Shinhan Bank Automates Financial Information Provision System... Expected Annual Cost Savings of 1.2 Billion Won

[Asia Economy Reporter Kwon Haeyoung] Shinhan Bank announced on the 6th that it has completed the automation of the financial information provision system as the first task of the Robot Process Automation (RPA) ECO project, which has been implemented since the end of last year. An annual cost reduction of 1.2 billion KRW is expected.

Shinhan Bank, which introduced the RPA system to credit operations such as income and employment verification for the first time in the banking sector in 2017, has continuously promoted automation of tasks through the RPA Won and experience for process efficiency by reviewing and reinterpreting existing tasks, as well as RPA Two Projects to expand RPA within the bank.

The RPA ECO project set three main goals: ▲'Channel Expansion' to support immediate processing of service requests through the establishment of an RPA platform ▲'Recognition Automation' for performing unstructured document-based tasks through natural language automatic recognition ▲'Sustainability' by establishing a permanent operation system to enable continuous and rapid RPA support.

As detailed tasks, automation will be promoted for 44 tasks across 21 departments, including ▲automation of the financial information provision system ▲automation of guarantee substitution payment tasks ▲appraisal report review processing using artificial intelligence ▲registration of personal IRP payroll transfer. The first task, automation of the financial information provision system, converts the process of searching, extracting, editing, sending, and managing information to provide related information upon external institution requests into an RPA system, simplifying 40% of the work process compared to before.

Through this ECO project, which will be promoted until July, it is expected that customer request tasks such as appraisal and personal IRP payroll transfer can be handled more quickly and accurately. Shinhan Bank internally expects to save 201 hours per day and 1.2 billion KRW annually in costs.

A Shinhan Bank official said, "Through four stages of RPA promotion including this project, tasks equivalent to 140,000 hours annually are being performed by the RPA system, and some departments perform tasks equivalent to 30,000 hours annually using RPA, reaching a mature stage," adding, "We will build a more advanced RPA ecosystem through the establishment of the RPA platform in this ECO project."

This content was produced with the assistance of AI translation services.