Wedoany.com Report-Dec.1, HSBC announced on Monday that it has entered a multi-year agreement with French artificial intelligence company Mistral AI to incorporate generative AI tools throughout its global operations. The partnership focuses on increasing automation, raising employee productivity, and improving customer service capabilities.

HSBC logo is seen in this illustration taken December 22, 2023.

Through the collaboration, HSBC will implement Mistral AI's commercial large language models and subsequent updates using a self-hosted deployment model. This approach combines HSBC's internal technology infrastructure with Mistral's expertise in model development.

The two organisations will jointly develop AI applications for a range of functions, including financial analysis, multilingual document translation, risk evaluation, and tailored client communications. The bank expects these tools to substantially reduce the time required for routine processes. For instance, credit and financing teams will be able to review complex, document-intensive transactions significantly faster than before.

HSBC already operates hundreds of AI applications worldwide in areas such as fraud detection, transaction monitoring, regulatory compliance, and customer support. The partnership with Mistral AI is intended to shorten development cycles and enable quicker introduction of new AI-enhanced features.

The agreement reflects the banking sector's ongoing efforts to adopt generative AI technologies while addressing data-privacy requirements. HSBC confirmed that all Mistral AI tools will operate within its established responsible-AI governance framework to maintain transparency and protect customer information.

By hosting the models internally, the bank retains full control over data handling and security protocols. The self-hosted arrangement also supports customisation of the AI solutions to meet specific operational needs across HSBC's international network.

The collaboration marks another step in HSBC's broader digital transformation strategy, building on existing AI initiatives to deliver greater efficiency and improved service quality. Implementation will proceed gradually, with initial focus on high-impact internal processes before expanding to additional client-facing applications.

The partnership with Mistral AI positions HSBC to benefit from continued advancements in generative AI while ensuring deployment aligns with the bank's standards for safety, reliability, and regulatory compliance. Further details on specific rollout phases and initial use cases are expected to be shared as the integration progresses.