Financial Institutions Speed Up Adoption of Automation Systems | Be Korea-savvy

Financial Institutions Speed Up Adoption of Automation Systems

The Busan International Finance Center in South Korea's largest port city of Busan. (Yonhap)

The Busan International Finance Center in South Korea’s largest port city of Busan. (Yonhap)

SEOUL, Aug. 29 (Korea Bizwire)An increasing number of financial institutions are replacing redundant work with automation robots to improve work efficiency.

The Korea Technology Finance Corp. (KOTEC) is applying Robotic Process Automation (RPA) technology for its entire in-house operations.

The KOTEC introduced RPA in 2019 and started automation from simple clerical work such as settling overtime work records, settling accounting reports, and tracking parcel registrations.

Thereafter, the KOTEC has expanded the scope of application to accounting management, including the settlement of technology assessment fees and appropriation of installment redemption, the collection of foreign exchange rate information, the collection of e-disclosure system audit reports, and the collection of corporate information reports.

The KOTEC automated a total of 74 tasks last year, reducing its annual workload by more than 44,000 hours.

The Korea Exchange (KRX) also introduced RPA to prevent mistakes and errors in work processing through the automation of redundant and standardized tasks.

The KRX automated a total of six tasks, including printing e-tax bills, writing daily market reports, confirming the payment of stocks, inputting corporate card slips, and processing daily commission fees.

South Korean regional lender BNK Busan Bank established an automation platform using an artificial intelligence (AI)-based Optical Character Recognition (OCR) system last year, and currently makes extensive use of it.

The platform, an upgraded version of the existing RPA system that was limited to simple and repetitive tasks, can learn and digitalize document data in the same way that a human does.

J. S. Shin (

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>