HSBC said on June 17 that it had signed a multi-year partnership with Alphabet-owned Google Cloud to expand its use of AI in wealth management, financial crime risk management, and decision support for frontline staff.

The British bank said the deal should enable 200 more AI-driven tasks over the next two years.

The agreement expands an existing relationship instead of starting a new one. HSBC has already migrated more than 100 petabytes of data to Google Cloud and runs 600 applications on the platform.

HSBC already uses AI in financial crime controls, screening 980 million transactions a month.

The bank said the system identifies 2x to 4x more potential financial crime cases while producing 60% fewer false positives.

The deal follows comments in May by CEO Georges Elhedery, who told staff that AI would “destroy certain jobs and create new jobs.”

It also comes as regulators in the UK take an outcomes-based approach to AI in finance, while the Bank of England has warned cloud infrastructure is already highly concentrated among a small number of providers.

🔗 Source: Reuters

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