Woori Bank Introduces Non-Face-to-Face Credit Evaluation Model for Individual Entrepreneurs

Utilization of BC Card Merchant Information

[Asia Economy Reporter Kim Jin-ho] Woori Bank announced on the 29th that starting from the 1st of next month, it will expand the application of its non-face-to-face credit evaluation model using alternative information to include individual business owners.

Alternative information refers to telecommunications data, distribution data, merchant information, and other data that can complement existing financial information to enable more precise evaluation of customers with insufficient financial data.

Woori Bank has newly introduced the "Non-face-to-face Individual Business Owner Credit Evaluation Model," which is the first in the banking sector to incorporate BC Card merchant information into credit evaluation through machine learning. It is expected to enable corporate funding for high-quality individual business owners who have good sales data but have faced difficulties obtaining bank loans due to short business history or lack of transactions with financial companies.

The model will be applied not only to individual business owner-exclusive non-face-to-face loan products currently on sale, such as "Woori Oh! Click Loan," "Woori Boss Easy Account Loan," and "Woori Cash Note Platform Exclusive Loan," but also to partnership loan products scheduled to be launched in the second half of the year in collaboration with Naver Financial, which will incorporate BC Card merchant information.

A Woori Bank official explained, "With the upgrade of the non-face-to-face credit evaluation model, we expect to enhance risk management through more precise credit evaluation and expand the target customers for non-face-to-face services, thereby increasing customer convenience."