Daiwa Securities Takes Lead in Finance Sector with New AI Chatbot
Japanese brokerage firm Daiwa Securities has become the first major financial institution in the country to adopt an AI chatbot known as ChatGPT, which is designed to streamline work efficiency and increase customer interaction time. The adoption of ChatGPT is expected to assist Daiwa Securities employees with their daily tasks, including the gathering of information in English. It could also potentially reduce preparation costs and the time taken to create documents, leaving employees more time to focus on crafting business plans and other assignments.
Susumu Yamamura, a spokesperson for Daiwa Securities, said, "We prioritized using advanced technology to streamline work efficiency and increase the time to interact with customers." Specifically, Daiwa Securities hopes to increase efficiency and productivity within its workforce while reducing costs in the process.
Mitsubishi UFJ Financial Group plans to follow in Daiwa Securities' footsteps and install ChatGPT this summer. Meanwhile, Sumitomo Mitsui Financial Group has started trialling the technology, and Mizuho Financial Group is considering using such services.
However, in contrast to the Japanese banking industry, financial institutions in the United States and Europe are generally more cautious about using ChatGPT due to privacy concerns. While JPMorgan Chase & Co., Goldman Sachs Group Inc., and Citigroup Inc. have reportedly allowed their employees limited usage of ChatGPT, the Italian government recently banned the use of the technology in the country.
Daiwa Securities has sought to allay these fears by using Microsoft Corp.'s technology, which creates a closed and secure environment that prevents information leaks to outsiders.
