Use of Artificial Intelligence (AI)
HSBC has been working with artificial intelligence (AI) for many years. There have been significant advancements in generative AI, which has greatly improved the technology’s capabilities and accessibility.
Our approach to AI is evolving taking into consideration new developments and understanding – and we are excited by the potential improvements to the way we work and how we serve our customers. AI can make us faster and more efficient, removing manual and time-consuming processes and freeing up our people to add value.
In the short term we are using AI to help make a difference in three primary areas:
- Enhancing operational efficiency: AI can streamline business processes by automating repetitive tasks, improving data analysis, and reducing human error.
- Improving customer experience: AI-powered chatbots and digital agents, overseen and guided by human expertise – and supported by a human touchpoint with our customers – can provide personalised support and faster response times for customers.
- Enhancing risk management and compliance: AI can analyse vast amounts of data to help detect fraud and financial crime, assess credit risk, and help organisations comply with regulations.
While AI can offer significant benefits, it can also pose potential ethical risks. HSBC has a set of principles to help ensure we consider and address potential risks and issues that could arise. HSBC’s Principles for the Ethical Use of Data and Artificial Intelligence are available at https://www.hsbc.com/who-we-are/esg-and-responsible-business/our-conduct.