Shinhan Bank Builds Automated Document Information Recognition Platform Using AI

Automating Various Document Classification and Information Extraction Using AI
Enhancing User Experience Through Integration with AI Platform (SACP)

[Asia Economy Reporter Kangwook Cho] Shinhan Bank announced on the 15th that it has established an 'AI Vision and Optical Character Recognition (OCR) Platform' that automatically reads image information from various documents used in the bank by utilizing artificial intelligence (AI).

This platform is a system that uses an AI-based OCR engine to automatically classify various documents and forms of the bank and quickly and accurately read and digitize image information within the documents. It was developed based on Naver Clova's high-performance OCR solution and Shinhan DS's know-how in building financial services.

Through this collaboration, Shinhan Bank has completed not only the recognition of information within documents but also the development of document image processing standards for the bank and the establishment of standardized linkage modules to flexibly connect with various internal systems of the bank.

Until now, various documents of the bank were either stored long-term in archives or, in the case of unstructured documents, many personnel manually input and processed data. However, with the development of this platform, numerous pieces of information within various documents can now be digitized quickly and accurately.

Shinhan Bank first applied this platform to automate the inspection of foreign exchange trade documents for trade-based anti-money laundering. Among dozens of trade documents, necessary inspection targets such as Bill of Lading (BL), Certificate of Origin (CO), and Insurance Documents (IP) are automatically classified, and inspection items can be automatically converted into text from forms that differ by issuing institution, greatly improving inspection speed and review quality. Shinhan Bank expects that the introduction of this platform will enable proactive responses to reduce operational risks in foreign exchange operations and prepare for strengthened global sanctions.

Earlier this year, Shinhan Bank became the first in the banking sector to freely utilize open sources of deep learning and machine learning within the bank through the cloud-based AI learning operation platform 'Shinhan AI Platform (SACP)'. In particular, through organic linkage with this 'AI Vision and OCR Platform,' the bank plans to continuously focus its capabilities on providing higher quality financial services to customers.

A Shinhan Bank official said, "Based on the capabilities secured through the establishment of this platform, we will accelerate the development of proprietary image recognition models and document automation processes specialized for banking operations," adding, "We will continue to strive for groundbreaking improvements in user experience across various financial service areas through ongoing collaboration with Naver Clova."

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