dr Michael Gorriz, the former vice president and CIO at car manufacturer Daimler AG who will join in the third quarter of 2015. She will become a member of Standard Chartered's Technology and Operations Management Group.

She will also oversee the bank's innovation outpost in San Francisco, positioned to scout for Silicon Valley's latest technology trends and tap into the dynamic West Coast startup ecosystem.

Outgoing Group Chief Information Officer, Jan Verplancke, who announced his retirement when the bank signalled a reorganiation and 4,000 job cuts, said: "Anju is a distinguished banker with extensive international financial services experience and I'm delighted to announce her appointment as Standard Chartered's Group Chief Innovation Officer.

"She will consolidate the excellent progress the bank has already made and take it to the next level to realise our aspiration of being digital by design.

"She has the depth of experience and expertise required to provide thought leadership on the bank's FinTech innovation agenda. I'm confident our business and external stakeholders will value working with her to develop and bring to market innovative ideas and solutions."