Sumitomo Mitsui and Fujitsu collaborate on AI forecasting services - Bloomberg

Investing.com -- Sumitomo Mitsui Banking Corp. is planning to utilize Fujitsu Ltd. (TYO:6702)’s artificial intelligence (AI) capabilities to enhance its advisory services, according to Bloomberg, citing sources familiar with the matter. The bank aims to assist clients dealing with increasing wages and materials expenses.

The banking division of Sumitomo Mitsui Financial Group (NYSE:SMFG) Inc. is reportedly discussing the possibility of providing corporate customer data to Fujitsu. The data would be processed using Fujitsu’s multimodal machine learning tools to generate business forecasts, according to the sources.

The AI-based demand predictions are expected to aid some of the bank’s largest clients in making critical decisions. These decisions range from staffing and procurement to capital expenditure and financing. The sources, who chose to remain anonymous due to the sensitive nature of the information, stated that the two companies are on the verge of signing a basic agreement.

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