HSBC has bolstered its commitment to launching new data-powered services for its Global Banking & Markets (GBM) division by opening a data and innovation lab in London as part of plans to generate client insights and drive its new product development (NPD) strategy.
Said to be the brainchild of HSBC chief administrative officer and head of transformation for the GBM unit, Chuck Teixeira, the London lab will comprise a team of about 100 people, with a second lab in Toronto, Canada, housing a team of 50.
Both teams, which will include data scientists and technologists, as well as business intelligence staff, will collaborate with HSBC’s GBM businesses to create, among other initiatives, AI tools to analyse clients’ data with the aim of identifying potential future product and service requirements.
The labs coincide with the launch of the bank’s internship and graduate programmes, in which students and young professionals are introduced to careers in data science and engineering, while exploring business themes ranging from macro-economic payment trends to financial crime insight.
Teixeira said: “Creating a high-performing and innovative culture starts with the right people and the right environment. The labs give us the environment, and our internship and graduate programme will give us the people."
HSBC processes millions of transactions a day, sourced from 200 different data systems, 66 jurisdictions, 14 major product lines, and 75,000 data fields.