HSBC Adds Fuel to Innovation Effort with MIT Partnership

“Related initiatives include allowing customers to open accounts using mobile selfies, voice authentication for customers calling in about their accounts, and a recent partnership with FacePhi to further expand its use of facial recognition technology.”

HSBC is aiming to add further momentum to its digital innovation with a new partnership with the Massachusetts Institute of Technology.HSBC Adds Fuel to Innovation Effort with MIT Partnership The organizations have announced the bank’s participation in MIT’s Industrial Liaison Program (ILP).

In a statement, HSBC asserted that its participation in the ILP will enable it “to monitor research development, identify and make use of MIT resources of interest, arrange expert face-to-face meetings with faculty, and leverage innovation from MIT-connected startups,” and “to attract and recruit top talent from the university.” Elaborating further, HSBC USA COO Vittorio Severino said the ILP “will enable us to use technology and data and analytics to provide better services and more innovative products to our clients.”

HSBC has already proven itself to be a technological innovator among the world’s major financial services organizations with a $125 million effort to transform its retail banking. Related initiatives include allowing customers to open accounts using mobile selfies, voice authentication for customers calling in about their accounts, and a recent partnership with FacePhi to further expand its use of facial recognition technology.

Participation in MIT’s Industrial Liaison Program should help to get more such innovations in the pipeline.