MUFG sets up studio for AI model development
The studio will use human resources that are not bound by current financial industry styles of working and ways of thinking for the development and analysis of AI models.
To those of FinanceFeeds’ readers who keep an eye on topics related to new technologies, the efforts of Mitsubishi UFJ Financial Group, Inc. (MUFG) in the area of artificial intelligence (AI) are well known. The Japanese financial services giant today took another step in this direction and announced its decision to establish an AI Studio.
MUFG AI Studio (M-AIS) is an initiative within MUFG’s subsidiary Japan Digital Design, Inc. (JDD) that seeks to research and develop proprietary AI models for use by MUFG Group.
Regarding the rationale for such a launch, MUFG noted that it has been developing AI services while maintaining the individual resources (data and development environment) within each group company and department. M-AIS will seek to concentrate these assets, combining them with resources from outside MUFG Group, to accelerate the research and development of AI models. The idea is that the studio will welcome both internal and external human resources who are not bound by current financial industry styles of working and ways of thinking for the development and analysis of AI models.
There are a number of M-AIS initiatives. The list of projects of the new studio in the area of finance includes an initiative for modeling the flow of funds for settlements between corporations, as well as between corporations and individuals using large graphs. Another project in this field relates to market transactions. It aims to improve learning and decision-making speed of AI decision-making models for market transactions using news and events.
Interestingly, there are numerous initiatives related to management. One such project aims to predict future customer behavior based on their historical behavior for use in marketing. Another is dedicated to an HR Tech service specialized for financial business that studies the know-how and tacit knowledge of high performers and communicates it to all employees.
This marks yet another step by MUFG into the vast area of AI. In March this year, the Japanese financial major announced that its subsidiary JDD has launched a business alliance with ExaWizards Inc, in order to accelerate the development of services for the financial sector that are based on AI. The companies said they would conduct studies set to result in the development of online-finance products and the creation of new credit models making use of information such as deposit and withdrawal data, enabling them to provide better services quickly and smoothly.
In November last year, the financial services giant became one of the investors in Xenodata Lab, a Tokyo-based firm that leverages the power of artificial intelligence to provide finance data analytics products.
