Financial Innovation For Japan (FIFJ) was established in September 2015 to generate new value for Japan's Fintech by using Fujitsu's broad network and strong relationships of trust with financial institutions as well as its sophisticated technologies. On October 17, 2016, FIFJ Fall Meeting 2016 (the third such meeting) was held; the Financial Services Agency and FinTech Association Japan delivered keynote speeches, and companies exchanged information. As a way of applying AI in business, Fujitsu announced its new "chatbot" service, which is expected to be highly needed in the future.
Co-creating Innovative Fintech Services by Public-Private Collaboration
Tomohiko Yozue (Head of Financial Services Business Unit II, Fujitsu Limited), FIFJ Chairman, took the podium at the start of FIFJ Fall Meeting 2016. He spoke of his resolve to co-create innovative Fintech services through the FIFJ consortium established by Fujitsu by means of collaboration between financial institutions and Fintech companies.
* FIFJ = Financial Innovation For Japan: A consortium comprised of 256 domestic and foreign companies, including financial institutions and Fintech firms (as of December 1, 2016).
Next to the podium was Junichi Kanda, Director of the Planning and Coordination Bureau at the Financial Services Agency, who presented under the theme of "The Financial Services Agency's Initiatives for Invigorating FinTech and Future Challenges." Based on the latest trends in settlement domestically and abroad, he introduced the Financial Services Agency's Fintech-related initiatives, such as "Improving Laws and Institutions in Tandem with the Advancement of ICT" and "Establishing Expert Meetings on a FinTech Support Desk and FinTech Ventures."
Takane Hori (Partner/Attorney, Mori Hamada & Matsumoto), Director of FinTech Association Japan, spoke about "Advances in FinTech and Challenges to the Industry." She emphasized the importance of open innovation, which enables financial institutions and various other parties to participate, as well as the necessity of improving the environment, including laws and systems, to ensure secure transactions and protect users.
The Latest Overseas Fintech Trends
Joseph Toh, Singapore Fintech Association Founder, was the guest speaker from Singapore. He spoke about the latest trends in Singapore, which has announced "Smart Nation" as its national strategy, under the title of "How Singapore, a leading FinTech Eco-system in Asia is to survive FinTech 2.0." Under its Smart Nation initiative, Singapore is working to develop an ecosystem to support startups and introduce knowledge about the latest technologies to the public through education.
Snehal Fulzele, CEO of Cloud Lending Solutions (CLS), a partner of Fujitsu, took the podium next with the following words: "By combining Fujitsu's finance-related business knowledge and long experience in mission critical systems with CLS's strong capabilities in Fintech platforms and extensive installation experience for global customers, we can deploy cloud-based financial solutions in Asia and other global markets."
Fujitsu Announces an AI-based Enterprise Chatbot Service
Lastly, Masakazu Nakamura of Fujitsu announced a new service, "FUJITSU Financial Services Solution Finplex Robot Agent Platform," which provides an AI-based enterprise chatbot service.
A chatbot is a service that enables customers to converse with a robot in chat format. If a customer asks a question about a financial product in a non-face-to-face environment, a robot outfitted with AI answers the question based on accumulated data.
This service was developed specifically to meet the needs of users familiar with chat as a communication tool to facilitate their use of financial services, which they have thus far been reluctant to use due to the high psychological and time-related barriers.
Corporate customers benefit from introducing the Platform because it facilitates automated product sales and customer assistance via a robot. This robot, which has knowledge obtained through machine learning, provides support by conversing in chat format with users of the chat tool (customers). By enabling customers to self-manage the machine learning process, which has up to now been considered a "black box" built from machine learning that employed learning data or script development, it has become possible to learn effectively and efficiently at low cost.
This service is currently undergoing trial at Sony Bank Inc. to improve customer convenience. In the future, rather than confining this solution to the financial services industry, Fujitsu will gradually expand the chatbot service globally to customers in a variety of industries as a service platform for all industries and business types.
Nakamura also introduced the fact that chatbots will account for 37% of the AI market in five years' time, emphasizing the important role that chatbots will play in the AI market.
Fujitsu demonstrated the Finplex Robot Agent Platform chatbot service as well as a variety of interfaces that support this service, including text chat and voice chat with Amazon Echo.
Fujitsu will meet Fintech's rapidly growing needs by combining advanced technologies, including AI, with the financial solutions it has cultivated together with customers.
* In this article, "FinTech" or "Fintech" is used based on the relevant presentation title and organization name.