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BNP Paribas and Mistral AI Forge Banking Pact

French bank BNP Paribas has announced the beginning of a large-scale partnership with Mistral AI, a startup based in the same country operating in the artificial intelligence industry.

BNP Paribas and Mistral AI Forge Banking Pact

An agreement on cooperation between one of the largest financial institutions in Europe and one of the most effective European players in the area of machine intelligence was announced last Wednesday, July 10. In this case, the launched collaboration provides for long-term partnerships. As part of the appropriate interaction, the financial institution will have access to existing and future artificial intelligence models from the startup. The official statement on cooperation notes that the machine intelligence tools developed and being developed by the new partner BNP Paribas will be used in all areas of the bank’s activities.

It is worth noting that the cooperation announced on Wednesday is not an entirely new project, formed based on an initiative that has no prior practical experience. In this case, it means that the financial institution and the startup have already started interacting last year. It is worth noting that the initial experience of cooperation was limited in scale and belonged to the category of what can be described as moderate effect projects. Last year, BNP Paribas’s global markets unit began using artificial intelligence models from Mistral AI. This activity of a functional unit in the structure of a financial institution was carried out in a certain sense in a test mode but had specific positive results. The initiative announced on Wednesday differs from the mentioned experience in that in this case it implies a full-fledged partnership, within which AI technologies from the startup will be used in all segments of the bank’s operating space.

A joint press release from BNP Paribas and Mistral AI notes that the initial interaction experience had strong results. In this context, it was also noted that against the background of the mentioned positive interaction, the financial institution in February of the current year decided to expand the scope of the partnership. Before the cooperation was announced on Wednesday, the bank had already piloting commercial artificial intelligence models developed by the startup into several of its units.

Also, a joint press release from BNP Paribas and Mistral AI notes that the financial institution uses large language models from the partner in such segments of its activities as customer support, sales, IT, and other areas.

Sophie Heller, chief operating officer for the bank’s commercial, personal banking, and services division, says that partnering with the startup helps the lender develop hyper-personalized digital services for consumers. She also stated that generative artificial intelligence will allow a financial institution to launch high-quality virtual assistants that will answer customer questions around the clock. Moreover, she said, the corresponding digital products will simplify end-to-end processes by improving the way of customer support by the bank’s specialist teams.

Besides, Sophie Heller stated that the deploying of generative artificial intelligence models into the infrastructure of a financial institution will be combined with the latest technologies and the lender’s strong commitment to security.

Last month, the chief technology officer of the Danish digital bank Lunar Kåre Kjelstrøm, during a conversation with media representatives, said that virtual assistants based on machine intelligence are the next step in the evolution of virtual banking. According to him, the mentioned functional solutions allow customers to interact with their finances using natural language.

It is also worth noting that the introduction of artificial intelligence in the banking area means a significant shift from traditional user interfaces. New AI-based functional solutions provide consumers with the opportunity to obtain more complete financial insights in intuitive and natural ways.

Kåre Kjelstrøm stated that the use of artificial intelligence in banking is a journey toward hyperpersonalization. In this context, he also noted that traditional banking systems often provide generic and impersonal services, which is why users may feel disconnected from their finances. The corresponding state of affairs is formed against the background of the obvious fact that lenders commonly have access to vast amounts of data about their clients. The mentioned information, if used wisely, can change how bank clients perceive the experience of their interaction with finance.

Kåre Kjelstrøm underlined that lenders own large amounts of data that can help clients take control of finances.

It is worth noting that during the period of active scaling of the use of artificial intelligence and the introduction of advanced technology into various spheres of activity, the importance of cybersecurity is increasing. In the context of this issue, it should be noted that fraudsters also have access to AI. Due to the use of artificial intelligence, the activities of cybercriminals have become more sophisticated and difficult to detect. Against this background, the importance of personal awareness of users about the threats they may potentially face in the virtual space increases. For example, a query in an Internet search engine, such as how to know if my camera is hacked, will allow anyone to get information about signs of unauthorized access to the device. Digital literacy is also a tool for countering cybercrime. It is worth noting that relevant knowledge needs to be updated periodically because technologies evolve.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.