FRONTEO and Member Banks of TSUBASA Alliance Begin Proof of Concept Trial Aimed at Implementation of Document Analysis Techno...
28 Luglio 2017 - 3:00PM
FRONTEO, Inc. (“FRONTEO” or the “Company”) (Nasdaq:FTEO)
(TSE:2158), a leading provider of artificial intelligence ("AI")
based big data analysis services, announced today that it will
commence a proof of concept trial using the KIBIT AI engine to
analyze customer needs in personal financial services and to
monitor operations to identify challenges in sales and marketing
activities.
For the proof of concept trial, FRONTEO will
partner with T&I Innovation Center Co., Ltd. (“T&I”), which
conducts investigations, research and other activities related to
fintech, along with six banks that are members of the TSUBASA
Financial System Advancement Alliance (“TSUBASA Alliance”)*1,
including The Chiba Bank, The Daishi Bank, Chugoku Bank, The Iyo
Bank, The Toho Bank and North Pacific Bank.
After the successful development of the
technology, the way this technology is expected to work is as
follows: Financial experts at each bank will select individual
transaction records that the banks have accumulated on asset
management inquiries and sales of investment-type financial
instruments. Then KIBIT will read these selected records as
training data to learn the tacit knowledge of the experts'
selections. After analyzing and learning the rationale behind those
selections, KIBIT is then expected to scan vast quantities of
transaction records in each bank to highlight certain records,
customer needs and challenges with the same logic and perspective
as an experienced bank expert, but 4,000 times faster.
An expert’s perspective is posited to take into
account several factors, including the customer’s level of
understanding of financial instruments, compliance with appropriate
sales procedures and consistency with the customer's investment
policy. Those factors are difficult to determine by solely using
keyword searches since these are highly abstract problems that
require both precise searches and exhaustive scope to identify the
potential issues without omission.
The proof of concept trial will consist of (i)
the creation of training data that forms the basis on which the AI
will learn to make decisions, and (ii) subsequently the
verification of the precision of data input and analysis
results. By working with the TSUBASA Alliance and T&I, KIBIT
will be able to collect, scan and learn from large volumes of
cases, which will hopefully improve the analysis capabilities of
KIBIT. Member banks of TSUBASA Alliance intend to consider
full-scale implementation of KIBIT into their operations, depending
on the positive results of the proof of concept trial.
Using the expertise obtained in past
implementations of KIBIT into the operations of other financial
institutions, FRONTEO is expected to be able to produce results and
improvements through this proof of concept trial in a relatively
short amount of time, and assist member banks of TSUBASA Alliance
in their efforts to implement KIBIT into their operations.
*1 A syndicate consisting of six member banks
—The Chiba Bank, The Daishi Bank, Chugoku Bank, The Iyo Bank, The
Toho Bank and North Pacific Bank — launched to investigate and
research advanced information technology such as fintech.
About KIBITKIBIT is an AI
engine developed by FRONTEO. KIBIT is a word coined by combining
"kibi," a Japanese word meaning "subtlety," and "bit," the smallest
unit of digital information, in order to indicate an AI capable of
understanding the subtle elements of human behavior and
personality.
About FRONTEO, Inc.FRONTEO,
Inc. (“FRONTEO”) (Nasdaq:FTEO) (TSE:2158) supports the analysis of
big data based on behavior informatics by utilizing its technology,
"KIBIT". FRONTEO's KIBIT technology is driven by FRONTEO artificial
intelligence based on knowledge acquired through its litigation
support services. KIBIT incorporates experts' tacit knowledge,
including their experiences and intuitions, and utilizes that
knowledge for big data analysis. FRONTEO continues to expand its
business operations by applying KIBIT to new fields such as
healthcare and marketing. FRONTEO was founded in 2003 as a provider
of e-discovery and international litigation support services. These
services include the preservation, investigation and analysis of
evidence materials contained in electronic data, and computer
forensic investigation. FRONTEO provides e-discovery and litigation
support by making full use of its data analysis platform, "Lit i
View", and its Predictive Coding technology adapted to Asian
languages. The company name was changed from UBIC, Inc. to FRONTEO,
Inc. as of July 1, 2016.
For more information about FRONTEO, contact
global_pr@fronteo.com or visit http://www.fronteo.com/global/.
Safe Harbor StatementThis
announcement contains forward-looking statements. These
forward-looking statements are made under the "safe harbor"
provisions of the U.S. Private Securities Litigation Reform Act of
1995. These statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar statements. Among other things,
the amount of data that FRONTEO expects to manage this year and the
potential uses for FRONTEO's new service in intellectual
property-related litigation, contain forward-looking statements.
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about FRONTEO's beliefs and expectations, are forward-looking
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differ materially from those contained in any forward-looking
statement, including but not limited to the following: FRONTEO's
goals and strategies; FRONTEO's expansion plans; the expected
growth of the data center services market; expectations regarding
demand for, and market acceptance of, FRONTEO's services; FRONTEO's
expectations regarding keeping and strengthening its relationships
with customers; FRONTEO's plans to invest in research and
development to enhance its solution and service offerings; and
general economic and business conditions in the regions where
FRONTEO provides solutions and services. Further information
regarding these and other risks is included in FRONTEO's reports
filed with, or furnished to the Securities and Exchange Commission.
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forward-looking statement, except as required under applicable law.
All information provided in this press release and in the
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undertakes no duty to update such information, except as required
under applicable law.
CONTACT:
FRONTEO Global PR
global_pr@fronteo.com
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