As one of two banks selected by the Monetary Authority of Singapore (MAS) led Veritas consortium, HSBC has successfully concluded phase one comprising customer marketing use cases on fairness principles.
The framework, called Veritas, will enable financial institutions to evaluate their Artificial Intelligence and Data Analytics (AIDA)-driven solutions against the principles of fairness, ethics, accountability and transparency (FEAT) that MAS co-created with the financial industry to strengthen internal governance around the application of artificial intelligence and the management and use of data.
With AIDA becoming increasingly integral in open banking, proper governance against the principles of FEAT is critical to fostering trust and confidence in AIDA-driven decisions and financial services.
Kate Platonova, Chief Data and Architecture Officer, HSBC, said: “We are proud to partner MAS and the other constituents in Veritas. HSBC aspires to be a data-driven and a customer-centric organisation, and this project is in line with our global data strategy to further develop and embed practical implementation of AI principles, in particular around good data governance and accountability.”
For HSBC, AI and data analytics are part of our Singapore strategy to focus on Investing in Digital Capabilities and Building the ‘Bank of the Future’ for our customers. Since January 2020, we have seen self-directed investments into equities, unit trusts and forex continue to trend upwards. We have also streamlined processes and platforms to improve operational efficiency and customer experience by implementing remote servicing processes as well as digital wealth solutions. To ensure that our employees keep pace with our digital transformation, we have also implemented a Professional Conversion Programme (PCP) industry initiative that looks to up-skill individuals for banking jobs undergoing transformation.
The Hongkong and Shanghai Banking Corporation Limited
The Hongkong and Shanghai Banking Corporation Limited is the founding member of the HSBC Group. HSBC serves customers worldwide from offices in 64 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of $2,956bn at 30 September 2020, HSBC is one of the world's largest banking and financial services organisations.