IBK Industrial Bank, Korea's First to Introduce 'AI Real Estate Automatic Screening System'

Used for real Estate Mortgage Loan Consultation... AI Pre-Screens Loan Eligibility and Amount
Results in 3 Minutes by Entering Address Only... Significantly Reduces Consultation Time

[Asia Economy Reporter Park Sun-mi] IBK Industrial Bank of Korea announced on the 22nd that it plans to introduce the country's first 'AI Real Estate Automatic Screening System' that uses artificial intelligence (AI) to assess the possible loan amount for real estate mortgage loans.

Based on public data collected from the Ministry of Land, Infrastructure and Transport, courts, and the Korea Land and Geospatial Informatix Corporation, the AI performs document issuance, rights analysis, and regulation review to automatically evaluate loan eligibility and amounts. The system will be introduced starting on the 25th.

When consulting on real estate mortgage loans at bank branches, bank staff only need to enter the address, and within 3 minutes, the preliminary screening results such as the possible loan amount are provided. The eligible real estate for screening includes residential multi-unit buildings (apartments, townhouses, etc.) and officetels.

An IBK Industrial Bank official said, "Previously, many documents needed to be verified and there were many regulations for real estate mortgage loan consultations, which took from as short as one hour to several days, and customers had to visit the bank multiple times," adding, "The time required for consultations will be drastically reduced, improving both customer convenience and employee work efficiency."

The AI Real Estate Automatic Screening System was developed in collaboration with Tanker Fund, a resident company of 'IBK First Lab.'

IBK First Lab is a testbed where IBK Industrial Bank conducts preliminary tests to determine whether fintech companies' technologies and ideas can be integrated into the bank's products, services, and business process innovations, and once sufficiently verified for business application, full-scale commercialization is pursued.

IBK Industrial Bank plans to expand the target real estate to include commercial multi-unit buildings, factories, and land, and also plans to extend the system's use beyond branch consultations to non-face-to-face real estate mortgage loans.

An IBK Industrial Bank official stated, "We have thoroughly verified not only the technical aspects but also the accuracy of the preliminary screening results," and added, "We will continue to actively discover digital innovative financial services to enhance customer convenience and pursue the complete non-face-to-face process of household loans."