Rakuten adopts AI-based chat support for credit card queries

Maria Nikolova

The new service, which becomes available today, uses the Qlofune artificial intelligence engine developed by i Focus network co., ltd.

Rakuten Card, a subsidiary of Japan’s Rakuten Inc (TYO:4755), is seeking to improve its customer service by adopting an artificial intelligence (AI) solution. According to an announcement by the company, a new chat support service based on AI engine Qlofune, becomes available today.

The solution, developed by i Focus network co., ltd., is capable of answering various customer questions, ranging from card limits to instructions on what to do in case a card gets stolen. One of the advantages of the new service is that it is available 24/7 and takes a break only during system maintenance. Furthermore, the precision of answers is gradually improved thanks to the AI engine learning capabilities, that is, the ability to analyze queries in detail and adjust answers accordingly.

For the time being, the new chat support service is available on Rakuten Card’s website. One should activate the chat support function and enter the query. The engine will do the rest.

The launch adds to Rakuten’s efforts with regard to AI solutions adoption. In April this year, Rakuten announced its partnership with IBM Japan to create the “Rakuten AI Platform,” an internal Rakuten system aiming to introduce chatbots with automatic response functions into customer support. The system was built utilizing APIs provided by IBM Watson.

As a part of the development of the new AI platform, the two companies have this year founded a Center of Competency, a virtual organization in which employees from both companies develop and implement AI technologies and which provides training and education on the AI platform for Rakuten employees.

In addition, Rakuten Securities is reported to be testing AI software designed by NEC to detect market manipulation. The new system is set to be ready for launch within the current fiscal year.

The AI software works based on learning from past cases of illegal trading. It then flags suspicious activity. It scans the market for manipulators who use techniques such as spoofing that involves placing large orders that are canceled before they are executed.

Read this next

Digital Assets

Coinbase CEO says Chase UK’s ban on crypto “totally inappropriate”

Coinbase CEO Brian Armstrong criticized Chase UK’s decision to restrict cryptocurrency-related transactions in the UK. He called the move “totally inappropriate” and expressed his disagreement with the bank’s decision to ban its UK customers from conducting debit card or wire transfers related to cryptocurrencies.

Digital Assets

Binance CZ refutes any connection with CommEX

Changpeng “CZ” Zhao, the founder and CEO of Binance, has denied being the owner of CommEX, the company that reportedly acquired Binance’s business in Russia.

Institutional FX

Refinitiv’s spot FX volumes hit 8-month low

Refinitiv, the former Financial and Risk business of Thomson Reuters, today reported that the average daily volumes (ADV) of currency trading were $424 billion last month on the company’s main FX trading services.

Executive Moves

Integral hires industry veteran Paul Arnold as liquidity manager

Integral, a technology provider to the financial markets’ buy-side, has appointed Paul Arnold, a highly experienced FX industry professional, as its liquidity manager, according to information made public on his Linkedin profile.

Digital Assets

Terraform’s Do Kwon challenges US extradition request

Do Kwon, the crypto entrepreneur and former CEO of Terraform Labs, is opposing the U.S. Securities Exchange Commission’s request to question him about the crash of his company’s stablecoins Terra and Luna.

Digital Assets

Coinbase gets nod to offer futures for retail customers

Coinbase International Exchange has received regulatory approval from Bermuda’s financial regulator, the Bermuda Monetary Authority (BMA), to allow eligible non-US retail customers to trade perpetual futures contracts.

Inside View

How brokers can win the trading tech wars: Insights from iFX EXPO 2023

Last week’s iFX EXPO International 2023, held at the City of Dreams Mediterranean Integrated Resort in Limassol, Cyprus, welcomed a series of insightful discussions. A panel that particularly stood out focused on the role and evolution of trading technology.

Crypto Insider

Web3 Transformation: Radix’s Babylon Update Redefines User and Developer Engagement

Radix Publishing leaps forward in the decentralized world with the release of the Babylon mainnet upgrade, bridging the gap between innovative tech and user-friendly DeFi experiences.

Digital Assets

Crypto.com Joins Forces with PayPal and Paxos for Enhanced PYUSD Exchange Experience

Crypto.com collaborates with PayPal and Paxos to fortify its position as the premier exchange for PYUSD, marking a significant milestone in the global crypto landscape.