Based in London HSBC We are deploying Gen AI initiatives to promote efficiency and consumer engagement with new products.
A 3 trillion dollar bank is adapted New economic reality driven by technologies such as AI and Gen AI,chief executive officer Georges ElderlyHe said today in HSBC’s fourth quarter revenue call.
In 2025, “Our flagship initiative will focus on improving customer service through both mobile apps and contact centres,” Elhedery said, and technology deployment for customer experience will help banks improve capital spending efficiency. He added that it will also help improve.
The bank aims to deploy Gen AI as follows:
- Increased technical productivity through coding assistants.
- Improved process efficiency for onboarding, KYC and credit applications. and
- Protect your customers from fraud and cybercrime.
The bank reported operating expenses increased by $8.6 billion in the fourth quarter and $8.6 billion in the fourth quarter.
Overall: The bank is implementing a multi-year restructuring effort, aiming to close certain regions and close multiple business lines to focus on growth.
“We are committed to providing $1.5 billion in simplification savings from the reorganization by the end of 2026,” Elhedaly said. The bank is aiming to redeploy its savings to Asian growth markets to expand its asset management business, he added.
HSBC sold its Canadian business RBC Obtained for $10 billion CityChina’s wealth business was $3.6 billion in 2023.
The bank announced last month that it was absorbing cross-border payment apps zing Elhedery said they will provide these features as one of their core products.
“It drives international client acquisitions,” he said. “There are a lot of possibilities we can get there. It’s much faster than trying to build it from scratch in an area where there are non-customers who work for a different brand than the very powerful brand of HSBC. It’s profit.”
Other major financial institutions including Ally FinancialCity and Goldman Sax We are also implementing a multi-year restructuring program to streamline operations.
In numbers: In Q4, HSBC reported.
- Revenues were $11.6 billion, down 11% year-on-year.
- Net interest income was $8.1 billion, down 0.7% from the previous year. and
- $1.6 billion customer deposits, up 4% from the previous year.
Note: HSBC has stopped This month, online and mobile banking services are being offered for private reasons. The bank did not provide details regarding the suspension.
Includes other FIs Capital 1 and Roys, We are reporting a suspension this year as well.
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