HSBC has opened an artificial intelligence (AI) hub in Toronto to analyze data from the bank’s global business.
More than 50 AI professionals, technologists and co-op students will work in the lab, joining HSBC’s 1,500 Toronto employees, the bank said Wednesday in a release. The lab will use machine learning to analyze “the largest aggregation of corporate and institutional client data HSBC has ever put together,” the release said. The analysis will guide product development and services.
“The Lab will give us the ability to aggregate a wide variety of datasets to truly understand, on a global basis, what corporate clients are doing, what their consumption patterns are, and what the trade flow looks like across all the jurisdictions where we operate,” said Chuck Teixeira, chief administrative officer and head of transformation at HSBC Global Banking and Markets, in a statement.
“We will not only be anticipating what a customer’s needs are, but also actually behaviouralising and then adding it to the historical consumption patterns to do predictive analytics around that customer.”
In the release, HSBC cited Toronto’s investment and development of AI as reasons for choosing the city to host the lab. The announcement comes a day after reports that the Ontario government cut $24 million in funding to two AI research institutes.