British banking group HSBC has selected Canadian firm Element AI as its technology partner.

The vendor was chosen following a search process of five months.

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The bank will leverage Element’s artificial intelligence software to facilitate data analysis for clients of its Global Banking and Markets (GBM) arm.

The aim is to comply with regulatory needs including anti-money laundering rules.

Utilising Element’s technology, the bank also intends to forecast its future client requirements.

HSBC GBM COO Andre Cronje said: “Following the creation of our big data programme in 2018 and the recent opening of our global innovation and data labs in London and Toronto, our collaboration with Element AI represents the next step in our AI transformation at HSBC.”

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Under the partnership, the two parties plan to jointly develop software that will be trialled on the bank’s global data pool.

The Element team will operate out of the bank’s innovation lab in Toronto, which launched last month.

HSBC GBM head of transformation Chuck Teixeira said: “Our goal has been to find the best firms engaging in AI research and to be able to learn and partner with these companies which will allow us to co-develop new products for our clients and the broader financial services industry.”