HSBC is working with Canadian artificial intelligence firm Element AI to help analyse data from clients of its Global Banking and Markets (GMB) unit.
HSBC has been on a five month search to find firms that can boost its ability to carry out data analysis that helps it meet global regulatory requirements, such as anti-money laundering rules, as well as allowing it to predict what services and products its clients will need in the future.
Element AI - which was co-founded in Montréal by serial entrepreneur JF Gagné and Professor Yoshua Bengio, who won the 2018 ACM Turing Award for his work on deep learning - has been selected by HSBC, although the bank says it plans to also ink deals with another couple of contenders.
The Element AI partnership 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. The Element AI team will be based in HSBC’s new innovation lab in Toronto that was opened last month.
Chuck Teixeira, head of transformation, HSBC GBM, says: "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."