HSBC’s appointment of its first head of AI is perhaps evidence of how seriously global banks are taking the technology.
Although Europe’s largest lender is streamlining its business, promising shareholders that it will reduce headcount and cut $1.5bn of costs by the end of this year, it carved out the money for its inaugural chief AI officer, David Rice, to start work this month.
“Our customers increasingly expect their bank to deliver services uniquely aligned to their specific needs, and fast,” said Georges Elhedery, HSBC’s chief executive, when the appointment was announced.
“We’re building a bank that is designed for the future and AI plays a key role in how we get there.”
But, while banks are pinning their hopes on the possible efficiency gains the technology might bring, as well as untapped revenue streams, the increasing use of AI by criminals is also causing a significant problem for lenders.
