JB Financial Group Signs MOU with Naver Cloud for AI Financial Service Innovation

Reviewing AI Utilization in Corporate Loan Consultation and Screening Processes

JB Financial Group and Naver Cloud announced that they have signed a memorandum of understanding (MOU) for innovation in financial services based on artificial intelligence (AI) technology.

Under JB Financial Group, Jeonbuk Bank, Gwangju Bank, and JB Woori Capital, together with Naver Cloud, plan to collaborate on discovering digital financial innovation projects based on AI technologies such as HyperCLOVA X and AICC, advancing and cooperating in the latest information technologies (IT) such as AI, big data, and cloud, as well as jointly developing AI research and specialized models for the financial sector.

Jaegwan Lee, Executive Director of JB Woori Capital (from left), Yuwon Kim, CEO of Naver Cloud, Hyeongjae Tak, Vice President of Jeonbuk Bank, and Dongha Byun, Vice President of Gwangju Bank are posing for a commemorative photo. JB Financial Group

Through this collaboration, JB Financial Group will gradually review ways to utilize AI throughout the entire financial process, from corporate loan consultations to screening and post-management. Based on Naver Cloud’s large language model (LLM), HyperCLOVA X, the companies will discuss ways to extract and standardize necessary data from consultation information and various documents to improve the efficiency of initial consultations. In the screening process, AI will summarize and analyze applications, financial data, and transaction information to support decision-making. The two sides also plan to jointly explore AI utilization models that can enhance the transparency and reliability of credit screening by having AI automatically generate the grounds for approval decisions after the screening is completed.

Discussions on the use of LLMs, focusing on the corporate loan sector, will also be accelerated. Through long-term collaboration, they aim to specify a technology roadmap and direction for cooperation, and to actively introduce AI into new areas of finance.