Stephen Spielberg's 2001 sci-fi thriller is now more fact than fiction as a Japanese securities house implements AI technology to truncate compliance procedures.
Mizuho Securities is adopting artificial intelligence (AI) and voice recognition technology from Nomura Research Institute (NRI) to assist in monitoring and analysing communications between its sales reps and investors which are tracked for compliance purposes.
The system learns with a vast collection of conversation data, using summary rules of conversations and monitoring checklist guidelines for machine learning. At the end of the process the system extracts and shows the parts of conversations that need to be monitored.
Thousands of Job Losses
Mizuho introduced the technology last month following a proof-of-concept and says that the pilot project found a significant reduction in monitoring time, and the firm decided to implement the system officially.
In October Mizuho said it planned to shed as many as 19,000 employees in Japan and overseas over the next 10 years. The cuts will account for one-third of its entire labour force and will come through the growing use of AI and other technology.
