Hitachi has partnered with American IT services company Virtusa to deliver artificial intelligence (AI)-based financial solutions.

The two companies aim to assist the financial services companies to implement latest technologies such as AI to help them stay competitive, identify new clients, and serve new markets.

Virtusa chairman and CEO Kris Canekeratne said: “AI is an imperative for our clients to gain a competitive advantage.

“Financial services organisations have a significant opportunity to leverage and deploy AI to gain significant competitive advantage.

“With this partnership and through our deep Digital capabilities, we can help more clients benefit from AI faster.”

The two companies have established a joint team in Silicon Valley to advance their efforts. The team will leverage Hitachi’s digital technology and R&D capabilities, and Virtusa’s experience in financial services industry.

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The partnership aims to launch the first AI solution for the US financial services industry by early next year.

These new AI-based financial solutions will be will jointly marketed by the partners to existing as well as new customers.

The companies will also join forces on sales, delivery, and maintenance activities.

Hitachi vice-president and executive officer Tsugio Yamamoto said: “The establishment of a new joint team in Silicon Valley will accelerate the global expansion of digital solutions, taking advantage of both companies’ strengths.

“Hitachi will accelerate the expansion of our solution menu working together with Virtusa, as well as the enhancement of global delivery capabilities.”

The partnership builds on an earlier collaboration between Hitachi and Virtusa. In 2016, they joined forces to offer disruptive IT solutions.