Generative AI Utilization in Financial Institutions

This document is an interview with Takuro Okada, the Representative Director of the Financial Data Utilizing Association (FDUA), conducted by Yohei Kaneko. It discusses the FDUA's role in promoting generative AI within the financial sector, highlighting the organization's founding, its objectives, and the collaborative efforts to overcome traditional silos in the industry. Okada emphasizes the importance of fostering connections among financial institutions to enhance data utilization and AI adoption. The conversation also addresses the current generative AI boom, noting that financial institutions are increasingly receptive to its potential, especially in comparison to past technological movements. Key concerns regarding the risks associated with generative AI, including compliance and reputational risks, are also examined. The FDUA has published a handbook on generative AI use cases and plans to release guidelines, aiming to provide a structured approach to address common challenges faced by financial institutions in implementing AI technologies effectively.