NEC has partnered with dotData, a Silicon Valley venture in the automation of data science, to deliver artificial intelligence and data analytics solutions to the Sumitomo Mitsui Financial Group (SMBC Group) for its financial solutions.
NEC has secured an exclusive license of dotData platform to provide this software across Japan. dotData automates data science processes using artificial intelligence (AI) and enables companies to benefit from big data analysis.
Since 2016, Sumitomo Mitsui Banking Corporation, NEC and the dotData team have been actively working to integrate AI into banking operations to develop new service offerings.
As a result of this successful collaboration, the SMBC Group has decided to use dotData platform across the five group companies.
Using dotData platform, the SMBC Group wants to deal with issues such as the marketing of various financial products, including credit cards and housing loans.
dotData platform automates the data science processing and frees data scientists to focus on higher value creation initiatives and manage more business challenges.
SMBC Group CIO and CDIO Katsunori Tanizaki said: “When I was first introduced to dotData platform that automates the data science process, I found this technology could tackle the problem of a data scientist shortage, and dominate the global market.
“Later, after we verified that the technology could yield significant results using real data, we decided to introduce it to additional companies in the SMBC Group. We are delighted that a commercial version has now been released.”