Yokohama, Japan, November 7, 2024 – The Bank of Yokohama Ltd and IBM Japan Ltd have successfully concluded a demonstration experiment of the application of generative AI in generating approval papers in its loan approval procedures.
The objectives of the pilot study were therefore to evaluate the augmentation effects of AI on work processes as well as the effectiveness of enhanced AI document preparation in improving the knowledge base of Loan Officers.
Throughout this six-week trial, IBM’s AI technology was deployed for the generation of loan proposal documents which would otherwise waste a lot of staff time and attention to detail.
The bank remarked that the system running on AI was efficient in several ways as it could prepare documents faster and answer clients without the need to be physically present, which would approximate 19,500 man hours a year if fully adopted.
“We are also in the process of adopting advanced AI-based technologies to improve our processes and our client’s services,”
Emphasized Tatsuya Kataoka, the CEO of Bank of Yokohama.
“This trial has delivered an encouraging outcome for increasing the pace of work as well as the cognitive processes in making the decision as to how our steps should be organized”.
Incompleteness in work hour coverage and reductions in labor hours worked were measured in response to the AI model which was in this case, its effectiveness.
Bank officials highlighted the fact that the technology not only shortens the time spent on document preparation but also assists loan officers regarding the topics and points for conversation, thus improving their chances of obtaining the necessary information.
“AI can support the process of loan evaluations by identifying the weak spots of information collection,”
Said Akio Yamaguchi, CEO of IBM Japan.
The bank wants to keep using AI to serve different segments of its customer base and create sustainable business models.
Embracing a successful endeavor, the Bank of Yokohama now intends to advance the application of AI technologies within its daily operations, in line with its key business strategy, which is to become a “solution company” providing the most advanced financial services.
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