HSBC partners with Mistral AI as banking giants spend billions looking for LLM boost

Global bank HSBC and Mistral AI have announced a deal they say will spread the use of generative AI across the financial institution, saving employees time and improving processes.

In a statement announcing the multi-year deal - the financial details of which were not disclosed - the pair said that the bank would get access to Mistral AI’s commercial models, including future developments.

Meanwhile, the $65.9 billion revenue bank said it would combine its “strong internal technology capabilities” with the French LLM developer’s expertise “to enhance current AI initiatives through self-hosted AI models that operate on HSBC’s internal technology systems”.

Using AI platforms could help “client-facing teams to deliver tailored communications at speed” and allow “marketing teams to launch hyper-personalized campaigns”. The bank was also considering using AI to enhance financial analysis of complex and document-heavy client lending or financing processes.

In a prepared statement, HSBC Group CEO ...