Sumitomo Mitsui Trust Bank to Spend Up to ¥410 Billion on Digital Push, AI Development and Staff Reallocation

Sumitomo Mitsui Trust Bank plans to invest ¥360 billion to ¥380 billion in digital technologies over three years, President Manatomo Yoneyama said in an interview. The bank will also spend ¥30 billion to optimize its operations. It will use artificial intelligence for office tasks and reposition some 900 employees to client-facing roles.

Yoneyama spoke at the bank's headquarters in Tokyo's Chiyoda Ward on May 22. He took the helm of Sumitomo Mitsui Trust in April after working on digital innovation at the bank. The bank developed an AI agent that can handle people's tasks 100 percent internally.

Yoneyama said the bank is sensing the advantage of the in-house development, including smooth utilization of data. The bank aims to sell the AI agent in fiscal 2028. The bank will strengthen retail services mainly through SBI Sumishin Net Bank, a joint venture with telco NTT Docomo.

It aims to increase the number of online bank accounts from 9 million currently to 15 million by fiscal 2028. The trust bank will provide services that handle complex matters, including inheritance affairs, through face-to-face communication with customers. It will also promote online banking services to those who value convenience.

Yoneyama said the bank has not been able to reach customers who value convenience. Sumitomo Mitsui Trust will utilize NTT Docomo's d Point program to boost its customer base.