HSBC inks Google Cloud pact for 200+ AI use cases

HSBC has agreed a two-year partnership with Google Cloud to develop more than 200 artificial intelligence use cases and expects to generate hundreds of millions of pounds in revenue and efficiency gains.

The bank already runs about 600 applications on Google Cloud; the new projects will be added to those systems. HSBC will prioritise initiatives it estimates to be worth more than $100 million and plans to roll out the highest-value cases first across its global operations.

Initial work will focus on personalising customer experiences in real time, speeding up financial crime detection and expanding an AI agent used by staff. HSBC expects AI-driven personalisation to provide tailored support and advice and says the technology will enable it to intervene twice as fast when risk is detected. The bank also plans to use an AI assistant to reduce administrative tasks and cut client meeting preparation from hours to minutes for thousands of employees.

The agreement gives HSBC access to Google Cloud engineering teams and Google DeepMind’s agentic AI capabilities, which are designed to perform multi-step tasks and coordinate actions across systems. HSBC intends to deploy those tools in customer-facing services and in operational functions such as risk monitoring.

Georges Elhedery, HSBC’s group chief executive, said: “AI is becoming one of the defining technologies of our time, allowing us to create a personalised experience for each customer, delivered in real time and at scale, while keeping human judgement, decision-making and accountability at the core.”

Thomas Kurian, chief executive of Google Cloud, described the deal as a potential blueprint for the financial services industry.

HSBC will combine in-house teams with external suppliers to scale the programme. The bank recently appointed David Rice as its first chief AI officer; Rice moves from his role as chief operating officer of the corporate and institutional bank after nearly two decades at HSBC.

Industry data cited by HSBC shows growing AI adoption in banking. Evident’s banking AI adoption index placed HSBC as the only UK bank in the top 10. A survey referenced by the bank found 59% of financial firms reported AI-driven productivity gains in the past 12 months, up from 32% the prior year. Consultancy McKinsey estimates AI could deliver up to 20% in cost savings after technology costs in some cases and has said competitive forces could shift benefits to customers and reduce industry profits.

HSBC did not disclose full commercial terms of the agreement. The bank said the partnership will accelerate AI deployment across its retail, wealth and institutional businesses over the two-year period.