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Tokyo-Mitsubishi UFJ to automate 30% of its duties, equivalent to 9,500 jobs

JIJI

Bank of Tokyo-Mitsubishi UFJ will automate 30 percent of its duties, equivalent to 9,500 jobs, over the next seven years, using artificial intelligence and other technologies, Kanetsugu Mike, president and chief executive officer of the Japanese lender, said in a recent interview.

“We hope to free our bankers from simple work and invest our human resources in fields with high added-value,” Mike said, indicating plans to relocate workers to enhance services such as those for wealthy clients.

To decrease workloads, the unit of Mitsubishi UFJ Financial Group Inc. has already introduced a computer software program utilizing robotic process automation technology, which can handle complex data-matching processes.

The bank is currently using the software in 20 different areas, including screenings of application documents for housing loans, and is considering its use in 250 additional duties.

“Through automation, the amount of time each banker can spend with customers will triple,” Mike said.

He also said branch consolidations “will be carried out if necessary.” The number of customers visiting Tokyo-Mitsubishi UFJ’s branch offices has dropped by 40 percent in the past decade.