Japanese banks racing to use generative AI in profitability drive

TOKYO -- Japanese banks are racing to use generative AI in their businesses, from call center operations and ATM services to anti-money laundering and equity analysis, as they aim to raise profitability and lift their share prices.

"Fiscal 2023 has seen an explosive growth in usage of generative AI among Japanese banks," said Masahiko Kato, chairman of the Japanese Bankers Association, on the first day of the four-day Fin/Sum event in Tokyo on Tuesday.