BNP Paribas partners with Mistral AI to implement LLMs across operations

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on Jul 10, 2024
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  • The partnership aligns with BNP Paribas' goals to enhance client offerings and operational efficiency.
  • Mistral AI, founded by former Google and Meta AI scientists, has raised over €1 billion.
  • The partnership highlights the increasing role of AI in the financial industry.

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BNP Paribas has entered a comprehensive partnership with Mistral AI to implement large language models (LLMs) across customer support, sales, and IT sectors. 

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This deal expands their collaboration, which began in September, to cover all current and future commercial models.

BNP Paribas aims to enhance operational efficiency by integrating Mistral AI’s generative AI technology.

Customer support will benefit from more efficient and accurate responses, sales teams will gain tools for better client engagement, and IT departments will streamline processes through advanced automation.

Mistral AI: The European alternative to OpenAI

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Founded in 2023 by former Google DeepMind and Meta AI scientists, Mistral AI has quickly established itself as a European alternative to OpenAI.

The Paris-based startup has raised over €1 billion (£860 million) in three successive funding rounds, reflecting strong investor confidence in its potential.

Mistral AI’s financial success has enabled the development of both open-source and proprietary AI models, designed to challenge existing market leaders. The startup’s focus on innovation and rapid growth trajectory have positioned it as a key player in the AI landscape.

Strategic benefits for BNP Paribas

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The partnership aligns with BNP Paribas’ strategic goals to enhance client offerings and operational efficiency.

By incorporating advanced AI models, the bank expects improvements in sales, trading, and research activities, keeping it competitive in the evolving financial services market.

“Our agreement with Mistral AI marks a major milestone in our digital strategy, and our ambition to be the number one European markets house. Generative AI has significant potential to enhance our client offering across sales, trading, research and more, and I am excited to continue our work with Mistral AI towards that goal.” Olivier Osty, head of BNP Paribas global markets said.

This partnership between BNP Paribas and Mistral AI highlights the growing importance of AI in the financial sector.

“Our collaboration with BNP Paribas signifies a strong leap towards achieving Mistral AI’s mission of making AI accessible for all. We are pleased to be working so closely with their team, integrating our cutting-edge generative AI models into the banking ecosystem and so many of their business lines. I eagerly anticipate the expansion of our partnership, as we continue to develop innovative use cases that will redefine the future of financial services.” Arthur Mensch, CEO, Mistral AI, said in a statement.

As banks and other financial institutions seek to modernize their operations, collaborations with AI startups are becoming increasingly common. These partnerships not only drive innovation but also help institutions meet the demands of a digital-first world.

The integration of AI into BNP Paribas’ operations could set a precedent for other financial institutions considering similar collaborations. Mistral AI’s continued development of innovative models will likely further solidify its position in the AI market.

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