AI Support tools for Foreign Currency Deposits Qorus Banking Innovation Awards 2018 - Winner

We introduced AI transaction and forecast service in foreign currency deposits. For the customer who would like to automate transaction with best rate, we created "AI Foreign Currency Automatic Saving Plan". AI judges the timing at which the yen appreciates the most against selected currency each month, and automatically deposits with the requested amount. And for the customer who would like to obtain future fluctuation of exchange rate, we have introduced "AI Foreign Currency Forecast." AI analyzes historical exchange data and makes prediction of the future rate. As we are in negative interest rate environment, the interest for foreign currency deposit with higher rate is very high. But many people hesitated to start since it was difficult to make deposit at the right timing, or they didn’t have reliable information to predict fluctuation of the rate. There were already some forecast services combined with FX services. But we have improved the accuracy of prediction, usability and even automated the deposit process with AI. We were inspired and collaborated with AlpacaJapan Co., Ltd., a startup with advanced AI expertise. On our side, it was mainly developed by the department in charge of smartphone application planning and development. AI Foreign Currency Automatic Saving Plan became very popular and has gained twice as many users as the previous plan, which made deposit on a fixed date during month, released one year ago. AI Foreign currency forecast contributed to increase foreign currency deposit balance as it was the unique tool not found elsewhere.