(Benzinga) -
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Daiwa Securities Group, Inc (OTC: DSEEY) (OTC: DSECF) employees widely leverage an artificial intelligence-powered chatbot in Japan.
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The Japanese brokerage permitted close to 9,000 workers in Japan to "freely use" ChatGPT, Bloomberg cites Seiji Nakata. It also boosted the recruitment of science graduates to develop high-tech experts in-house.
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Deutsche Bank AG (NYSE: DB) leveraged AI to scan wealthy client portfolios, while JP Morgan Chase & Co (NYSE: JPM) is advertising for more AI roles than any of its rivals.
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Nakata saw ChatGPT replacing routine tasks while humans handle negotiations in advising on mergers and acquisitions or securities underwriting.
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Daiwa prioritized training staff to become AI experts and data scientists.
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He said that science, technology, engineering, and math degree holders accounted for 21% of new college graduates hired by Daiwa this year and might reach 50% in the future.
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ChatGPT has the potential to streamline Daiwa's retail business by helping salespeople identify financial products that will best fit their clients, Nakata said. He added that it may also help traders execute orders for corporate customers more efficiently.
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Japanese interest in AI has been growing. Softbank Group Corp's (OTC: SFTBF) (OTC: SFTBY) mobile unit proposes to build a version of ChatGPT, while Mitsubishi UFJ Financial Group, Inc (NYSE: MUFG) is preparing to enable employees to start using the chatbot this summer for daily work.
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Goldman Sachs Group, Inc (NYSE: GS) analysts estimate that 300 million full-time jobs globally, including financial operations, could be exposed to automation by generative AI.
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Price Action: DSEEY shares closed higher by 3.51% at $4.72 on Friday.
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By Anusuya Lahiri
