HSBC Bank is joining the Massachusetts Institute of Technology’s Industrial Liaison Program as part of a broader effort to invest more in technology, data and analytics.
The partnership, which formally launched on Nov. 30, will give the bank access to MIT’s faculty, labs, and technical know-how, as well as startups affiliated with the university, the bank said. In exchange, HSBC is providing financial support, although it would not publicly disclose how much.
“With more and more disintermediation and technological change happening across the banking industry, the need to innovate and adapt to meet our customer’s changing needs is paramount,” said Jeremy Balkin, head of innovation for HSBC’s U.S. Retail Banking and Wealth Management business, in a press release. “This partnership provides us with access to the latest thinking across several fields that will help guide our overall innovation strategy moving forward.”
MIT established the Industrial Liaison Program in 1948, describing it as “a key player in making industrial connections for MIT.” More than 200 companies partner with the university through this program, and ILP companies have provided 53% of corporate gifts and single-sponsored research expenditures at the university.
The partnership also gives HSBC the ability to recruit talent from the university.
While HSBC’s primary markets are in the United Kingdom and Asia, the $2.5 trillion-asset bank also views its $191.9 billion-asset U.S. bank as critical to serving its international customer base. It has spent more than $125 million overhauling its U.S. retail bank, which included the introduction of voice biometrics, Touch ID and a new online banking platform.