HSBC and Google Cloud Partner to Enable 200 AI Tasks, $100M+ Gains
GOOG•HSBC will use Google Cloud in a partnership to expand AI across wealth management, financial crime risk and decision automation, enabling 200 AI tasks in two years. The bank will tap Google's Gemini model and DeepMind teams to pursue projects targeting over $100 million each in revenue or efficiency gains.
1. Partnership Details
HSBC has formed a multi-year alliance with Google Cloud to boost its AI capabilities, tapping Google’s Gemini model and DeepMind engineering support. The deal will integrate AI into over 600 existing applications while focusing on wealth management, financial crime risk management and frontline decision automation.
2. Projected Outcomes
HSBC aims to enable 200 new AI tasks in two years, with each prioritized project expected to yield at least $100 million in revenue gains or cost savings. CEO Georges Elhedery anticipates this alliance will both eliminate some roles and create new positions as AI reshapes operations.
