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NEC and dotData Use AI to Accelerate Data Science for the SMBC Group

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NEC Corporation (NEC) (TOKYO:6701) and dotData, Inc., a Silicon Valley venture in the automation of data science, today announced the provision and full operation of "dotData" platform for the Sumitomo Mitsui Financial Group, Inc. (SMBC Group) in order to strengthen the Group's analytical capabilities. In recent years, the need for big data analytics has been growing rapidly. However, there is also an increasing shortage of data scientists to handle this need. In order to address this issue, dotData automates data science processes through artificial intelligence (AI). NEC has obtained an exclusive license from dotData to provide this software across Japan.


NEC and dotData Use AI to Accelerate Data Science for the SMBC Group

#artificialintelligence

In recent years, the need for big data analytics has been growing rapidly. However, there is also an increasing shortage of data scientists to handle this need. In order to address this issue, dotData automates data science processes through artificial intelligence (AI). NEC has obtained an exclusive license from dotData to provide this software across Japan. Sumitomo Mitsui Banking Corporation, NEC and the dotData team have actively worked to incorporate AI into banking operations in order to create new service offerings since 2016.


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Using dotData, an automated machine learning vendor, one of the largest insurance firms in Japan built out an AI platform that provides a personalized experience to customers. Mitsui Sumitomo Insurance, one of the largest insurance firms in Japan, began the process of digital transformation several years ago. The company launched multiple projects, and continues to start new projects, to send it further into the digital age. One of MSI's more ambitious undertakings is the MS1 Brain platform, an AI in insurance project to create a more personalized experience for customers. Released earlier this year, the MS1 Brain platform uses machine learning and predictive analytics, along with customer data, including contract details, accident information and lifestyle changes, to recommend products and services to customers based on their predicted needs.


Using automated machine learning for AI in insurance

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MSI first connected with dotData in 2017, when MSI's CIO visited Silicon Valley for a technical survey, Yokoyama said. At that time, dotData was just getting started, and it hadn't released a product. Still, MSI was intrigued by its automated machine learning platform, which claims to provide full-cycle machine learning automation. "When it comes to data analysis, model accuracy often gets the most attention; dotData, on the other hand, focuses on how quickly you can move from raw data to working models -- the AI-based feature engineering is what stood out," Yokoyama said. MSI had to build a lot of intelligent models, said Ryohei Fujimaki, CEO and founder of dotData.


NEC and dotData to offer AI to automate data analysis for SMBC Group

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NEC has partnered with dotData, a Silicon Valley venture in the automation of data science, to deliver artificial intelligence and data analytics solutions to the Sumitomo Mitsui Financial Group (SMBC Group) for its financial solutions. NEC has secured an exclusive license of dotData platform to provide this software across Japan. Since 2016, Sumitomo Mitsui Banking Corporation, NEC and the dotData team have been actively working to integrate AI into banking operations to develop new service offerings. As a result of this successful collaboration, the SMBC Group has decided to use dotData platform across the five group companies. Using dotData platform, the SMBC Group wants to deal with issues such as the marketing of various financial products, including credit cards and housing loans.