HSBC seeks AI prowess with Element AI partnership
HSBC has partnered with the Canadian artificial intelligence (AI) software company, Element AI, to help the bank develop the capability to quickly and effectively analyse data from clients of its Global Banking and Markets (GBM) division.
This bank hopes this collaboration will help it meet global regulatory requirements more easily, such as anti-money laundering (AML) rules, as well as allowing it to predict what services and product solutions its clients may need in the future.
The partnership has been signed following a five-month global search process. The bank hopes to sign agreements with one or two more of these companies in the coming months. Just last month, HSBC announced one of this AI-focused partnerships, with Globality.
“Our goal has been to find the best firms engaging in AI research and to be able to learn and partner with these companies which will allow us to co-develop new products for our clients and the broader financial services industry,” says Chuck Teixeira, chief administrative officer and head of transformation at HSBC’s GBM division.
Element AI was co-founded in Montréal by JF Gagné and Yoshua Bengio, PhD, who won the 2018 ACM Turing Award for his work on deep learning.
The partnership with the company will provide a base for joint development of AI-based software and systems which will be tested on HSBC’s global data pool in a secure environment.
“Following the creation of our big data programme in 2018 and the recent opening of our global innovation and data labs in London and Toronto, our collaboration with Element AI represents the next step in our AI transformation at HSBC,” says Andre Cronje, chief operating officer for GBM.
The Element AI team working on this partnership will be based in HSBC’s new innovation lab in Toronto that was opened last month.