Overview
- HSBC announced on Wednesday that it has signed a multi-year partnership with Google Cloud to build and deploy artificial intelligence across its worldwide operations.
- Under the deal HSBC will access Google’s Gemini models and receive engineering support from Google Cloud and Google DeepMind while building on an existing footprint of roughly 600 applications already running on Google Cloud.
- The bank says the programme targets roughly 200 additional AI tasks over two years with priority projects each expected to deliver more than $100 million in revenue or cost savings.
- Planned use cases include personalised wealth-management advice, AI-driven financial-crime and anti-money-laundering tools, and AI help for frontline staff to cut admin time and improve decision making, extending work first piloted in 2021 and expanded by 2023.
- HSBC’s chief executive has warned the technology will both destroy and create jobs, and the two-year, mid-2028 performance window creates clear governance, execution, and regulatory risks to watch as the bank scales AI.