British banking major HSBC has opened an artificial intelligence (AI) research and innovation lab in Toronto, Canada.
The 3,376ft2 Global Data & Innovation Lab will employ more than 50 professionals skilled in AI and related technologies.
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It will focus on creating an AI ecosystem that will leverage advanced machine learning techniques to assess data from the bank’s corporate and institutional clients.
The assessment will provide the bank with deeper insights that will help in the development of better products and services.
The HSBC Toronto lab will analyse up to 10 petabytes of data from 1.6 million clients from HSBC’s Global Banking and Markets business.
Additionally, the ecosystem will partner with other fintechs to utilise external capabilities to better analysis.
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By GlobalDataHSBC Global Banking and Markets head of transformation and chief administrative officer Chuck Teixeira 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.
“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.”
The HSBC Toronto lab will be the bank’s second after its Global Data & Innovation Lab in London. The British lender plans to expand the programme into other potential markets.
Recently, HSBC announced plans to hire more than 1,000 people at its technology development centres in China.
