Banking giant HSBC announced on Monday that it is partnering with Canadian technology company Elemental AI.
The deal comes almost six months after the bank said it was on the hunt for a firm that could help it with its data analysis efforts.
Those analyses will be used to meet an array of regulatory requirements, such as anti-money laundering rules, that HSBC must adhere to across the globe.
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The bank will also be using artificial intelligence to “predict what services and products its clients will need in the future.” This is, of course, corp-speak for ‘use data analysis to see how we can, like Facebook and Google, manipulate our customers into using more of our services.’
Based in Montreal, Elemental AI will be working together with HSBC’s data whizzes to develop software and other technological solutions. Those solutions will be tested on HSBC’s own pool of data from across the globe.
Those efforts will be taking place in HSBC’s Toronto innovation lab. Aimed at developing the bank’s set of technological products and capabilities, the 50-person lab was opened last month in Canada’s largest city.
“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,” said Chuck Teixeira, head of transformation at HSBC GBM.