Mizuho and Mitsubishi are speeding up the adoption of artificial intelligence. The two companies have agreed to mutually independent deals with tech firms that will help them go beyond routine banking tasks.
Mizuho Financial Group joined IBM to develop a forecasting engine based on artificial intelligence. The engine is imitating the human brain's learning structure to help forecast moves of the financial market, the bank said in a statement.
Technically speaking the tool uses artificial neural network technology. The engine called Dynamic Boltzmann Machine was developed by a Tokyo-based team of researchers under the guidance of IBM.
The technology is now being put to work in Mizuho's global markets business, the asset liability management and treasury portfolio operations. By adopting the technology, Mizuho hopes to predict financial markets trends.
Beyond Traditional Banking
Also pushing AI beyond everyday banking tasks, Bank of Tokyo-Mitsubishi invested in ExaWizards, an AI specialist.
The bank and the tech firm plan to explore services that combine AI and banking. By utilizing deposit and withdrawal data from the bank they aim to develop new credit models and online financial products.
