MUFJ Cuts 505 Years of Paperwork With Robots
Mitsubishi UFJ will leverage technology to process 300 million pages of client documents to save it 505 years worth of time in the still paper-heavy financial sector of Japan.
MUFJ will rely on a solution provided by U.S. startup Ripcord to scan documents for «hanko» – a personalized seal akin to a signature – much of which is retained in hard copy, according to a «Bloomberg» report. Japan’s largest lender will be Ripcord’s first move abroad to expand its business.
In addition to scanners, Ripcord’s machines can extract staples using arms operated by artificial intelligence, according to Hirotoshi Sato, a senior executive at the bank's digital transformation unit, which was previously a major obstacle to physically retrieve documents given the scale of the task.
While four workers would manually require 510 years to scan the 300 million pages, five with a robot is expected to achieve the same goal in around five years.
