HSBC Holdings Plc has appointed its first chief artificial intelligence officer as part of the bank's strategy to reduce operational costs through enhanced technology deployment.

The appointment comes as major financial institutions increasingly turn to artificial intelligence and automation technologies to streamline operations and improve efficiency amid pressure to control expenses in a challenging economic environment.

The new role reflects HSBC's commitment to leveraging AI capabilities across its global operations, though the bank has not disclosed specific details about the appointee or the scope of responsibilities for the position.

Financial services companies have been accelerating their adoption of AI technologies in recent years, using machine learning and automated systems for tasks ranging from customer service to risk management and fraud detection. The technology is seen as a way to reduce labor costs while potentially improving service quality and operational speed.