December 19, 2018
HSBC Selects Fund IV Portfolio Company Tresata as Automation Partner
In a press release dated December 19th, 2018, HSBC’s Global Banking and Markets division, announced it has partnered with Fund IV portfolio company Tresata to utilize its AI-powered capabilities to tackle its large scale data initiatives. Tresata's software uses cloud-based artificial intelligence and automation technologies in order to help enterprises solve complex data problems.
Leveraging Tresata’s software, HSBC is building an AI-powered Client Intelligence Utility (CIU) built on 10 petabytes of corporate and institutional client data from 1.6 million clients. For perspective, according to data experts at McKinsey, 1 petabyte of data is approximately equal to 4x the data collected in the U.S. Library of Congress. HSBC currently processes millions of transactions daily, sourced from 200 different data systems, 66 jurisdictions, 14 major product lines, and 75,000 data fields. Chuck Teixeira, Chief Administrative Officer and Head of Transformation at HSBC, is leading the project. A quote from Mr. Teixeira can be seen below:
“Our data is fragmented across different countries, different regions. We set out to put all the data in one place. Trying to conform and aggregate it manually would have been nearly impossible, taken many years and cost hundreds of millions of dollars, so we partnered with a machine learning specialist, Tresata, to index it, join it up and cleanse it. It’s now in an on-prem Hadoop environment as real reusable data assets.”
HSBC will first use the new platform for financial crime use cases and will eventually use it to shape how HSBC services its clients. A full version of the press release is attached.