HSBC said on Monday it has inked a multi-year partnership with French start-up Mistral AI to integrate generative artificial intelligence capabilities across the bank, intending to speed up automation, increase efficiency, and enhance client services.
As part of the agreement, HSBC will use Mistral's commercial models and upcoming updates on a self-hosted basis, fusing Mistral's model creation with its own technological prowess.
Together, the two companies will develop AI solutions for everything from risk assessment and individualized customer communications to financial analysis and multilingual translation.
The London-listed bank said the technologies could dramatically decrease the time staff spend on basic tasks, for example, credit and financing teams will be able to digest complex, document-heavy agreements significantly more rapidly.
HSBC, which now operates hundreds of AI use cases worldwide in the areas of fraud detection, transaction monitoring, compliance, and customer support, anticipates that the collaboration will speed up innovation cycles and facilitate the quicker release of new AI-powered products.
The initiative comes as lenders internationally scramble to implement generative AI despite remaining data-privacy worries.
HSBC said it will deploy Mistral's technologies under its existing responsible-AI governance framework, aiming to retain transparency and data protection.
