MUFG, OpenAI to launch AI-powered digital bank in Japan next year
Japan's largest banking group, MUFG, is partnering with OpenAI to launch an AI-powered digital bank next fiscal year. This collaboration will utilize AI technologies, including ChatGPT, to automate processes such as account openings, customer chats, and money management. The initiative aims to modernize Japan's paper-based financial markets and enhance efficiency. MUFG plans to grow its AI specialist team to over 350 employees by March 2027, reflecting its commitment to AI-driven innovation. The bank's executives emphasize collaboration between AI and human employees, ensuring AI enhances productivity without replacing jobs. MUFG's CEO, Hironori Kamezawa, stated that AI is becoming a central business partner, redefining the company's identity. The bank also partnered with Sakana AI to advance AI integration across its operations.
MUFG and OpenAI Partnership for AI-powered Digital Bank
MUFG, Japan’s biggest banking group, announced a partnership with OpenAI to launch an AI-powered digital bank in the next fiscal year. The collaboration, according to Mitsubishi UFJ Financial Group Inc. in Tokyo, will utilize AI to automate account openings, customer chats, and everyday money management. Customers will access these services via smartphone apps connected to ChatGPT. The goal is to make banking more efficient by eliminating manual processes, accelerating operations in Japan’s still heavily paper-based financial markets.
Innovative Features of the AI-powered Digital Bank
The new digital bank will allow customers to consult with ChatGPT on topics like savings, asset management, and household spending, removing the need to call branches or wait in long lines. This initiative reflects MUFG's broader strategy of embedding AI into customer service and internal workflows. It demonstrates their ambition to modernize banking services in Japan and integrate advanced AI solutions across their operations.
Expanding AI Expertise Within MUFG
Tadashi Yamamoto, head of MUFG’s retail and digital business group, revealed plans to expand their AI team to over 350 specialists by March 2027. The recruitment will focus on mid-career professionals with technical expertise, signifying a long-term investment to innovate systems that can keep pace with AI advancements. This hiring strategy aligns with global challenges faced by banks: deploying AI technology without compromising the human experience or causing widespread job disruption.
The Debate on Automation and AI in Japan
Japan’s financial sector—employing hundreds of thousands of workers—is intensely debating automation. Executives from major banks emphasize that AI won’t replace human workers immediately. At a Tokyo event hosted by Nikkei, Masahiro Kihara, CEO of Mizuho Financial Group, highlighted the importance of human traits like dialogue, empathy, creativity, and ethics. He stated that AI could handle repetitive tasks, enabling workers to focus on value-added work. Similarly, Akihiko Ogino, CEO of Daiwa Securities Group, stressed the importance of collaboration between humans and AI to boost decision-making and productivity.
Strategies for Balancing Humans and AI
Kentaro Okuda, CEO of Nomura Holdings, advocated for a hybrid approach where AI handles routine tasks and humans focus on strategic, value-creating roles. He cited Japan’s aging population as a key factor necessitating this balance. Similarly, Hironori Kamezawa, CEO of MUFG, described AI as more than a tool—it is becoming a business partner. He emphasized the need for MUFG to transition into an AI-native company, integrating machine learning into the bank’s core systems.
Partnership with Sakana AI and Future Outlook
Earlier this year, MUFG Bank hired Tokyo-based startup Sakana AI to enhance its reliance on artificial intelligence. Ren Ito, the co-founder and COO of Sakana AI, was appointed as an AI adviser for the organization. The bank expressed its goal to leverage Sakana AI’s innovative technologies, aiming to tackle management challenges and generate high-value impacts across its operations. MUFG’s latest annual report emphasizes the role of AI in shaping the future, demanding humans who can think deeply and act with intention to succeed in an AI-driven era.