HSBC announced a strategic partnership with French start-up Mistral AI to enhance and accelerate the use of generative artificial intelligence (gen AI) across the bank. By bringing together our global financial expertise and Mistral AI’s cutting-edge technology, „we aim to improve business processes, save employees time and help to better serve millions of customers globally” – according to the press release.
„This multi-year partnership provides us with access to Mistral AI’s commercial models, including future developments. Under the agreement, our teams will collaborate with Mistral’s applied AI, science and engineering teams on the development of gen AI solutions across our organisation.” – the bank said.
Valuable opportunity
HSBC continually assessing a wide range of large language models (LLMs) as part of its technology strategy and „identified a valuable opportunity to use Mistral’s AI expertise to enhance our internal tools”.
These include an AI-powered platform used by colleagues globally to help with productivity tasks, including:
. Creating business tasks that support a variety of needs across the bank, such as allowing client-facing teams to deliver tailored communications at speed, enabling marketing teams to launch hyper-personalised campaigns, and helping procurement teams identify risks and savings opportunities
. Enhancing financial analysis of complex and document-heavy client lending or financing decisions
. Multilingual reasoning and translation services: helping to translate and validate information in multiple languages to inform our interactions with customers
. Faster development innovation cycles: enabling teams to prototype, validate and launch new processes or features more rapidly
„The partnership with Mistral builds on our investments in the latest AI technologies, which are focused on increasing business efficiencies and better serving customers. Our future areas of focus will include customer-facing innovations, such as improvements to credit and lending processes, enhancing customer onboarding, and fraud and anti-money laundering checks.” – the bank explained.
“Working with Mistral is an exciting step forward in HSBC’s technology strategy, enabling us to further enhance AI capabilities across the bank,” said Georges Elhedery, our Group CEO. “The partnership will equip our colleagues with tools to help them innovate, simplify daily tasks, and free up time to deliver for our customers.”
Arthur Mensch, Mistral AI Co-Founder and Chief Executive Officer, added: “Our highly customisable, enterprise-grade frontier AI solutions will reinvent HSBC’s workflows and services while ensuring full ownership of data. Together, we will provide HSBC’s employees with high-end, AI-powered productivity tools and a new generation of banking services for millions of customers worldwide.”
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