HSBC, Google Cloud Partner to Boost AI Use

By Megan Cheah

HSBC and Alphabet's Google Cloud are partnering to boost artificial-intelligence adoption across the London-based lender's products and services globally, as lenders seek to harness technology to spur efficiency.

HSBC will work with engineering teams from Google Cloud and Google DeepMind on a multiyear collaboration on AI-powered tools and programs, with access to Google's latest agentic AI capabilities, including Gemini models, it said Wednesday.

This will help the lender to identify the highest-value initiatives to prioritize for investment, which HSBC estimates could each return more than $100 million in direct revenue gains or wider efficiency improvements.

The partnership is also expected to enable more than 200 new AI use cases for HSBC over the next two years, on top of more than 600 HSBC applications already running on Google Cloud, a suite of cloud computing services offered by the U.S. tech company for businesses to build and scale applications.

HSBC and Google Cloud will first focus on boosting the bank's wealth-management support with AI, strengthening its financial-crime risk management and enhancing its AI-powered decision assistant to aid its frontline staff.

More banks are embracing AI initiatives as they seek ways to boost productivity, identify risks to their systems and streamline operations. Fellow U.K.-domiciled lender Standard Chartered previously said it is scaling its automation and AI use to enhance efficiency as it aims to reach more than 15% return on tangible equity in 2028.

Write to Megan Cheah at megan.cheah@wsj.com

(END) Dow Jones Newswires

June 17, 2026 02:45 ET (06:45 GMT)