HSBC partners with Google Cloud to expand AI capabilities

The partnership will focus on key areas including providing advice for wealth management clients and enhancing financial crime risk management. This move reflects a global trend among banks to accelerate AI adoption in a competitive technological landscape.

HSBC anticipates that the collaboration will enable approximately 200 more tasks to be performed using AI over the next two years. The bank will gain access to Google's Gemini model, with engineering teams from Google Cloud and Google DeepMind assisting in identifying priority projects. These projects are expected to yield substantial benefits, with each potentially delivering over $100 million in revenue gains or efficiency improvements.

Elhedery, who previously urged staff to embrace AI and acknowledged its potential to disrupt jobs, stated that such partnerships empower colleagues with future-ready tools. The initiative targets three main areas: personalized wealth management support, improved financial crime risk management, and AI-empowered decision-making for frontline staff to reduce administrative burdens and preparation time.