HSBC’s Elhedery says AI will revolutionize banking, but people still key

Artificial intelligence will revolutionize how banks serve customers, but emphasized that humans will remain at the core of the industry, and may hire more employees in the future, according to Georges Elhedery, chief executive of HSBC (0005).

Elhedery said he needs human judgment, human decision-making, and human accountability at the core, during an interview with Bloomberg Television.

He noted that HSBC is actively integrating AI into its business, already deploying the technology for functions such as customer identification and compliance checks. 

In recent months, many banks have announced layoff plans as they prepare to implement AI to improve efficiency.

Standard Chartered (2888) CEO Bill Winters had apologized for controversial remarks in which he said that AI would replace what he termed "lower-value human capital."

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