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.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

HSBC 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.