Mizuho Bank embraces Microsoft's Azure OpenAI service, enabling 45,000 employees
This week, Mizuho Financial Group Inc is granting all of its employees in Japan's banking sector access to Microsoft Corp's Azure OpenAI service, establishing itself as one of the pioneering financial institutions in the country to embrace the potentially groundbreaking technology of generative artificial intelligence (AI).
Mizuho, according to Bloomberg, intends to enable approximately 45,000 employees at its primary lending units in the country to experiment with the service, as stated by Toshitake Ushiwatari, the general manager of Mizuho's digital planning department.
Even before the software is installed, managers and employees at Japan's third-largest bank are already submitting numerous proposals on how to leverage the technology, demonstrating their enthusiasm to explore the potential of this technology.
In an interview, Ushiwatari stated that numerous staff members are enthusiastically embracing ChatGPT in their personal lives. Referring to the enthusiastic reaction that the company's decision has generated, he likened it to "poking a beehive." He further mentioned that there is a belief among the employees that this move will serve as a complete reset for the world, leading to disruptive innovation.
According to Bloomberg's report, the advancements taking place at Mizuho and other financial institutions coincide with Wall Street's efforts to navigate the ongoing AI revolution and its impacts.
While global banks have implemented restrictions on ChatGPT usage among their employees, opting to utilize AI for specific business functions like analysing affluent client portfolios and identifying potential defaulters, Japanese financial firms seem to be adopting a more lenient approach internally.
Ushiwatari's team is preparing to organize an "ideathon" within the company in Japan, tentatively scheduled for next month. They are currently brainstorming strategies to motivate employees to explore and experiment with the technology.
According to him, the tool is scheduled to be introduced to Mizuho's brokerage unit in the country next month. Among the concepts being considered, one idea involves leveraging generative AI, where AI models analyse extensive datasets to generate new images, texts, audio, and video. This proposal aims to establish a centralized reference system for the bank's extensive collection of internal rules, processes, and manuals.
Ushiwatari acknowledged his awareness of the risks associated with generative AI, and as the bank introduces this technology to employees, they are implementing guidelines covering information management, intellectual property, and ethics.
Nevertheless, Ushiwatari emphasised that generative AI has the potential to bring significant benefits to society, and the bank cannot afford to shy away from it. He emphasized that adopting this technology is necessary to avoid being left behind in the evolving landscape.