HSBC has entered a multi-year partnership with Mistral AI to advance the adoption of generative artificial intelligence (AI) across its global operations.
Based in France, Mistral AI claims to “democratise” AI via “high-performance”, open-source models, products and an end-to-end infrastructure.
The collaboration with Mistral AI aims to enhance the bank’s business processes, save employees time, and improve service for millions of customers worldwide.
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HSBC will get access to Mistral AI’s commercial models and future developments.
Under the agreement, HSBC and Mistral AI’s applied AI, science, and engineering teams will jointly develop generative AI solutions for the bank.
HSBC will combine its technology expertise with Mistral AI’s foundational model development and deploy self-hosted AI models on its internal systems.
HSBC Group CEO Georges Elhedery said: “Working with Mistral is an exciting step forward in HSBC’s technology strategy, enabling us to further enhance AI capabilities across the bank.
“The partnership will equip our colleagues with tools to help them innovate, simplify daily tasks, and free up time to deliver for our customers.”
The partnership builds on HSBC’s ongoing investments in AI technologies, aimed at streamlining operations and enhancing customer service.
It will support a range of productivity and business tasks within HSBC.
These include enabling client-facing teams to deliver tailored communications quickly, allowing marketing teams to launch hyper-personalised campaigns, and assisting procurement teams in identifying risks and savings opportunities.
It will also enhance financial analysis in complex, document-heavy client lending or financing processes.
Additionally, the collaboration will support multilingual reasoning and translation services, helping HSBC translate and validate information in multiple languages to inform customer interactions.
The partnership aims to accelerate innovation cycles, enabling HSBC teams to prototype, validate, and launch new features more rapidly.
Mistral AI co-founder and CEO Arthur Mensch said: “We are proud to engage in this long-term partnership with HSBC.
“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.”
In October this year, HSBC partnered with ValidiFI, a predictive data and analytics solutions provider, to enhance its bank account validation and fraud monitoring.
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