Mizuho Launches Generative AI For 45,000 Bank Staff In Japan

Mizuho Financial Group has said that it will provide access to the Azure OpenAI service by Microsoft for all the employees of the banks based in Japan. Mizuho has become among the first representatives of the Japanese financial sector to offer generative artificial intelligence technology.

Mizuho unveils generative AI for 45,000 bank staff in Japan

Mizuho is the third-largest financial institution in the Japanese banking industry. The general manager at Mizuho, Toshitake Ushiwatari, said that generative AI would be available on a testing basis to 45,000 employees across the main credit departments.

Ushiwatari also said that managers and workers offered many options to use the new-generation technology before installing the software. He further said that a majority of employees at the bank had accepted the changes that would come with depending on advanced technological solutions.

He further added that employees at the bank believed that new technological solutions were a force that would transform the world. The development comes at a time when artificial intelligence is penetrating across many industries, including Wall Street.

While some financial institutions, such as Mizuho, are embracing the new technological advancements, others are delaying the inevitable and choosing to refrain from such adoption.

Some banks have barred their employees from using the ChatGPT in handling tasks such analysing the portfolios of wealthy clients and monitoring consumer payment deadlines. However, financial institutions in Japan are taking a different trend and choosing to support technological advancements.

The Personal Information Protection Commission, the privacy watchdog for the Japanese market, has issued a warning to the creator of ChatGPT, OpenAI, about the use of customer data. A recent G7 meeting that was held in Japan featured a discussion about regulating AI technology.

Despite the concerns that have been shared by Wall Street banks, Mizuho has been a user of generative AI, and so have other banks in Japan. The other Japanese institutions showing interest in AI technology include Daiwa Securities Group and Mitsubishi UFJ Financial Group.

Japanese banks are embracing technological changes

The team at Mizuho is planning to hold an Ideaton in Japan this coming month. During this event, specialists will craft ways to motivate employees of a financial institution to explore new-generation technologies.

One of the primary goals of the bank is to adopt generative AI to generate new images, audio, text and video content. The information that is generated using this technology will also be a reference point that will be used in creating processes, rules, and other guidelines that are needed by the bank.

Ushiwatari further said that he understood the risks that came with AI technology, adding that the bank has launched the principles of using a new generation of technology related to aspects including information management, intellectual property, and ethics.

He noted that generative AI technology would play a strategic role in lifting society, adding that the bank should not ignore new realities across the technology industry.