FinTech: Mitsubishi Ties With AWS For Digitization And Cost Reduction Via Cloud Strategy

November 15, 2023 | Artificial Intelligence, FinTech, News

“By moving from on-premises data centers to AWS, Mitsubishi UFJ reduced the cost of operating its standard IT infrastructure by 20% and gained the agility to innovate personalized financial services more rapidly.” – Press statement.

Mitsubishi UFJ Financial Group (MUFG) (TYO: 8306), Japan’s largest financial services provider, has entered a multiyear global agreement with Amazon Web Services (AWS) to accelerate its digital transformation and reduce IT costs. By adopting AWS as its preferred cloud provider, MUFG aims to leverage cloud technologies, including generative artificial intelligence (generative AI) and machine learning (ML), to enhance customer service across asset servicing, banking, and fund financing.

The collaboration has already resulted in a 20% reduction in IT operating costs since MUFG migrated from on-premises data centers to AWS. (Businesswire)

Operating in the cloud enables MUFG to offer faster financial processing times, timely insights, and secure access to digital services. For instance, the development of Money Canvas, a secure asset management platform, allows customers to manage various financial services through a single mobile app. MUFG is also utilizing generative AI and ML to reinvent customer experiences, experimenting with over 100 potential use cases across various business lines.

Moreover, MUFG is optimizing employee engagement through analytics tools, leveraging Amazon Redshift and QuickSight to gather predictive insights and streamline operations. This digital transformation aligns with MUFG’s goal of becoming a digital financial platform, utilizing AWS’s cutting-edge technologies to innovate rapidly and provide secure, industry-leading solutions at reduced costs.

In summary, MUFG’s collaboration with AWS is driving a comprehensive digital transformation, impacting customer services, employee engagement, and overall operational efficiency.

Related Story: Amazon Wades Into Generative AI

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