) has converted a financial crime-spotting algorithm it was forced to build in the wake of a money-laundering scandal into one that can scope out new business opportunities, bank executives said.The system combines data on clients’ banking activities, with public data on company ownership and directorships, to flag desirable potential clients to HSBC staff and offer ways to connect to them through existing relationships.
HSBC declined to comment on how much it expects to make from the new system but said the broader ‘network income’ initiative has already yielded hundreds of millions of dollars in additional revenue. The system works by mapping individual customers’ and companies ties to each other and then looking for unusual patterns of transactions or unearthing previously unknown connections between those entities.
Adept tool use is a sign of intelligence in animals. In this case, it's a corporate beast displaying evil genius. 🧐
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