Woori Bank Partners with KT and Korea IBM to Advance Artificial Intelligence Development

Joint Development of Artificial Intelligence Financial Services

Woori Bank formed a 'Triangular Alliance for AI Innovation' with KT and IBM Korea at the Woori Financial Digital Tower in Jung-gu, Seoul. Hwang Won-cheol (center), Head of Woori Bank's Digital Group, Kim Jun-geun (left), Executive Director of KT, and Song Ki-hong (right), CEO of IBM Korea, are posing for a commemorative photo.

[Asia Economy Reporter Jin-ho Kim] Woori Bank announced on the 6th that it has formed a 'triangular alliance for AI innovation' with KT and Korea IBM to develop an artificial intelligence (AI) banker.

The signing ceremony was attended by Hwang Won-cheol, Vice President of Woori Bank, Kim Jun-geun, Executive Director of KT, and Song Ki-hong, CEO of Korea IBM. They agreed to combine Woori Bank's financial expertise with the advanced AI technologies possessed by KT and Korea IBM to develop innovative digital financial products and services. They also decided to establish a close collaboration system for discovering new business opportunities in the future.

The main joint research and development projects through this agreement include ▲advancing the ‘AI Underwriter’ for work efficiency such as corporate loan screening and automatic interest rate negotiation ▲strengthening ‘AI Internal Control’ using an incomplete sales detection system ▲developing an ‘AI Banker’ based on artificial intelligence and deep learning.

Woori Bank will establish an ‘AI Lab,’ a joint research and business development execution system, to collaborate with KT and Korea IBM from the planning stage of AI projects through technology verification and operation.

A Woori Bank official stated, “We expect not only to strengthen our digital financial competitiveness but also to significantly enhance the completeness of AI-based services under development,” adding, “We will continue to build a cooperative system to provide customers with convenient financial services utilizing artificial intelligence.”