TOKYO -- Mitsubishi UFJ Financial Group will develop a business consulting service that mines data from its bank accounts and social networking sites to uncover trending consumer services and products for its clients.
The Japanese megabanking group will analyze data gleaned from 40 million of its accounts, along with information such as user comments on social networking sites. The analysis will reveal consumer preferences for products and services, and MUFG will provide that information to corporate clients for a fee.
MUFG aims to debut the service within three years. SRI International, a U.S. research institute skilled in speech analysis based on artificial intelligence, is expected to sign an agreement soon to cooperate on the service. The financial group also plans to team with other companies to gather large amounts of data.
Data will be collected and used in a way that individuals are not identified.