A major UK bank struck a multi-year deal with Google Cloud to accelerate AI adoption across wealth management and financial crime risk. Executives say the collaboration will prioritize projects tied to Gemini, automating hundreds of tasks while targeting significant revenue and efficiency gains for frontline teams.

London, June 17 – HSBC announced a multi-year partnership with Google Cloud, Alphabet’s division, aimed at advancing the British bank’s artificial intelligence capabilities.

According to Georges Elhedery, this partnership aligns with the bank’s strategy to use artificial intelligence to boost profitability and reduce costs by processing large volumes of data and automating routine tasks.

HSBC’s partnership will focus on areas such as wealth-management client advisory services and financial crime risk management, illustrating how banks around the world are rushing to deploy AI in the competitive race for technological advantages.

Key areas of the partnership and expected outcomes

HSBC expects that the partnership with Google Cloud will enable around 200 AI-driven tasks over the next two years.
The announcement comes after Elhedery urged staff to embrace AI in May and warned that the technology could render some jobs obsolete while creating new ones.
Teams of engineers from Google Cloud and Google DeepMind will help the bank identify priority projects that could each bring more than $100 million in revenue or efficiency gains.
The bank will gain access to Google’s Gemini model; the bank is already running 600 applications on Google Cloud.
The project focuses on three main areas: personalized wealth-management support; financial crime risk management; and AI-assisted decision-making for frontline staff – aimed at reducing time spent on administrative tasks and meeting preparation.

This partnership with Google Cloud helps us empower colleagues with the tools they need for the future, and supports our work to build a simple, flexible, fast, and more personalized HSBC.

– CEO Elhedery

This collaboration highlights a shift in the banking sector toward AI that could speed up customer service and enhance operational efficiency.