Authorities Launch AI Infrastructure Development... Wider AI Utilization Channels Opened in Banking Sector

Financial Authorities to Prepare AI Guidelines for the Financial Sector Within the First Half of the Year
Practical Guidelines for AI Utilization by Financial Industry to Be Established Within the Year

[Asia Economy Reporter Park Sun-mi] As financial authorities plan to create guidelines for the activation of artificial intelligence (AI) and establish a verification testbed, the channels for AI technology utilization in the banking sector, which has been preparing for digital transformation in finance, will expand further.

According to the financial sector on the 14th, preparation for AI guidelines in the financial field will begin within the first half of this year, and practical guidelines related to utilization by financial industry sectors will be created within the year. While big data infrastructure for AI activation will be established, a testbed for algorithm validity verification will also be created. Do Gyu-sang, Vice Chairman of the Financial Services Commission (FSC), announced this plan at the Digital Finance Council yesterday, stating, "Since the digitalization of finance is an irreversible change, policy efforts are needed to prepare for new risk factors."

According to the AI guideline research results received by the FSC from the Seoul National University Industry-Academic Cooperation Foundation, the guidelines are expected to be created with the goal of enhancing reliability throughout the entire process of AI system development, commercialization, and utilization, including ▲planning and design ▲development ▲evaluation and verification ▲introduction, operation, and monitoring, thereby contributing to AI activation.

Currently, AI technology utilization in the banking sector is at a nascent stage. There has been a strong call for the establishment of guidelines due to unclear legal regulations regarding AI utilization. Accordingly, once AI operation guidelines are introduced and a testbed capable of demonstrating AI technology is established, the path for AI utilization in the banking sector will open wider.

Active Exploration of AI Utilization Plans in the Banking Sector

Kookmin Bank is currently preparing to introduce AI bank tellers at its branches. Starting around July this year, it plans to sequentially introduce deep learning-based AI consultation kiosks at 4 to 5 bank branches. From November, the plan is to expand deployment mainly to complex, large branches or unmanned branches. The AI kiosks, which will be installed next to the ticketing machines, aim to introduce, explain, recommend, and sell financial products tailored precisely to customers by reflecting their personal information. Once the guidelines are established, it will be possible to go beyond relatively simple tasks such as window guidance and financial product information to advanced recommendation and sales.

Shinhan Bank is also accelerating the development of AI bank tellers. Through a partnership with Samsung Electronics, it is actively introducing the artificial human ‘Neon’ service and is exploring the construction of other forms of AI bank tellers. Earlier this year, it conducted a regular personnel reshuffle for 2,414 employees using its self-developed ‘AI Optimal Solution Algorithm’ technology.

Hana Bank operates the HiChatbot service, which enables chatbot consultations and product subscriptions through AI algorithms, the HiRobo service where AI algorithms manage assets instead of humans, and the HanaEZ overseas remittance service using big data technology and AI algorithms. Currently, efforts are underway to enhance utilization, and once AI guidelines are released, the scope of application in existing services can be further expanded.

Woori Bank established an AI business division in July last year to research the application of AI technology in banking business and seek efficiency improvements in AI utilization tasks. It is already operating a system to prevent financial fraud in advance and limit damage spread using AI technology. In July, it plans to build an AI-based market prediction system enabling financial market trend analysis, portfolio recommendation, and rebalancing functions using AI. In the second half of the year, it plans to build an integrated AI consultation platform to advance AI consultation bots and chatbots utilizing AI technology.

NH Nonghyup Bank completed the ‘Investment Product Incomplete Sales Inspection Enhancement Project’ through an AI technology-based Robotic Process Automation (RPA) system. It replaced manual inspection tasks with automated robots, securing accuracy and efficiency in detecting incomplete sales. AI consultation was introduced into the loan automatic extension system to automate the pre-extension process, and services that monitor suspicious transactions using machine learning technology and allow additional verification at the Accident Prevention Center are also being prepared.