HSBC, Google Cloud to develop 200+ AI use cases

HSBC announced on June 17, 2026 that it has signed an agreement with Google Cloud to develop more than 200 artificial intelligence use cases over the next two years and to work with engineers from Google DeepMind.

The bank already runs roughly 600 applications on Google Cloud. The new programme will add the 200-plus use cases on top of those. HSBC plans to prioritise initiatives with estimated returns above $100 million and to use agentic AI capabilities from Google.

Initial projects will focus on personalising customer experience, using AI to manage financial crime risk and expanding an AI agent that supports staff. HSBC expects the technology to deliver real-time, AI-driven support and advice to customers. For financial crime detection, the bank expects agentic systems to allow it to intervene twice as fast when risk is detected. For staff, an AI assistant is expected to cut administrative and client meeting preparation time from hours to minutes for thousands of employees.

The bank said it will balance work between in-house teams and suppliers. HSBC appointed David Rice as its first chief responsible for AI; he moves from his role as chief operating officer of the corporate and institutional bank after more than 19 years at the firm.

Georges Elhedery, group chief executive at HSBC, described AI as “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, Google Cloud chief executive, called the arrangement a potential “blueprint for the financial services industry.”

Alexandra Mousavizadeh, chief executive of Evident, argued UK banks need to adopt AI in ways similar to large technology firms to catch up with US competitors. Evident’s banking AI adoption index lists HSBC as the only UK bank in its top 10.

A McKinsey report estimated AI-driven savings could reach up to 20% after accounting for technology costs and warned that banking industry profits could fall about 9% as customers shift funds based on AI agent recommendations. The report added that competition is likely to erode banks’ gains over time.

HSBC did not provide specific financial targets for each use case beyond prioritising higher-value initiatives. The announcement follows increased investment across financial services in generative and agentic AI to speed decision-making, automate routine work and personalise services.