HSBC Picks Harvey For Its Legal AI Platform

In what is a significant client win for Harvey, the legal AI platform has been chosen by HSBC – one of the world’s major banks – and will be rolled out across the inhouse team globally.

The bank stated that: ‘The pilot brings a cutting-edge legal AI platform into HSBC’s Global Legal function as part of the Bank’s commitment to innovation and operational excellence.’

Note: for compliance reasons all major tech onboardings at the bank have to be described as a ‘pilot’, however the deal is a long-term one and involves the global legal team, Harvey said.

HSBC added that choosing to bring in Harvey was all part of a ‘broader shift towards embedding AI across its operations, to increase business efficiencies, increase speed of execution, and better serve customers’.

The move comes as Harvey increasingly focuses on gaining inhouse clients alongside law firms. As AL has explored, the number of major law firms is limited, but on the corporate side – and when looked at globally – there are a huge number of large organisations with inhouse legal teams that could leverage Harvey, or other legal AI platforms. Thus, it’s an important step for a legal AI platform that wants to be ‘a household name’ in the field of legal AI on a global basis.

HSBC Group Chief Legal Officer, Bob Hoyt, commented: ‘This is a significant step forward in how we deliver legal support across HSBC. This isn’t just about deploying new technology – it’s about reimagining how an in-house legal function can operate by combining the speed and efficiency of AI with the expertise and judgement of our legal professionals.

‘It is an investment in a future where our lawyers can spend more time on strategic, high-value work to benefit our business colleagues and the customers they serve.’

Harvey CEO, Winston Weinberg, said: ‘HSBC has a customer-centric mindset and a clear plan to become an AI fluent organisation. As part of this ambition, the Legal team is moving towards a more AI-enabled operating model that will help them deliver for the business – and by extension their customers – by becoming more data-driven, efficient and effective.’

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