HSBC on Wednesday announced a multi-year partnership with Alphabet Inc-owned Google Cloud focused on building the British bank’s artificial intelligence capabilities.The partnership, which HSBC said will focus on areas such as advice for wealth management clients and financial crime risk management, shows how banks worldwide are accelerating their adoption of AI as they compete in a technology arms race with each other.Bank says Google Cloud and Google DeepMind engineering teams will help it identify priority projects that could each deliver more than $100 million in revenue gains or efficiency improvements.The tie-up marks the latest step in HSBC CEO Georges Elhedery’s drive to embrace the revenue-generating and cost-savings power of AI which can process vast amounts of data, automating tasks previously done by people. Does efficiecy translate to more revenue ?
