HSBC repurposes crime-spotting tool to scope new business

LONDON (Reuters) – British bank HSBC has converted a financial crime-spotting algorithm it was forced to build in the wake of a money-laundering scandal into one that can scope out new business opportunities, bank executives said. The system combines data on clients’ banking activities, with public data on company ownership and directorships, to flag desirable potential clients to HSBC staff and offer ways to connect to them through existing relationships. Using data and artificial intelligence to try and boost revenues is part of HSBC’s broader push to squeeze more out of its large physical network and client data, a key priority for interim Chief Executive Noel Quinn. “It’s one of the first commercial uses of investment in financial crime prevention, and the business we’re getting in this way is inherently lower risk and quicker to win,” said Stuart Nivison, HSBC’s global head of client network banking. HSBC’s Nivison said the lightbulb moment was realising the tool could be repurposed to look for ‘green flags’ of attractive potential clients rather than ‘red flags’ of wrongdoing.

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