Advancing the Utilization of AI Chatbots (Including Virtual Bankers) in the Banking Sector
[Asia Economy Reporter Park Sun-mi] Customer: Please tell me how to lift the transfer limit on a new account.
Chatbot: What do you mean? A limited account?
Customer: Yes. A limited account.
Chatbot: If you have not submitted supporting documents but the purpose of account opening is recognized, you can use it as a financial transaction limited account. I will tell you how to lift the financial transaction limit.
Customer: What documents are required to verify the financial transaction purpose?
Chatbot: Please refer to the example documents below and prepare appropriate supporting documents for the financial transaction.
As domestic banks focus on strengthening digital competitiveness, they are advancing the use of artificial intelligence (AI) chatbots (including virtual bank tellers). AI chatbots, which have been actively used in mobile banking, will be fully deployed in bank branches next year in the form of virtual bank tellers to handle simple tasks previously done by humans.
According to the banking sector on the 15th, Shinhan Bank plans to more than double the number of AI bank tellers to about 200 by early next year. This will cover 73 branches equipped with digital desks, including 4 digilog branches, 10 digital lounges, and 1 convenience store innovation branch.
Currently, AI bank tellers provide simple guidance services such as checking customer queue numbers and verifying IDs at digital desks. Starting early next year, they plan to upgrade the AI bank tellers’ capabilities to provide basic financial services such as simple inquiries and transfers.
KB Kookmin Bank opened an AI experience zone in the Yeouido new building in March this year and is testing AI bank teller tasks. An AI avatar resembling a person on the screen communicates with customers and handles basic banking tasks such as providing pre-programmed financial product information. Although Kookmin Bank has not yet deployed AI bank tellers in branches, it plans to enhance the system next year and pilot it in some branches, gradually increasing the number of deployments.
NH Nonghyup Bank, which officially introduced AI bank tellers last month, has deployed them in 13 branches in Seoul as of the 3rd. Nonghyup Bank plans to assign AI bank tellers personnel numbers and issue official appointments aligned with new employee hiring schedules. Starting January next year, they will undergo about three months of training and probation alongside the 2022 batch of new hires.
A bank official explained, "In the short term, AI bank tellers will assist mainly with one-way explanatory guidance, but in the mid to long term, the goal is to provide services capable of two-way communication. They will develop to a level that can replace a significant portion of the tasks performed by human tellers."
Before deploying AI bank tellers in branches, the banking sector first introduced AI chatbot consultation services in mobile banking, receiving positive feedback on their effectiveness and usability in the non-face-to-face era. Currently, AI chatbot consultations in banks can handle simple banking services such as transfers and inquiries, recommend financial products, and provide guidance on required documents.
The banking sector ranks chatbot investment as the top priority in AI utilization. According to a survey by the Korea Institute of Finance conducted from May to August this year targeting eight domestic banks, the area with the most planned additional investment is chatbots, followed by credit evaluation, loan screening, financial asset recommendation and management, and digital marketing. However, challenges faced in AI adoption include lack of data (25%), shortage of related experts (21%), and insufficient short- and long-term implementation strategies (13%).
Seo Jeong-ho, a research fellow at the Korea Institute of Finance, advised, "Recently, banks have been actively promoting AI adoption in various fields including chatbots. However, for AI utilization to lead to productivity improvement in domestic banks, it is necessary to establish internal management systems related to AI development and use, expand learning data and experts, and establish and execute consistent AI strategies."
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