SMBC Nikko Securities to use AI solution to enhance internal compliance

Maria Nikolova

“U3 COGNI” developed by NextGen aims to help SMBC Nikko Securities work with voice data.

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As artificial intelligence (AI) solutions continue to penetrate the financial services sector, SMBC Nikko Securities, a subsidiary of Sumitomo Mitsui Financial Group, Inc. (TYO:8316), plans to tap the capabilities of AI to enhance its internal compliance operations.

The company has unveiled its plans to implement a new speech recognition solution developed by NextGen. The solution which is set to be adopted by the end of March this year, harnesses the power of deep learning and is set to precisely convert speech into written text.

The service is set to offer high-precision conversion of voice data to text and thus enhance the efficiency of internal compliance operations. The new solution is especially useful in situations when the company has to verify the contents of a phone conversation or has to find a problematic recording among tons of others. These processes have thus far consumed lots of time for the company.

This is yet another move by SMFG into the world new technologies. In September last year, SMFG and SAS Institute Japan Ltd. announced a partnership that focused on using AI in the AML compliance department of Sumitomo Mitsui Banking Corporation. Thanks to the AI technology, when looking for suspicious transactions, SMBC is able to exclude false alarms from the total of alerts generated from the AML system, and can then select the alerts to be reported to the authorities.

In May last year, SMBC Nikko Securities unveiled a partnership with NTT Communications Corporation to jointly develop an automated chat service using AI. The service, deployed at SMBC Nikko Securities’ Contact Center, has as its goal to improve its LINE-based enquiry service. AI Chatbot is capable of understanding customer input on LINE Talk and then automatically and rapidly provide the most appropriate response.

In its latest announcement, SMFG promises that it will continue to utilize the latest fintech solutions to continue to improve the services offered to customers.

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