HSBC has set up a new division focused on artificial intelligence, as large banks continue to focus on how to use technology, which is expected to automate back-office processes in this area.
The UK financial institution has set up an Applied Artificial Intelligence Office, a department that has been introduced to the company’s wholesale data and analytics team.
According to an internal memo announcing the changes at HSBC, the new division means HSBC will integrate its generative artificial intelligence team into its wholesale data, analytics and CRM division. financial news.
Edward J. Akhtner will lead the division, which will report to Mark Ellis, who will lead HSBC’s wholesale data, analytics and CRM division on an interim basis, according to the memo.
read Deutsche Bank eyeing ‘game-changer’ AI in trading department
“The team will be focused on developing and commercializing cutting-edge, responsible AI technologies, working in tandem with the Group’s data and analytics office, technology, and our global business/global functions,” said Ellis and Hall. In a memo from Michael Martinkovic, Global Head of Sail Transformation, we read: Said.
Investment banks are considering how generative AI could impact their businesses. From using technology to reduce tedious manual processes to using it for commercial advantage.
Fabrizio Campelli, head of corporate and investment banking at Deutsche Bank, said: FN German financiers have previously said they see AI as a “game changer” for their business.
“Many of these technical and data-driven processes are still human-driven, and generative AI has the potential to automate them well. That is definitely something we are looking at.” he said.
In June, JP Morgan appointed Teresa Heitzenrezer as head of data and analytics to lead its AI efforts. The bank’s CEO, Jamie Dimon, said in a letter to annual shareholders that AI is “critical to our future success.”
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