HSBC and Mistral AI have announced a partnership to enhance and accelerate the use of generative AI across the bank.

This multi-year partnership provides access to Mistral AI’s commercial models, including future developments.

Under the agreement, HSBC and Mistral’s applied AI, science and engineering teams will collaborate on the development of generative AI solutions across the organisation.

HSBC will combine its strong internal technology capabilities with Mistral AI’s deep expertise in foundational model development. This will enable HSBC to enhance current AI initiatives through self-hosted AI models that operate on HSBC’s internal technology systems.

HSBC is continually assessing a wide range of large language models (LLMs) as part of its technology strategy. The bank saw a valuable opportunity to use Mistral’s AI expertise to enhance its internal tools, including an AI-powered platform used by HSBC colleagues globally to help with productivity tasks. This includes:

• creating business tasks which support a variety of needs across the bank, such as allowing client-facing teams to deliver tailored communications at speed, enabling marketing teams to launch hyper-personalised campaigns, and helping procurement teams identify risks and savings opportunities
• enhancing financial analysis of complex and document-heavy client lending or financing processes
• multilingual reasoning and translation services: helping to translate and validate information in multiple languages to inform customer interactions
• faster development innovation cycles: enabling teams to prototype, validate and launch new processes or features more rapidly.

The partnership with Mistral builds on HSBC’s investments in the latest AI technologies which are focused on increasing business efficiencies and better serving customers.

Future areas of focus for HSBC will include customer-facing innovations, such as improvements to credit and lending processes, enhancing customer onboarding, and fraud and anti-money laundering checks.

Georges Elhedery, Group CEO, 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.”

Both organisations are committed to the responsible use of AI and will work together to ensure all deployments adhere to the highest standards of AI transparency, data privacy, and technology development.

Arthur Mensch, Mistral AI Co-Founder and Chief Executive Officer, 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.”