INTERVIEW: Sumitomo Mitsui Trust Mulls Up to 380 B. Yen in Digital Investment

Tokyo, June 9 (Jiji Press)–Sumitomo Mitsui Trust Bank plans to invest 360 billion yen to 380 billion yen in digital technologies over three years, President Manatomo Yoneyama said in an interview. The Japanese bank also plans to spend 30 billion yen 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 pct 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, which starts in April next year. The bank will strengthen its services for retail customers mainly through SBI Sumishin Net Bank, a joint venture with NTT Docomo Inc., a Japanese mobile phone operator. Sumitomo Mitsui Trust aims to increase the number of online bank accounts from the current nine million to 15 million by fiscal 2028. The trust bank will provide complicated services, 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” point program to boost its customer base. END [Copyright The Jiji Press, Ltd.]