Artificial intelligence making inroads in Korean finance

Financial group and telecoms firm to jointly debut voice-operated AI system for various financial applications

Artificial intelligence making inroads in Korean finance

Insurance News

By Gabriel Olano

Two South Korean companies will cooperate to launch a voice-recognizing artificial intelligence (AI) service for the financial industry, which will be available this year.

Telecommunications company SK Telecom and financial group KEB Hana Bank have announced that their AI project will be available for banking services by June, and eventually expand to the insurance, credit card, and securities sectors in the second half of 2017.

SK Telecom will integrate its AI speaker technology, known as NUGU, with KEB Hana’s internet banking service, allowing clients to obtain their banking information such as account balance and transaction history by merely speaking simple voice commands.

The firms plan to expand the service after a few months, allowing customers to obtain information regarding their insurance policies, stocks, and credit cards.

“In the initial stage, the AI technology will help improve convenience of consumers, but in the long run, as the technology gets combined with big data and other fintech, much more innovative financial services are expected to follow,” Lee Sang-ho, head of AI business at SK Telecom, told the Korea Herald.

The NUGU voice-controlled technology was launched in September 2016, and it is used in roughly 20 applications in various sectors.

“Finance is an essential part of people’s lives, and an AI-based finance era will arrive soon,” SK Telecom declared.

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