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HSBC, flip, crime-spotting tool for the delivery of a new business

LONDON (Reuters) – British bank HSBC (HSBA.(L) has been converted, is a financial crime-spotting algorithm is needed in order to rebuild in the wake of a money-laundering scandal, which you can scope out new business opportunities, bank executives said.

FILE PICTURE: HSBC-logo-in New York, New York, united states of america, August 7, 2019. REUTERS/Brendan McDermid

It is a system that combines the information of the customers’ banking activities, and public information regarding the company’s ownership and the terms of office, in order for the flag to be desirable to potential clients and to HSBC’s staff, and offer opportunities to connect via existing relationships as well.

The use of the data, and the use of artificial intelligence in order to try and increase revenue, it is a part of HSBC’s broader push to squeeze more and more out of its large physical network and the information of the customer, the most important priority for an interim Chief Executive, Noel Quinn.

“It was one of the first commercial uses of the investment in financial crime and the company will come to us in this way, it is inherently lower risk, and faster in order to win,” said Stuart Nivison, HSBC’s global head of client, network and banking businesses.

HSBC declined to comment on how much is expected of the new system, but said that it was a wider network of ‘income’ is an initiative which has already yielded hundreds of millions of dollars in additional revenue.

The railway station is an important part of the bank’s efforts to defend its presence in the world at a time when some analysts and investors say it needs to contract or exit markets, including the United States, where it is below its cost of capital.

HSBC was forced to invest hundreds of millions of dollars in financial crime compliance, as part of a $1.9 billion settlement in 2012 with the U.S. authorities over the bank’s failure to prevent the laundering of money by drug cartels, although the Mexican unit.

The system works by bringing individuals and businesses are linked to each other, and then looking for unusual patterns of transactions, or the recovery of a previously-unknown connections between the entities.

That’s a system that has already been freed, more than 400 employees from the manual monitoring of transactions and record to the client-facing roles where they can spend time with the help of the customer, ” says Adrian Rigby, chief operating officer for HSBC’s trade businesses.

HSBC’s Nivison said, the lightbulb moment was the realisation of the programme can be modified to look for the ‘green flag’ by appealing to potential customers, in place of the ‘red flag’ of misconduct.

“We took our client’s dataset, combined with the Uk Companies House data and ran the algorithm to check for the satisfaction of the client, whether that is by sector, and the growth of the company as well as the connection to the existing clients,” Nivison said.

The utility has allocated 22.5 million units and people in the united Kingdom, and it is able to recognize in a network of relationships that the employee would have taken about three hours to make, it manually, ” he said.

Reporting By Lawrence White; Editing with the ipad, Himani

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