Woori Bank Advances 'Financial Super-Personalization' Leveraging Big Data

[Asia Economy Reporter Kim Hyo-jin] Woori Bank announced on the 17th that it will promote hyper-personalization in finance by utilizing big data. Hyper-personalization refers to providing customized products and services to each customer based on the analysis of numerous customer information through big data technology.

To this end, Woori Bank has segmented customers and developed marketing models for each customer group since last year. Based on the inflow and outflow patterns of banking transactions by customer group, the bank anticipates changes in individual customers' financial transactions in advance and utilizes this information for marketing.

This year, the bank plans to complete an optimized customer usage channel model that analyzes usage timing and preferences across all transaction channels for marketing purposes. Additionally, Woori WON Banking's digital logs are being completely revamped to conduct customer behavior pattern analysis and customer journey analysis simultaneously.

Using artificial intelligence (AI), the bank plans to analyze unstructured data such as voice and text to apply it to customer-tailored marketing. Tens of millions of customer center voice consultation records, customer consultation details entered by branch staff, and customer-submitted fund usage documents are converted into data for analysis to understand customer needs and recommend products and services suitable for each customer. The proof of concept (PoC) was completed last year, and full-scale implementation is planned within this year.

A Woori Bank official stated, "It is time to shift the business paradigm from bank-centered to customer-centered," adding, "By utilizing various forms of information to understand customers and predict their behavior in advance, hyper-personalization of financial services will become possible."

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