MUFG Taps AWS for Enhanced Efficiency in Cloud-First Strategyby Fintech News Hong Kong November 17, 2023
Amazon Web Services (AWS) has been selected as the preferred cloud provider by Mitsubishi UFJ Financial Group (MUFG), Japan’s largest financial services provider. This collaboration is part of MUFG’s strategy to adopt a cloud-first approach, utilising AWS’s cloud technologies such as generative artificial intelligence and machine learning to enhance customer services.
By switching to AWS from traditional on-premises data centers, MUFG has managed to reduce its IT infrastructure costs significantly. This transition is part of their effort to provide faster and more secure financial services.
An example of this shift is MUFG’s development of Money Canvas, a mobile-based asset management platform that allows customers to manage various financial services. This platform currently serves over 2.5 million customers, providing tailored financial advice.
MUFG is also exploring the use of generative AI, with plans to implement over a hundred AI use cases across different areas of its business, such as customer service and human resources. This includes the use of Amazon SageMaker, which has improved productivity in processing account transfer requests.
In their Markets Business Unit, MUFG has built an analytics environment using Amazon SageMaker to gain data insights, optimise trading portfolios, and streamline operations. Furthermore, MUFG intends to use Amazon SageMaker JumpStart for accessing pre-trained models to summarize complex financial documents.
Additionally, MUFG is utilising Amazon Redshift, a cloud data warehouse, to turn its data into predictive insights. This approach aims to improve sales activities, customer interactions, and operational efficiencies.
In terms of employee engagement, MUFG has implemented AWS analytics tools, including Amazon QuickSight, to efficiently aggregate employee feedback. The tool has reduced the time and operational costs associated with processing employee responses, aiding MUFG’s managers in maintaining a strong focus on employee performance and company culture.
This technological shift marks a significant development in MUFG’s long history, as it embraces cloud-based solutions to refine its operations and customer services.
“AWS is helping MUFG achieve its goal of becoming a digital financial platform by leveraging cutting-edge technologies, including generative AI. Our cloud-first approach with AWS has given us the agility to rapidly innovate on behalf of our customers, reach the business velocity that we couldn’t achieve on premises, and accelerate the way we bring secure, industry-leading solutions to market at reduced cost,”
commented Toshiki Ochi, Managing Executive Officer and Group Chief Information Osayafficer at MUFG.
“Combining AWS’s broad functionality, scalability, and approach to innovation with MUFG’s financial services expertise is transforming its business and accelerating the launch of innovative digital experiences for its employees and customers,”
added Scott Mullins, Managing Director, Worldwide Financial Services at AWS.