The financial district of Yeouido in Seoul. (Yonhap)
SEOUL, Feb. 16 (Korea Bizwire) — Artificial intelligence (AI) and machine learning technology are altering the landscape of the banking industry.
This year, Shinhan Bank has set out on building infrastructure for ‘digital innovation banks’ where customer services will be replaced with AI technology.
These offices will replace staff with AI bankers, who will be in charge of recognizing and understanding customer requests.
KEB Hana Bank added a chatbot that can understand normal conversations to its app. By simply asking the chatbot, customers can access bank statements and sign up for installment savings plans.
South Korea’s five major commercial banks — KB Kookmin Bank, Shinhan Bank, KEB Hana Bank, Woori Bank and NH NongHyup Bank — share understanding of an AI-oriented financial market, and are working on releasing new services that offer recommendations of investment plans tailored to the prospect.
AI technology is also being applied to HR operations and internal regulations of banks.
Last July, KB Kookmin Bank introduced an AI-based HR system to allocate positions in the operations branch. Early this year, the system was used to allocate branch heads as well as regional deployment.
Last month, Shinhan Bank used an AI technology that quantified various data related to each employee to reallocate or promote 2,414 staffers.
Kevin Lee (kevinlee@koreabizwire.com)
