BNP Paribas inks multi-year deal to implement Mistral AI commercial models across all business lines
Paris-headquartered banking group BNP Paribas has signed a multi-year agreement with Mistral AI, a technology start-up recently valued at $6 billion.
BNP Paribas signs multi-year deal with Mistral AI
As per the terms of the agreement, the bank will gain access to “current and future Mistral AI commercial models”, which are to be implemented “across all the bank’s business lines”.
With the start-up’s solutions in tow – with specific attention to its large language models (LLMs) – BNP Paribas claims to now be developing “a number of use cases in its businesses across customer support, sales, IT and other areas”.
Olivier Osty, head of BNP Paribas Global Markets, says the partnership has “significant potential to enhance our client offering across sales, trading, research and more”, aligning with its digital strategy and ambition to become “the number one European markets house”.
Adding to this, Sophie Heller, COO of BNP Paribas commercial, personal banking and services, says the deal “marks a further step in developing hyper-personalised digital services for our customers”.
“As an example, Gen AI will allow us to launch high-quality virtual assistants to answer clients’ questions 24/7 and to simplify end-to-end processes, enhancing the way our teams support clients.
“Deploying Gen AI models within our infrastructure will ally the latest technology with our strong commitment for security,” she explains.
The bank claims to have been engaging with the start-up, also headquartered in Paris, since September last year, when its Global Markets division first began experimenting with its AI models.
It asserts that the outcome of its initial engagement produced “strong results”, which led to the collaboration being extended to the wider group in February.
“Since that time, BNP Paribas has been extensively piloting Mistral AI commercial models across several of the bank’s divisions”, its latest statement says.
