AI at HSBC: Creating Better Banking Experiences at Massive Scale

HSBC's use of AI in improving customer experience, fraud detection, and operational efficiency

• HSBC uses AI to predict when ATMs will run out of cash and to identify high-risk changes in their technology estate
• AI is also used to combat fraud by flagging suspicious transactions and sending alerts to customers
• HSBC is exploring the use of AI to suggest new financial products to customers based on their patterns of behavior
• The bank has a data ethics committee to ensure ethical use of customer data

HSBC uses AI to predict when ATMs will run out of cash, reducing the frequency of replenishment and instances of customers being unable to withdraw cash. They also use AI to identify high-risk changes in their technology estate, reducing the likelihood of errors. Additionally, AI is used to combat fraud by flagging suspicious transactions and sending alerts to customers. HSBC is exploring the use of AI to suggest new financial products to customers based on their patterns of behavior. However, the bank has a data ethics committee to ensure ethical use of customer data.

HSBC is one of the world’s largest banking and financial services organizations, with over 40 million customers across 60 countries. HSBC is in the midst of a transformational journey to become a digital-first bank. Learn how John Hinshaw, HSBC’s Group Chief Operating Officer, and his team have operationalized AI to create better customer experiences and make HSBC easy to do business with. Two of the bank’s current AI applications include using AI for better global compliance with anti-money laundering regulations and reducing false positives in fraud detection processes, and another for predicting services customers might want. This followed HSBC introducing the world’s first AI-powered stock index family using IBM Watson in August 2019. Hinshaw discusses how AI fits with HSBC’s digital and technology strategy, how HSBC has overcome the challenges of operationalizing AI at a massive scale, and the future of customer experience at financial institutions. Before joining HSBC, Hinshaw served on the board of directors of the Bank of New York Mellon and chaired its technology committee. He also served as Executive Vice President of Hewlett Packard and Hewlett Packard Enterprise, where he managed technology and operations and was Chief Customer Officer. Julia de Boinville, Scale’s Head of UK Deployments, will host this fireside chat.