MUFG Bank to Use Startup Sakana’s AI Tech to Boost Operations

MUFG Bank to Use Startup Sakana’s AI Tech to Boost Operations

Mitsubishi UFJ Financial Group Inc.’s banking unit has hired startup Sakana AI to power its systems with artificial intelligence, the latest Japanese financial giant turning to digital technologies to boost efficiency.

Mitsubishi UFJ Financial Group will partner with Sakana AI (Minato, Tokyo), which was founded by former employees of Google. Generative AI will be used to create loan approval documents and other documents, leading to significant efficiency improvements in operations. The company also revealed plans to increase its budget by 10 billion yen from the previous 50 billion yen over three years. The move to increase efficiency through the use of AI wi…