NRI, Microsoft Japan Partner to Establish Financial Innovation Consortiumbr>
Japanese IT consulting firm Nomura Research Institute (NRI) and Microsoft Japan are establishing a financial innovation consortium that will focus on artificial intelligence (AI), deep learning, and blockchain.
Called the Financial Digital Innovation Consortium, the group will initially be composed of 18 organizations that include Infosys, INTEC, Information Services Int’l -Dentsu, Japan System Techniques, and Nihon Unisys, among others. The consortium’s goal is to increase financial institutions’ profitability by reducing workload, optimizing IT investments, and shortening service release.
NRI will be utilizing its accumulated knowledge through providing ICT service to financial institutions. Microsoft Japan will facilitate the consortium as an executive office while providing technological support including Microsoft Azure, a public cloud platform the consortium will use at the core of its operations.
The consortium will conduct proof of concept (PoC) studies on key trends in financial technology. The consortium said they will explore the possibilities of next-generation financial platforms by applying new technologies such as AI, deep learning and blockchain. They also aim to standardize flexible and convenient cloud infrastructure with initiatives such as complying with FISC guidelines which is planned to be updated next year.
NRI senior managing director Minoru Yokote the consortium will jumpstart innovation in Japanese financial services that will drive companies to higher levels of efficiency and optimization through FinTech.