New technologies like artificial intelligence have undeniably taken over the world by storm. In turn, businesses and industries, in general, have been left trying to learn more about them and how they could harness their potential in a bid to remain relevant and stay ahead of their competition.
The financial services industry appears to be one of the industries that have a growing interest in artificial intelligence. For instance, Mitsubishi UFJ Financial Group has been making major strides in this field.
The Japan-based financial services institution recently decided to create a dedicated AI unit to operate within its Japan Digital Design subsidiary. The firm did so by consolidating its different artificial intelligence (AI) development projects and shifting R&D away from other business departments to the new unit called MUFGAI Studio (M-AIS).
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MUFG has been creating artificial intelligence (AI) services while preserving the individual resources within every group department and company. The Tokyo-based financial firm said that the MUFGAI Studio(M-AIS) would devote its attention to such assets and integrate them with resources drawn from outside MUFG in an attempt to expedite the research and development process of artificial intelligence(AI) models.
Based on its recent efforts, the financial services firm aims to re-allocate its financing and staff from within internal MUFJ units and instead bring in expertise from outside. The experts will be drawn from the bank’s external partners such as the University of Tokyo and ExWizards, which is a third-party developer in which MUFG bought a financial stake.
In a statement made by the Mitsubishi UFJ Financial Group, the MUFGAI studio or M-AIS will take advantage of both external and internal human resources who are not limited by the existing financial industry working styles and even the ways of thinking for both the analysis and development of artificial intelligence models.
According to Mitsubishi UFJ Financial Group, the new unit will deliver a dedicated space for both cloud computing and artificial intelligence (AI) model development services offered by Amazon Web Services. The bank added that M-AIS would be a research space that allows the trial and error of different approaches in the continuously growing field of artificial intelligence (AI) research.
Founded on October 1, 2005, Mitsubishi UFJ Financial Group operates as a Japanese financial services company with its headquarters in Tokyo, Japan. It was formed through a merger between Osaka-based UFJ Holdings and Tokyo-based Mitsubishi Tokyo Financial Group. The bank holds nearly $2.459 trillion in assets as of 2016. This figure makes it one of the fifth largest baking institutions in the world by the total number of assets.
Aside from being one of the main firms under the Mitsubishi Group, the Mitsubishi UFJ Financial Group prides itself on being the largest financial group in Japan. It is also the second-largest bank holding company across the globe with about $1.8 trillion in terms of deposits as of March 2011. In addition, the bank offers a wide range of financial services including investment management, corporate banking, personal banking, credit cards, mortgage, wealth management, and investment banking.