HSBC Australia To Build AI Assistant

HSBC Australia is set to release a virtual assistant for frequently asked questions and 'knowledge retrieval' after partnering with the Sydney-based machine learning company Flamingo AI.

Flamingo AI signed a pilot three-year agreement with the bank this week to flesh out a proof of concept of Flamingo AI’s ideas. This proof of concept was trialled late last year, but under the new contract will now be utilised in a real-world production environment.

HSBC Australia is one of the country’s largest banks.

HSBC Australia is one of the country’s largest banks.

This move to introduce a virtual assistant is only the latest of HSBC Australia’s pushes to redefine how customers interact with the bank through technology, which has as of yet included both in-branch and online upgrades.

In early 2018, the bank revealed it had partnered with the company Skyfii to deploy foot-traffic monitoring methods across its 35 branch locations, with data being collected through free guest WiFi services and then used to try and “personalise and improve the overall experience” for customers. It also took on Pegasystem’s real-time decisions software to gently transition customers onto its new online banking platform in the effort to avoid the backlash experienced by other banks who had attempted to do the same.

The planned virtual assistant for frequently asked questions and knowledge retrieval, known as MAGGIE, will join the growing number of Flamingo AI products being used in Australia’s finance sector.