Sumitomo Mitsui Trust Bank plans to invest ?360 billion ($2.2 billion) to ?380 billion in digital technologies over three years, President Manatomo Yoneyama said in an interview.
The bank also plans to spend ?30 billion to optimize its operations. It will utilize artificial intelligence technology for office tasks and reposition some 900 employees to client-facing roles.
The bank made an AI agent, which can handle people¡¯s tasks, ¡°100% internally,¡± said Yoneyama, who took the helm of Sumitomo Mitsui Trust in April after working on digital innovation at the bank.
He said the bank is ¡°sensing the advantage¡± of the in-house development, including smooth utilization of data. It aims to sell the AI agent in fiscal 2028.
The bank will strengthen its services for retail customers mainly through SBI Sumishin Net Bank, a joint venture with telco NTT Docomo.
Sumitomo Mitsui Trust aims to increase the number of online bank accounts from 9 million currently to 15 million by fiscal 2028.
The trust bank will provide services that handle complex matters, including inheritance affairs, through face-to-face communication with customers, while promoting the use of online banking services to those who value convenience.
¡°We haven¡¯t been able to reach customers who value convenience,¡± Yoneyama said. Sumitomo Mitsui Trust will utilize NTT Docomo¡¯s ¡°d Point¡± program to boost its customer base.
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