Accelerating Sumitomo Mitsui Banking Corporation’s (SMBC) Data-Driven Culture With AutoML 2.0

Data science is a major area of investment for banks due to its proven impact on operations such as fraud protection, risk mitigation, customer relationship management, and more. But while investments in AI are growing, banks are often finding that their existing analytics and business intelligence technology and talent aren’t capable of meeting their current and expanding needs. Challenges in resources, technology infrastructure, and the ability to operationalize models quickly and efficiently can prevent financial institutions from fully leveraging AI and data science to drive business impact.

These challenges, paired with the need to remain competitive in a quickly evolving market, compelled the Sumitomo Mitsui Banking Corporation (SMBC) to seek out innovative solutions to help it maximize its AI and machine learning (ML) investments.

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Data Driven Decision Making Fueling Big Data Adoption

The big data technology’s adoption has shown lots of promises and is very popular among end-use industries. As big data adoption continues to spread, and integration with artificial intelligence and cloud becomes more streamlined, further growth is projected. The global big data technology and services market is poised to reach a valuation of over $118.52 billion by 2022 growing at a CAGR of 26.0% from 2015 to 2022.

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