HSBC announced a strategic partnership with French startup Mistral AI to enhance and accelerate the use of generative artificial intelligence (AI) across the bank.
By bringing together its global financial expertise and Mistral AI’s cutting-edge technology, HSBC aims to improve business processes, save employees time, and better serve millions of customers globally, the banking giant stated.
The multi-year partnership will provide HSBC with access to Mistral AI’s commercial models, including future developments, while personnel will collaborate with Mistral’s applied AI, science, and engineering teams on the development of generative AI solutions across the organization.
HSBC taps Mistral AI
HSBC is continually assessing a wide range of large language models (LLMs) as part of its technology strategy, the firm said. It identified a valuable opportunity to use Mistral’s AI expertise to enhance internal tools.
This includes an AI-powered platform used by colleagues globally to help with productivity tasks, including:
- Developing business workflows that meet a wide range of needs across the bank, from empowering client-facing teams to deliver tailored communications quickly, to enabling marketing teams to run hyper-personalized campaigns, and helping procurement teams identify risks and uncover savings opportunities.
- Improving financial analysis for complex, document-heavy lending and financing decisions.
- Providing multilingual reasoning and translation capabilities to translate, validate and interpret information across languages, strengthening how we interact with customers.
- Accelerating innovation cycles by allowing teams to prototype, test and launch new processes or features more rapidly.
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.
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AI-driven transformation at HSBC
“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, group CEO at HSBC. “The partnership will equip our colleagues with tools to help them innovate, simplify daily tasks, and free up time to deliver for our customers.”
Both organizations are committed to the responsible use of AI and will work together to ensure all deployments adhere to the highest standards of AI transparency, data privacy, and technology development.
“Our highly customizable, enterprise-grade frontier AI solutions will reinvent HSBC’s workflows and services while ensuring full ownership of data,” commented Arthur Mensch, Mistral AI co-founder and CEO. “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.”
Image credit: HSBC