The banking giant HSBC has signed a deal with the French artificial intelligence company Mistral. The partnership will give HSBC access to Mistral’s generative AI models. Ortenca Aliaj reports for the Financial Times that the collaboration reflects a broader trend of traditional lenders adopting new technologies to boost productivity and lower costs.
HSBC and Mistral said they will work together to develop AI models for employees across the bank. The tools are intended for a range of tasks, from financial analysis to translating complex documents. The company stated the technology could help its staff make financing decisions more quickly. HSBC expects to expand its use of AI to other areas, including new client onboarding and anti-money laundering checks.
The move follows similar AI deployments in the financial sector. JPMorgan Chase, for example, has rolled out its own AI system to assist employees. Banks often frame AI adoption as a way to free up staff for more complex work. However, many anticipate that the costs of implementing these tools will be offset by reducing headcount.
HSBC is already using AI in its corporate and personal banking divisions. Chief executive Georges Elhedery said the bank is committed to the responsible use of AI. He added that the partners will work to ensure deployments meet high standards for transparency and data privacy.
