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Banks Use AI to Manage Assets and Conduct HR Operations

Banks Use AI to Manage Assets and Conduct HR Operations

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 [...]

Banks to Verify Authenticity of Customers’ Passports Presented as ID in Real Time

Banks to Verify Authenticity of Customers’ Passports Presented as ID in Real Time

SEOUL, Dec. 27 (Korea Bizwire) — South Korean banks plan to introduce a new service to check the authenticity of its customers’ passports used as an identification method, officials said Sunday. The verification system will be available in 12 local banks starting from Monday and will expand to other banks and savings banks next year, [...]

Growth of Bank Credit Loans Slows in September

Growth of Bank Credit Loans Slows in September

SEOUL, Oct. 6 (Korea Bizwire) — South Korean banks’ credit loans to individuals grew at a slower pace in September than a month earlier amid financial authorities’ tougher restrictions, industry data showed Tuesday. Outstanding unsecured loans to individuals by five major lenders — KB Kookmin, Shinhan, Hana, Woori and NH Nonghyup — totaled 126.4 trillion [...]

Banks’ Household Loans Increase by Record Amount in August

Banks’ Household Loans Increase by Record Amount in August

SEOUL, Sept. 9 (Korea Bizwire) — South Korean banks’ household loans increased by the largest amount on record in August amid rising home prices and a rally in the stock market, central bank data showed Wednesday. Outstanding bank loans to local households came to 948.2 trillion won (US$796.9 billion) as of end-August, up 11.7 trillion [...]

Banks Seen to Continue Support for Virus-hit Smaller Firms

Banks Seen to Continue Support for Virus-hit Smaller Firms

SEOUL, Aug. 18 (Korea Bizwire) — South Korea’s major banks are likely to continue to provide financial support for smaller firms and one-man operations to help them tide over the fallout from the coronavirus outbreak, industry sources said Tuesday. The country’s five key lenders — KB Kookmin, Shinha, Hana, Woori and NH Nonghyup — have [...]

LiquidX Launches White-label Trade Finance Offering for Corporate Banks

LiquidX Launches White-label Trade Finance Offering for Corporate Banks

NEW YORK, May 27 (Korea Bizwire) — LiquidX, the global network for working capital, trade finance and insurance, announced that it will now offer a white label deployment of the next-generation LiquidX 360 platform for banks to enhance their trade finance business with their corporate clients. The LiquidX Partner Program (LPP) enables corporate bankers to [...]

Banks and ATMs Losing Ground in Age of Mobile Payment Systems and Credit Cards

Banks and ATMs Losing Ground in Age of Mobile Payment Systems and Credit Cards

GWANGJU, Jan. 30 (Korea Bizwire) — Automated teller machines (ATMs) are increasingly losing ground due to a boost in credit card use and the growing popularity of Internet and mobile banking. Some predict that these automated banking devices, which have drastically changed financial culture, will gradually disappear into history. According to data from Kwangju Bank, [...]

Wealth Management Service Increasingly Popular in S. Korea

Wealth Management Service Increasingly Popular in S. Korea

SEOUL, Jan. 6 (Korea Bizwire) — South Korea’s wealth management services market is rapidly expanding as an increasing number of high-net-worth individuals in Asia’s fourth-largest economy look for reliable, effective means to manage their assets. Private banking (PB) and wealth management services have long been exclusively tailored to a limited number of customers that include [...]