The Japanese bank will help customers understand key social and economic activities using Orbital Insight's combination of satellite imagery, location data and artificial intelligencePALO ALTO, Calif., Nov. 10, 2020 — (PRNewswire) — Sumitomo Mitsui Banking Corporation (SMBC) announced today that it is partnering with Orbital Insigh t, the geospatial analytics company, to offer customers access to new data sources for better business decisions.
SMBC will use Orbital Insight's GO platform to launch an analytics service that visualizes social and economic activities in near real-time by combining satellite imagery, anonymized location data and artificial intelligence. The service will initially focus on understanding macro trends like how people are shifting daily activities amidst current remote work requirements. SMBC has already piloted Orbital Insight's data for its proof of concept projects and confirmed its effectiveness.
"When it comes to business risk, geospatial analytics and AI can make the invisible visible," said Katsunori Tanizaki, Senior Managing Executive Officer at SMBC. "The uncertainty of the pandemic makes that an even more important need for our customers, who are often managing global assets. Working with Orbital Insight on this new service combines SMBC's business insights as a financial institution with Silicon Valley's cutting-edge technology to help customers navigate the right decisions. Access to daily trends on thousands of global locations will be extremely valuable, especially across the construction, finance, retail and maritime sectors."
Orbital Insight's GO platform uses AI to process geospatial data—including satellite images, mobile location and other IoT data—and answer questions about supply chains, global commodities, specific sites, aggregate activity trends and more. Over the past six months, the platform has seen a large uptick in interest from companies needing to remotely monitor areas in the face of COVID-19 restrictions.
"Understanding trends at all scales has taken on new urgency during the pandemic, and AI can make that a less daunting task," said James Crawford, CEO of Orbital Insight. "SMBC is leaning into innovation and adding proactive value to its customers with this new service. We're honored to power these analytics and contribute to smarter business decision-making by revealing hidden changes faster."
SMBC is already in talks with multiple customers about the adoption of this new analytics service.
About Orbital Insight
Orbital Insight is the geospatial analytics company that helps organizations understand what's happening on and to the Earth. Customers including Unilever, Airbus, RBC Capital Markets, The World Bank and the U.S. Department of Defense use Orbital Insight's self-service analytics platform to make smarter business decisions, build sustainable supply chains and improve national security. Headquartered in Palo Alto, Calif., Orbital Insight is backed by Sequoia, GV and Goldman Sachs. For more information, visit orbitalinsight.com.
About SMBC Group
SMBC Group is a top-tier global financial group. Headquartered in Tokyo and with a 400-year history, SMBC Group offers a diverse range of financial services, including banking, leasing, securities, credit cards, and consumer finance. The Group has more than 130 offices and 85,000 employees worldwide in nearly 40 countries. Sumitomo Mitsui Financial Group, Inc. (SMFG) is the holding company of SMBC Group, which is one of the three largest banking groups in Japan. SMFG's shares trade on the Tokyo, Nagoya, and New York stock exchanges. As of June 30, 2020, its total assets were $2.10 trillion.
Mission North for Orbital Insight
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SOURCE Orbital Insight
|Company Name: Orbital Insight