SMFG and SMBC Launch New ‘IT Innovation Department’
(12 October 2015 – Japan) Japanese bank Sumitomo Mitsui Financial Group (SMFG) and Sumitomo Mitsui Banking Corporation (SMBC) recently announced the formation of a new 'IT Innovation Department', in order to strengthen efforts to pursue fintech-related innovation by SMFG as a whole.
SMFG originally formed a cross-SMFG project team in August 2012 to address changes in the technology and online environment, which has led to efforts such as utilising 'IBM Watson' in contact centre operations to improve quality of customer interactions, and signing partnership with Plug&Play Tech Centre in Silicon Valley to reach out to the latest financial related technology and business models.
In a statement, SMFG said: “The newly established 'IT Innovation Department' will not only inherit functions of the cross-SMFG project team, but will further strengthen our efforts to pursue innovation by implementing the 'Open Innovation' concept, which focuses on actively utilising external knowledge and pursuing new business models through alliances with non-financial corporations and (b) the 'Agile Development' concept, which accelerates cycles of planning and prototyping / testing of new financial products and services.”
SMFG will seek to offer further convenient and high-quality services to our customers through these activities by being proactive towards the continuing evolution of the financial industry.
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