HSBC has announced a multi-year partnership with French startup Mistral AI aimed at accelerating the use of generative AI within the banking giant’s business.
This strategic partnership covers a wide range of use cases, but ultimately aims to improve employee productivity through increased efficiency, enhance business processes and transform the customer experience for HSBC’s millions of customers around the world.
HSBC will benefit from access to Mistral AI’s commercial models, both existing and future ones, and both teams will work together to improve real-world generative AI use cases.
HSBC said it is “continually evaluating a wide range of large-scale language models (LLMs) as part of its technology strategy.” It added that it sees an opportunity in its partnership with Mistral AI to leverage the latter’s expertise to add value to its existing in-house tools. This includes an HSBC AI-powered platform that improves employee productivity in a variety of ways, including:
- We help analyze complex or document-heavy processes, such as loans and loans.
- Shorter development cycles mean faster time to prototype, validation, and launch.
- We support multiple tasks across the business, including helping client-facing teams quickly create and deliver customized communications, facilitating the launch of hyper-personalized marketing campaigns, and identifying both risks and potential savings for procurement teams.
- Translation services to help you communicate with customers across multiple languages.
The company said its latest ambitions will be enabled by the combination of HSBC’s global financial expertise and the power of Mistral AI’s cutting-edge technology. blog post There, they called their new partner an “AI powerhouse.”
“Our partnership with Mistral is an exciting step forward in HSBC’s technology strategy, allowing us to further strengthen our AI capabilities across the bank,” said Georges Elhederi, Group CEO of HSBC.
“This partnership will give our colleagues the tools to help them innovate, simplify their daily work, and free up time to deliver for our customers.”
The companies also emphasized their commitment to using AI responsibly. As such, all work performed as part of the partnership will be conducted in accordance with the highest standards of AI data privacy, technology development, and transparency.
“We are proud to be in a long-term partnership with HSBC. Our highly customizable, enterprise-grade Frontier AI solution will reinvent HSBC’s workflows and services while ensuring full ownership of their data,” said Arthur Mensch, co-founder and CEO of Mistral AI.
“Together, we will deliver high-end, AI-powered productivity tools to HSBC employees and a new generation of banking services to millions of customers around the world.”
For HSBC, the focus on AI is not a recent addition. In fact, the company has been working on machine learning and AI-related activities for almost a decade and already has over 600 use cases in operation.
In addition, over 20,000 developers have used coding assistance to improve their coding efficiency by 15%.
The company now wants to build on these strong foundations with pace and scale. Examples of future focus areas include improving credit and lending processes, enhancing customer onboarding, and innovations to support anti-money laundering inspections and help fight fraud.
“While some people have overestimated the short-term impact of AI, I think many have significantly underestimated its long-term potential,” said Stuart Reilly, group CIO at HSBC. A webpage detailing our AI strategy.
“At HSBC, we are investing in foundational AI capabilities alongside ongoing projects that will enable us to accelerate and expand the use of AI across the bank.
“These foundations are critical because they enable rapid adoption of AI while maintaining the necessary safeguards for responsible use. We anticipate that in the near future, all employees will be using AI in their daily work.”
