Posted by AdviserDirect on 06/11/2019

HSBC ramps up artificial intelligence efforts with Element AI partnership

HSBC ramps up artificial intelligence efforts with Element AI partnership

HSBC is working with Canadian artificial intelligence firm Element AI to help analyse data from clients of its Global Banking and Markets (GMB) unit.

HSBC has been on a five month search to find firms that can boost its ability to carry out data analysis that helps it meet global regulatory requirements, such as anti-money laundering rules, as well as allowing it to predict what services and products its clients will need in the future.

Element AI - which was co-founded in Montréal by serial entrepreneur JF Gagné and Professor Yoshua Bengio, who won the 2018 ACM Turing Award for his work on deep learning - has been selected by HSBC, although the bank says it plans to also ink deals with another couple of contenders.

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