HSBC launches data labs in London and Toronto

HSBC has launched two new data innovation labs in London and Toronto, as part of its plans to expand its investment in artificial intelligence (AI) and machine learning (ML) across its global markets.

The research lab in London is expected to employ 100 staff specialised in AI, along with technologists, co-op students and interns, while the Toronto lab will employ 50 members of staff.

Under plans outlined this week, the labs will provide for research, innovation and development of an AI will use advanced ML techniques to analyse up to 10 petabytes of data from 1.6 million corporate and institutional clients from HSBC’s global banking and markets business.

It will include more than 47,000 physical tables of information collated from the 67 countries where HSBC operates.

This analysis is expected to help guide the development of future products and services, generating business insights to help improve customer experience.

Chuck Teixeira, chief administrative officer and head of transformation at HSBC Global Banking and Markets, said: “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.”

He added: “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.”

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