"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"."
"Bank of America, for example, has announced it is set to spend billions of dollars on technologies, including AI, to improve employee productivity and accrue more revenue. It has set aside $4 billion for new technology capabilities, such as AI, in its $13 billion tech budget, it told investors. Hari Gopalkrishnan, chief technology and information officer for Bank of America, said bank relationship managers could look after more clients by using AI to perform tasks such as preparing client briefing documents before meetings."
HSBC and Mistral AI agreed a multi-year partnership granting HSBC access to Mistral's commercial models and future developments, with undisclosed financial terms. HSBC will combine its internal technology capabilities with the French LLM developer's expertise to deploy self-hosted AI models on its internal systems. Planned uses include enabling client-facing teams to deliver tailored communications quickly, allowing marketing to launch hyper-personalized campaigns, and enhancing financial analysis of complex, document-heavy lending and financing processes. The partnership aims to simplify daily tasks, free up employee time, and increase productivity. Other global banks are similarly investing heavily in AI and technology.
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