Fintech & Ecommerce

Fujitsu to Test Use of Generative AI for Banks

The Japanese technology giant Fujitsu will conduct testing, during which the possibilities of using generative artificial intelligence technology in the banking sector will be explored.

Fujitsu Tests Use of Generative AI for Banks

This company will implement a pilot project on the apply of machine intelligence in the financial sector in partnership with Hokuhoku Financial Group. The technology giant, in the course of applying experimental solutions, will study the level of AI efficiency in banking.

The Fujitsu Kozuchi artificial intelligence platform will be used in the operational activities of Hokuriku Bank and Hokkaido Bank as part of the pilot project. These lenders are subsidiaries of Hokuhoku Financial Group.

More specific information about the pilot project states that a common module on the AI platform will be used to provide data in response to internal requests. Also, in this case, machine intelligence will be applied to create programs and business documents. Another scenario for using AI in the framework of the pilot project will be the verification of documentation. Based on the results of this experiment, an assessment of the effectiveness of artificial intelligence as a technology applied in the banking sector will be given.

The Japanese technology giant has identified the main goal of the pilot project as determining the most promising options for using AI. This experience of implementing machine intelligence in banking is not the first for the company. In June, Fujitsu announced a similar joint project with Mizuho.

In the Japanese banking sector, this experiment has been approved. Many financial institutions have declared their readiness to introduce advanced technology into the structure of their activities.

Also in Japan, local regulators have announced plans to create a regulatory framework that sets standards for the use of generative artificial intelligence tools.

As we have reported earlier, Japanese Banks to Enter Metaverse Economic Zone.

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.