BNP Paribas has entered into a multi-year agreement with Mistral AI, encompassing all of the French artificial intelligence firm’s commercial models.
BNP Paribas’s global markets unit has been testing Mistral AI’s models since last year, yielding "strong results." The bank is now in the process of piloting this technology across various divisions. The new agreement ensures that BNP Paribas will have access to current and future commercial models throughout all its business lines. By leveraging Mistral AI’s Large Language Models, the bank is already developing various use cases in customer support, sales, IT, and more.
Founded by former Google DeepMind and Meta AI scientists, Mistral AI has been positioned as a European competitor to OpenAI and has raised over EUR 1 billion, with BNP Paribas among its investors. Mistral AI emphasizes that its offerings and strategy align well with highly regulated institutions, enabling the controlled deployment of advanced models on-site.
Sophie Heller, COO of BNP Paribas Commercial, Personal Banking, and Services, stated: “This partnership with Mistral AI represents a significant step in our efforts to develop hyper-personalized digital services for our customers. For instance, Gen AI will enable us to launch high-quality virtual assistants that can respond to client inquiries 24/7, streamlining end-to-end processes and enhancing client support."
For more insights into the challenges and opportunities artificial intelligence presents to the banking sector, consider attending Finextra’s first NextGenAI conference on November 26, 2024. Register your interest here.