Mizuho Leads Japanese Banks in AI Adoption, Enables Use of Microsoft's Azure OpenAI for All Employees

Author: Anusuya Lahiri | June 27, 2023 08:14am

This week, Mizuho Financial Group, Inc (NYSE:MFG) enables all Japan bank employees to use Microsoft Corp’s (NASDAQ:MSFT) Azure OpenAI service.

The banking firm will let 45,000 workers at its core lending units in the country test out the service, Bloomberg cites Toshitake Ushiwatari, general manager of Japan’s third-largest bank’s digital planning department. 

Managers and rank-and-file employees are already submitting dozens of pitches for ways to harness the technology.

Japanese financial firms, by contrast, versus Wall Street firms, appear to be adopting a more permissive stance internally with the unfolding AI revolution. 

Within global banks, some have clamped down on ChatGPT for employees, even using AI for business purposes such as scanning wealthy client portfolios and screening potential defaulters.

Ushiwatari’s team plans to hold a so-called “ideathon” within the firm in Japan as early as next month and is brainstorming various ways to encourage employees to experiment with the technology. Mizuho looks to launch the tool in its brokerage unit in the country in July.

Ushiwatari, a Tokyo Institute of Technology graduate, initially aspired to become a rocket scientist before switching career ambitions, joining what today’s Mizuho is, and has stayed for nearly three decades. 

He looks forward to reaping the advantages of AI despite being aware of its downsides.

Price Action: MFG shares are trading lower by 0.33% at $2.95 premarket on the last check Tuesday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Posted In: MFG MSFT