June 4, 2019
HSBC has opened a Global Data and Innovation Lab in Toronto that will harness the power of machine learning to develop products that will improve customer experience for the the global bank’s clients. The initiative was announced at the Collision tech conference in Toronto, with HSBC citing the city’s “interest, investment, and development of AI” as factors in its selection. HSBC hopes this program will leverage external capabilities by driving partnership and co-development opportunities with Fintech and AI start-ups within Canada and on a global scale.
The lab will employ a team of 50 AI professionals, technologists and co-op students, who will use machine learning techniques to analyze up to 10 petabytes of data from 1.6 million corporate and institutional HSBC clients operating in over 60 countries. "The Lab will give us the ability to aggregate a wide variety of datasets to truly understand, on a global basis, what corporate clients are doing, what their consumption patterns are, and what the trade flow looks like," said Chuck Teixeira, Chief Administrative Officer and Head of Transformation at HSBC.
Over recent years, AI has been a major focus of investment for banks and HSBC’s new program aligns with this trend. By investing in AI technology, established banks are better able to predict market changes and develop tools equipped to serve their customers’ financial needs. RBC, for example, recently launched NOMI Budgets, a mobile app with AI integration, designed to help users manage their finances.
HSBC has also opened a Global Data and Innovation Lab in London, UK and plans to expand into other markets, namely Hong Kong and India, as the initiative continues to grow.
Author: Madeline Warren