Hitachi has joined forces with digital services provider Virtusa Corporation, in a move to capitalise on rapidly growing AI adoption in financial services.

The partnership will see a dedicated joint team established in Silicon Valley, who will develop new AI-based solutions that combine Hitachi's digital technology and R-D capabilities with Virtusa's financial services industry knowledge and digital engineering expertise.

According to Tsugio Yamamoto, vice president and executive officer at Hitachi, financial services companies need to implement emerging technologies like AI to stay competitive, identify new clients, and serve new markets.

"Combining deep domain expertise with digital solutions that use advanced technologies, including AI, can help financial services organisations accelerate customer acquisition rates, increase revenue by anticipating customer needs, and deliver personalised offerings at the right time and at the right location," he explains.

Hitachi and Virtusa plan to launch the first jointly developed AI solutions to financial services organisations in the United States by early 2020.

"The establishment of a new joint team in Silicon Valley will accelerate the global expansion of digital solutions, taking advantage of both companies' strengths," says Yamamoto. "Hitachi will accelerate the expansion of our solution menu working together with Virtusa, as well as the enhancement of global delivery capabilities."

The two companies will jointly market these new AI solutions to both existing and new customers. Hitachi and Virtusa will also collaborate on sales, delivery, and maintenance activities.

Kris Canekeratne, chairman and CEO, Virtusa, says AI is an imperative for clients to gain a competitive advantage.
"Financial services organisations have a significant opportunity to leverage and deploy AI to gain significant competitive advantage," he says. "With this partnership and through our deep digital capabilities, we can help more clients benefit from AI faster."

In 2016, Hitachi and Virtusa agreed on a strategic partnership in the global IT solution field. This newly signed partnership starts with the joint development of AI solutions for financial services. Plans call for Hitachi and Virtusa to expand AI solution development into additional industries and develop other digital solutions in the next phase.