HSBC has agreed a multi-year partnership with Mistral AI to boost the use of generative AI across the bank.
The deal gives HSBC access to Mistral AI’s commercial models, both now and in the future.
Under the agreement, HSBC’s technology teams will work with Mistral AI’s applied artificial intelligence (AI), science and engineering teams to develop generative AI solutions for the bank.
HSBC will use its own technology with Mistral AI’s expertise to run self-hosted AI models on the bank’s internal systems.
Mistral AI’s models will help improve HSBC’s internal tools, including an AI platform used by staff worldwide for productivity tasks.
This includes creating business tasks to support teams across the bank, helping client-facing teams send tailored communications quickly, marketing teams launch targeted campaigns, and procurement teams identify risks and savings.
Other uses are financial analysis for lending and financing, translation and multilingual services, and speeding up development of new processes.
The partnership follows HSBC’s ongoing investment in AI to increase efficiency and improve service.
Future focus areas will include improving credit and lending, customer onboarding, and anti-money laundering checks.
Georges Elhedery, group CEO at HSBC, 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.”
Arthur Mensch, co-founder and CEO at Mistral AI, 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.”
