Japan’s Aeon Bank to explore use of AI-based solution for improving document analysis

Maria Nikolova

The bank will start an experiment of document data analysis utilizing Fronteo’s KIBIT engine.

Japan’s Aeon Bank, a part of Aeon Financial Service Co Ltd (TYO:8570), continues its push into the world of novel technologies. Earlier today, the bank announced that it will conduct an experiment to test how (and whether) a solution based on artificial intelligence technology will change the quality and efficiency of its interaction with customers.

The experiment will be using KIBIT, an AI-based engine developed by FRONTEO Inc (TYO:2158). In its essence, the study will focus on how AI will help analyze data from documents obtained during the interaction with customers. Previously, the quality of the communications and the compliance of the received documents has been changed by a human being. But this process is time-consuming and pretty boring.

KIBIT will be used for certain tasks, such as checking whether the explanation provided to a customer with regard to a certain product is correct and sufficient. The experiment will be particularly targeted at securing conformity with laws and regulations.

This is not the first time that Japanese banks use FRONTEO’s KIBIT engine. In May this year, Fronteo said it gained the support of the Japanese Financial Services Agency (FSA) to conduct an experiment within the “Fintech Hub” initiative undertaken by the Japanese regulator.

The experiment involves a number of major Japanese banks, including MUFG Bank, Bank of Yokohama, SMBC Nikko Securities and Resona Bank. They will all provide records (including telephone records) of the conversations between their customer support representatives and customers. FRONTEO’s KIBIT engine will then analyze the contents of these records to provide information on parameters like productivity, workload, accuracy, etc. The engine will also compare the results of the work of the AI engine and the human staff that usually check the records.

The aim of the experiment is to enhance the customer-orientated services offered by the banks, especially the selling of financial products like investment trusts.

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