HSBC Holdings PLC announced a multi-year strategic partnership with Alphabet's Google Cloud on Wednesday, aimed at significantly enhancing the British banking giant's artificial intelligence capabilities.

This collaboration represents the latest step by HSBC CEO Georges Elhedery to drive the adoption of AI for generating revenue and reducing costs. The technology is capable of processing vast amounts of data and automating tasks previously performed by humans.

The bank stated the partnership will focus on areas including wealth management client advisory services and financial crime risk management. This underscores the accelerating push by global banks to deploy AI technology amidst intense competition to adopt these advanced tools.

HSBC indicated that the collaboration with Google Cloud is expected to help it implement AI for over 200 new use cases within the next two years.

This follows CEO Elhedery's call last month for employees to embrace AI, while cautioning that the technology "will destroy some jobs and create new ones."

The bank said that engineering teams from Google Cloud and Google DeepMind will assist in prioritizing projects, each of which has the potential to deliver over $100 million in revenue growth or efficiency gains.

HSBC will utilize Google's Gemini models; the bank currently runs 600 applications on the Google Cloud platform.

The initiative will concentrate on three primary domains: personalized wealth management support; financial crime risk management; and providing AI-assisted decision-making tools for frontline staff to reduce time spent on administrative tasks and meeting preparations.