Shinhan Bank Advances 'Credit Evaluation Model'... Introduces Artificial Intelligence Platform

[Asia Economy Reporter Kwangho Lee] Shinhan Bank announced on the 22nd that it has established an AI machine learning-based strategic credit evaluation model utilizing differentiated alternative information to respond quickly and flexibly to changes in the digital-based untact environment.

The newly established strategic credit evaluation model supplements financial information with lifestyle-oriented data such as Lotte Members, micro-payments, card merchant payments, and deposit/withdrawal account usage, adding this information to the internal credit evaluation process to enhance the performance of the existing model and improve the evaluation accuracy for customers with insufficient financial information. The model will continue to be improved by utilizing information accumulated from 'Ttaenggyeoyo,' an online-offline linked (O2O) food ordering intermediary platform scheduled for launch in December.

To respond flexibly to rapid environmental changes and simultaneously secure the capability to timely release customized specialized models, Shinhan Bank introduced its AI platform, SACP (Shinhan AI Core Platform), in this advancement project.

Additionally, by developing a restaurant-specialized model using merchant payment data such as card sales and revisit usage, the bank plans to accelerate model improvement speed and actively discover new businesses and high-quality borrowers.

A Shinhan Bank official stated, "This credit evaluation model advancement is the result of proactive preparation for rapidly changing environments," adding, "It is significant that we have secured the know-how and infrastructure to continuously improve the model, and we will steadily increase the pace of innovation going forward."