How are HSBC and Mistral AI Navigating Generative AI?

HSBC has announced a strategic partnership with French start-up Mistral AI to strengthen Gen AI processes at the bank. 

Mistral AI will support the bank’s business processes through access to commercial AI models in a multi-year partnership.

Teams from Mistral’s AI, science and engineering departments will create generative solutions to be applied at HSBC. 

The move comes as part of HSBC’s wider strategy to implement AI across its business.

How is Gen AI being implemented at HSBC? 

HSBC, already on the AI ladder, will strengthen its AI capabilities through the agreement with Mistral AI. 

The global bank intends to strengthen its AI capabilities through self-hosted AI-models that are reliant on HSBC’s strong internal technology systems. 

Georges Elhedery, Group CEO at HSBC, says: “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.”

As part of its agreement, HSBC will continue to consider the use of LLMs to support the needs of the business. 

A global platform, powered by AI and utilised by HSBC colleagues, will be enhanced through Mistral AI. 

Workflows will see an increase in productivity as the technology will create business tasks to support the bank, including assisting client-facing teams with tailored communications and delivering hyper-personalised campaigns for the marketing team. 

AI will also strengthen financial analysis of complex processes, alleviating the burden of document-heavy processes such as client lending. 

The global bank will also see an increase in improved communication as it mentions the AI can assist in the translation and validation of information to inform customer interactions. 

Procurement teams will also benefit, as AI will help identify savings opportunities and risks. 

Finally, AI will motivate innovation as faster development cycles allow for rapid prototyping and launch of new processes and features. 

Arthur Mensch, Co-Founder and CEO of Mistral AI, says: “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.”

HSBC: Digital strategy to support global development 

Currently, HSBC is taking advantage of what it calls an ‘enormous opportunity’ as AI tools continue to transform businesses. 

Earlier this year, HSBC embedded AI Review Councils across the organisation. 

Stuart Riley, Group Chief Information Officer at HSBC, says: “While some overestimate AI’s short-term impact, I believe many significantly underestimate its long-term potential.

“At HSBC, we’re investing in foundational AI capabilities alongside our ongoing projects which will enable us to accelerate and expand AI utilisation across the bank.

“These foundations are crucial as they allow for rapid AI deployment whilst maintaining the necessary safeguards for responsible usage.

“I anticipate that within the near future every employee will be using AI in their daily activities.”

HSBC is currently using Gen AI to support credit-analysis write-ups as well as support operations in Wealth and Personal Banking UK and Corporate and Institutional Banking. 

The bank state that future focus areas for AI will involve customer-facing interactions, customer onboarding and fraud and anti-money laundering.