IBM Japan, Ltd. has announced the launch of implementation support services for financial institutions utilizing the “Financial Product Suitability Check Support AI App”. Developed in collaboration with Juntendo University and Glory Ltd., this AI-powered application assesses financial product suitability based on brain health indicators. Concurrently, Mitsubishi UFJ Trust and Banking Corporation will begin using the AI App at six of its key branches to enhance financial services for elderly customers.
Background and Development
In an aging society, there is a growing need for health-conscious asset management services that ensure financial security and well-being in later years. Cognitive and judgmental abilities naturally decline with age, necessitating financial services that account for these changes, particularly in financial product transactions.
To address this need, Juntendo University has been conducting clinical trials since 2018, analyzing over 600 cases, including individuals with neurological disorders such as dementia and healthy participants. The research led to the development of an AI system capable of estimating cognitive function levels through conversational and facial expression analysis. This AI was jointly refined with IBM Japan and Glory to create a specialized application tailored for financial operations.
A one-month pilot program was conducted at select Mitsubishi UFJ Trust and Banking branches in March 2023 to assess the feasibility and operational efficiency of the AI App. The results confirmed that the business workflow functioned smoothly, enabling objective evaluations. Elderly customers responded positively, describing the application as “simple and easy to understand” and “enjoyable to use.”
Initiative Overview
IBM Japan is committed to fostering a financial ecosystem where institutions can offer enhanced security and confidence in financial transactions through this AI-powered tool. Beginning today, IBM Japan will provide implementation support services for financial institutions nationwide, promoting broader adoption of the AI App.
Mitsubishi UFJ Trust and Banking will introduce the AI App at six major branches. During the March 2023 pilot, several dozen customers voluntarily engaged with the application, yielding valuable insights. With this latest rollout, the bank aims to gather additional data, using AI-driven assessments as reference points to assist elderly customers in financial product transactions and management with greater confidence.
Looking ahead, IBM Japan, Juntendo University, Glory, and Mitsubishi UFJ Trust and Banking will continue working towards a financial environment that prioritizes individual cognitive and judgmental abilities over uniform age-based criteria. Their shared goal is to empower elderly customers with personalized financial solutions that enhance security and accessibility in financial transactions.
