MUFG Bank to Digitize 300 M. Paper Documents

Economy Science Technology

Tokyo, July 22 (Jiji Press)--MUFG Bank said Wednesday that it will digitize over 300 million pages of paper documents it has in storage, using artificial intelligence technology developed by a U.S. startup.

The documents, which have "hanko" name seals stamped on them, will be scanned over a five-year period beginning 2021.

The Mitsubishi UFJ Financial Group Inc. <8306> unit aims to create a system making it possible for bank branches to swiftly check customers' contracts.

The bank will use the AI technology to separate stapled paper, which has been a major obstacle for digitizing paper documents. Previously, staples had to be removed by hand in order to prepare documents for scanning.

The U.S. startup's device utilizes AI-powered image recognition technology and robots to remove staples automatically.

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