THE JAPAN NEWS PHOTO
The irresistible shift toward digitization is sweeping through Japan’s three megabanks. Amid a drive toward greater efficiency and higher profits, artificial intelligence and robot technology are increasingly replacing roles typically handled by thousands of bank employees
Mizuho Financial Group Inc. is planning to cut 19,000 jobs over the next 10 years or so, as the global competitive environment undergoes drastic changes due to the spread of fintech — technology used to enable and support financial services. Such changes are forcing the megabanks to rapidly embrace measures to digitise their operations.
Following revelations about the Mizuho group’s planned job cuts on Oct. 28, a Mizuho Bank female employee in her 30s said: “At our bank, how to boost sluggish earnings has been an issue that needs to be addressed. But I also feel uneasy about cutting our workforce.”
All three megabanks are pressing ahead with digitisation, exploiting AI, robots and other technologies to streamline their operations. They have begun implementing measures that will ultimately enable them to reduce their number of employees.
BUSINESS
BUSINESS
BUSINESS
The Mizuho group has developed a robot that can assist customers who visit branches with queries about asset management and other services. If the robot is put into practical use, it could replace employees who currently do this work. By digitising these operations and limiting the number of new hires, the group plans to eventually cut its workforce to two-thirds of the current level.
Sumitomo Mitsui Financial Group Inc. has introduced paperless operations at some of its bank branches. Customers can use touch-sceen styluses and electronic signatures to complete procedures for transferring and depositing money, rather than filling out paper documents. The group plans to make these services available at all branches within three years.
