HSBC ramps up artificial intelligence efforts with Element AI partnership

HSBC ramps up artificial intelligence efforts with Element AI partnership

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."

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