HSBC announced on Monday that it had entered a multi-year agreement with French start-up Mistral AI to deploy generative artificial intelligence capabilities throughout the bank to accelerate the automation of its processes, boost productivity, and improve its services to clients.
Under the initiative, HSBC will deploy Mistral’s commercial models and upgrades of the future on a self-hosted basis, merging its internal technology capabilities with the model building of Mistral.
Both companies will collaborate to develop AI to perform tasks such as financial analysis, multilingual translation, risk assessment, and tailored communication with clients.
The London-listed bank stated that the tools have the potential to reduce the amount of time that the employees spend on routine tasks, such as credit and financing teams, who will be able to sift through thick document-heavy deals much faster.
Already operating hundreds of AI use cases in the global business, including fraud detection and transaction monitoring, compliance, and customer service, HSBC anticipates the partnership to hasten innovation cycles to that of launching new AI-powered features faster.
The pressure intensifies as lenders around the world are competing to incorporate generative AI, even though it remains unclear in terms of data privacy concerns.
HSBC announced that it will implement the tools of Mistral within the framework of its current responsible-AI governance model to maintain transparency and data protection.
