SMBC Value Creation and AVITA Launch Joint Business Using Avatar Technology
SMBC Value Creation, a subsidiary of Sumitomo Mitsui Banking Corporation, and AVITA have entered into a new business partnership agreement to launch a joint business utilizing avatar technology. By combining the technologies and expertise of both companies, they aim to improve productivity at Japanese companies.
SMBC Value Creation has obtained approval from the Financial Services Agency for its conversion to an Advanced Banking Business Company, an entity that conducts business contributing to the improvement of convenience for bank users or business contributing to regional revitalization, productivity improvement of industries, and other sustainable society construction (a subsidiary of a bank as stipulated in Article 16-2, Paragraph 1, Item 15 of the Banking Act).
1. Background and Overview
Currently, Japan's medium and small enterprises face labor shortages due to population decline, making operational efficiency and productivity improvement urgent issues. However, many companies are experiencing delays in necessary reforms due to high costs and lengthy tool implementation periods.
Sumitomo Mitsui Financial Group aims to solve these labor shortage social issues and entered into a basic agreement with AVITA in September 2023 to begin examining collaboration utilizing avatar and generative AI technologies. Through multiple proof-of-concept experiments conducted both within and outside the group, including partnerships with some external companies, they confirmed the potential to provide various added values such as improved convenience for users and operational efficiency and diversification of employee work styles for companies by utilizing avatar and AI technologies.
Based on the results of these proof-of-concept experiments, SMBC Group decided to commercialize avatar services, centered on SMBC Value Creation, which has built a track record in operational efficiency support using RPA and AI technologies.
2. Overview and Direction of Joint Business
In this joint business, avatar services developed by AVITA, such as the avatar customer service "AVACOM" and avatar AI role-play support service "Avatar Training," will be provided to SMBC Group's wide range of customers in combination with SMBC Value Creation's operational efficiency and data utilization support services using advanced technologies such as RPA and generative AI. SMBC Value Creation will also launch a new business of RPA tool license sales to strengthen customer productivity improvement support.
Going forward, utilizing AVITA's advanced technology and SMBC Value Creation's various business consulting know-how, they will proceed with joint development of new solutions that support productivity improvement in diverse operations from customer service to back-office operations.
Through this joint business, SMBC Group, SMBC Value Creation, and AVITA aim to promote productivity improvement of Japanese companies and advance warm DX that creates new connections between people and society utilizing avatar and AI technologies, realizing a society where diverse workers can work vibrantly and authentically.
Norbert Gehrke
