HSBC announced on Wednesday that it has entered a multi-year strategic partnership with Google Cloud to develop the bank’s artificial intelligence capabilities.
The deal aligns with CEO Georges Elhedery’s push to fully exploit AI for revenue growth and cost reduction. Elhedery has previously urged employees to adapt to the technology and warned that new solutions will eliminate some roles while creating others.
Under the agreement, engineering teams from Google Cloud and Google DeepMind will work with HSBC to identify priority projects that could each deliver revenue increases or efficiency gains exceeding $100 million. The bank will also gain access to the Google Gemini model, and currently runs about 600 applications on the Google Cloud platform.
The partnership focuses on three main areas:
- personalized wealth management advice;
- financial crime risk management;
- AI-powered decision support for client-facing staff, which is expected to substantially reduce time spent on administration and meeting preparation.
HSBC said the deal could see artificial intelligence deployed in roughly 200 additional roles over the next two years. The move highlights the accelerating adoption of AI across the global banking sector and intensifying technological competition among financial institutions.
Source: Reuters
