Artificial Intelligence
HSBC Partners With Google Cloud to Boost AI Capabilities
HSBC and Google Cloud announced a partnership that will accelerate the bank's adoption of artificial intelligence. Areas of focus for the collaboration will be wealth management, financial crime risk management and AI-powered tools to support frontline employees in their day-to-day operations. Under the agreement, HSBC anticipates 200 extra AI tasks being available in the next two years and will also gain access to Google's Gemini AI model.
HSBC has partnered with Google Cloud in a multi-year deal to bolster AI capabilities across key domains of the bank.
The deal is the latest part of CEO Georges Elhedery's strategy to further embrace technology to help improve efficiencies and add new revenue streams with greater use of artificial intelligence.
HSBC Fuels Its AI Strategy With Google Cloud
The partnership with Google Cloud will help the bank accelerate artificial intelligence's strategic use across its operations over the coming years, according to HSBC.
The collaboration would allow an additional 200 new AI-powered tasks to be enabled over the next two years, the bank said. The agreement would also allow HSBC access to Google's Gemini AI model as part of a broader strategic partnership between the two firms, which has been launched today alongside hundreds of applications already running on Google Cloud by HSBC.
Focus areas are wealth management and risk controls
The collaboration will work towards custom support for wealth management clients, financial crime risk management and AI-based decision-making tools at the point of contact.
HSBC was reported to have said that the technology would enable employees to spend less time on admin work and preparation for meetings. The bank will also work with engineering teams from Google Cloud and Google DeepMind to prioritize projects that could contribute $100 million or more each in incremental revenue increases or efficiency gains.
Partnership supports HSBC's AI strategy for the Future
The announcement follows Elhedery's encouragement in May to staff on fusing artificial intelligence, even though he conceded that it is going to replace some jobs and generate other people. The partnership, it said, is significant for helping the bank become simpler faster and more agile while improving customer experience operational efficiency.
It also complements our efforts to make HSBC simpler, more agile, fast and personal, and in doing so partner with Google Cloud provides the capabilities to arm our colleagues for a future-ready workforce, he added.
FAQs
- Why is HSBC partnering with Google Cloud?
To improve its AI capacities in various areas of the business.
- What are the domains of focus for this partnership?
Wealth management, financial crime risk and frontline staff support.
- How many applications does HSBC already run on Google Cloud?
Today the bank has 600 applications on Google Cloud.
Source: Reuters
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