Mitsubishi UFJ is to consolidate its disparate artificial intelligence development programmes, moving R&D away from distinct business departments to a new AI Studio (M-AIS) within its Japan Digital Design subsidiary.
Hitherto, MUFG has been developing AI services while maintaining the individual resources within each group company and department. The bank says M-AIS will concentrate these assets, combining them with resources from outside MUFG Group, to accelerate the research and development of AI models.
The bank intends to re-allocate staff and funding from within internal MUFJ units and draw in outside expertise from external partners including the University of Tokyo and ExWizards, a third party developer in which the bank recently took a financial stake.
"M-AIS will utilise 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," says the bank.
The new unit will provide a dedicated space for AI model development and on cloud computing services provided by Amazon Web Services, the bank adds, "creating a research space that permits trial and error of various approaches in the constantly advancing field of AI research".Want to learn more about how AI is upending traditional financial services? Register for Finextra's NextGen Banking London: the AI Revolution conference and hear how some of Europe's top banks are using the technology to radically improve efficiency, risk management and regulatory compliance, and customer service.