Artificial Intelligence to Be Tried Out by Rakuten Bank in Loan Assessment Process
Rakuten Bank, an internet-only bank and part of the Rakuten Group's digital ecosystem, is making strides in artificial intelligence (AI) implementation. The bank is currently testing AI for screening some credit card loan applications and is planning to introduce AI for housing and real estate-backed loan applications on a trial basis.
According to Rakuten Bank President Tomotaka Torin, these new developments could be a significant step towards innovation in the services offered by internet-only banks. The AI technology, if successfully implemented, could contribute to the improvement of customer service and potentially expand the range of services offered by internet-only banks.
Rakuten Bank's AI-based loan screening and voice consultation system are part of its ongoing efforts to innovate and improve its services. The bank aims to develop a system in which AI responds to customer inquiries by voice, facilitating "proactive dialogue" with customers regarding financial products and asset management options.
The benefits of AI implementation in Rakuten Bank's context include efficiency gains, enhanced customer experience, improved financial performance, and support for innovation and creativity. By automating routine tasks, the bank can achieve faster and smarter internal operations, leading to a more efficient and scalable business. The integration of AI within Rakuten's services leverages extensive data from online and offline sources, enabling improvements in network quality, service personalization, and cross-service synergies.
The use of AI is intended to help Rakuten Bank overcome its weakness of not having physical branches. The technology could be a key factor in the growth and competitiveness of internet-only banks. In the wider internet-only banking sector, AI advances include natural language processing–enabled virtual assistants, automated customer support, predictive and insight-driven banking strategies, and personalized, omnichannel customer engagement. These advancements translate into operational efficiency and improved customer satisfaction.
Torin believes that the key to success lies in how quickly AI can be grown and utilized. He expressed high hopes for the potential of AI, stating that it could be a potential solution to the customer interaction issues faced by internet-only banks. The new AI-based voice consultation system is being developed with this vision in mind, aiming to provide a more human-like interaction for customers.
In summary, Rakuten Bank benefits from Rakuten Group’s advanced AI initiatives by enhancing productivity, service quality, and scalability through AI tools and a rich data ecosystem. The bank's focus on personalized, efficient, and integrated AI-driven services positions it competitively in the internet-only banking space. The implementation of AI technology could be a significant step towards innovation in the services offered by internet-only banks, improving customer service, and potentially expanding the range of services offered.
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