Limited time as an asset – SMBC forms new business to boost productivity via robotics and AI

Maria Nikolova

SMBC Value Creation is set to provide productivity improvement solutions by using novel technologies, such as RPA, OCR and AI.

As new technologies continue to advance in the world of financial services, it is barely surprising that companies are seeking to harness the capabilities of robotic process automation (RPA) and artificial intelligence (AI) in order to improve productivity.

Sumitomo Mitsui Financial Group, Inc. (TYO:8316) and Sumitomo Mitsui Banking Corporation have announced the establishment of SMBC Value Creation Co., Ltd, an entity whose aim will be to design and implement solutions that increase productivity. These solutions will be using novel technologies, such as RPA, OCR, and AI. The new business is expected to start operating in April 2019.

The corporate philosophy of SMBC Value Creation can be summarized as “Limited time as an asset. We will become a source of power to maximize its value.”

SMBC Group says that, as of the end of September 2018, it has reduced its business volume by approximately 1.6 million work hours (worth 800 people) via automation. Thanks to the reduction of hours, the employees have been able to dedicate more time to valuable tasks.

SMBC has been a keen adopter of novel technologies. In February last year, for instance, SMFG reiterated its support for solutions harnessing the capabilities of artificial intelligence (AI) by announcing its intentions to further develop chatbots and roll out such solutions across its subsidiaries.

SMFG estimates that the introduction of a chatbot enhances efficiency when handling customer queries and cuts response times. Sumitomo Mitsui Bank introduced a chatbot in August 2017 and, since, has registered a resolution rate of more than 90% to queries handled by the bot. This has contributed to the productivity of each employee.

Read this next

Industry News

SEC Chair Gensler pitches for regulation of crypto exchanges; will Ripple benefit?

In what can be perceived to be a big boost for the crypto community, Gary Gensler, the newly appointed chairman of the Securities and Exchange Commission (SEC) has asked the Congress to look into crypto regulation.

Industry News

Baton Systems integrates with LCH for automation of collateral workflow

Baton Systems, a provider of post-trade solutions for financial markets, has announced its integration with LCH, a leading clearing house, for automating the end-to-end collateral workflow for participants in the derivatives markets.

Industry News

CBOE Expands Its European Team with Hiring of Senior VP

CBOE Europe, a pan-European exchange operator and which is a part of CBOE Group based in the US, has expanded its European team with the hiring of Natan Tiefenbrun as its Senior Vice President, Head of European Equities.

Retail FX

London C-level executive market on fire: Tickmill, you’re up

Mukid Chowdhury is now the face of Trading 212. This, however, has left a newly vacant seat. Now, it’s Tickmill’s turn to fight for a Chief Financial Officer. The C-level executive market in London is on fire at the moment.

Industry News

Sapien Capital: FCA fines £170k for allowing Solo Group’s money laundering

The role of Sapien Capital is that it executed purported OTC equity trades to the value of approximately £2.5 billion in Danish equities and £3.8 billion in Belgian equities.

Industry News

MAS invites all fintechs to apply for green tech accelerator

Fintechs should aim to solve at least one of the three key challenges proposed by MAS: (i) Mobilising Capital; (ii) Monitoring Commitment; and (iii) Measuring Impact.

Technology

LSEG tests DCM digitization platform developed with Nivaura

This issuance marks an important milestone in capital markets automation and digitization and demonstrates the potential of such platforms to improve current capital market workflows.

Industry News

Archegos Capital prepares for insolvency proceedings

Archegos Capital, the troubled capital management firm, is preparing for insolvency proceedings as banks that handled its funds are trying to recoup their losses from it.

Inside View

FinanceFeeds announces interview and media opportunities at IFX EXPO

After a tough year for much of the world and the FX industry, Ultimate Fintech has announced the first in-person B2B event of the year – IFX EXPO Dubai.