Samjong KPMG, First in Accounting Industry to Introduce AI in Financial Advisory

Annual Savings of 40,000 Hours and 2 Billion KRW Cost Reduction
"Focusing on Decision-Making Through Simple Task Automation"

Samjong KPMG is aiming to enhance both work efficiency and customer satisfaction by introducing artificial intelligence (AI) not only in accounting audits, the first in the accounting industry, but also in financial advisory services such as mergers and acquisitions (M&A).

On the 12th, Samjong KPMG announced the introduction of an AI solution in its financial advisory services. This AI solution reduces the time spent on simple and repetitive tasks, allowing employees to focus more on critical tasks that require decision-making. The company plans to provide high-quality services through this approach.

The AI solution development began in January and has been applied across all financial advisory service areas since August this year. This is expected to save over 40,000 hours of work annually and reduce costs by more than 2 billion KRW.

With the adoption of AI, the time required to retrieve financial information has been significantly shortened, and human errors have decreased, thereby improving both efficiency and reliability of the work. The AI can retrieve and extract data from large volumes of information at once and quickly process various financial data such as exchange rates, securities, bond yields, and certified copy of register inquiries. In particular, it enhances accuracy through functions like basic data table creation and total verification.

Using this AI solution, Samjong KPMG can handle various tasks such as extracting time-series information from financial statements, mapping between journals and financial statements, retrieving reports from the electronic disclosure system, and converting documents through OCR (Optical Character Recognition) technology. This has also enabled efficient work in recognizing and converting complex chart information and multilingual translation.

Samjong KPMG plans to develop additional AI-based services through the online site of the 'KPMG M&A Center' in the future.

Kim Idong, Head of the Financial Advisory Division at Samjong KPMG, emphasized, "By automating simple repetitive tasks and focusing that time on important decision-making, we have improved work efficiency and accuracy," adding, "Through the introduction of AI solutions, we will provide differentiated and innovative financial advisory services."