Naver AI Automatically Reads Thousands of Bank Documents

Naver Clova Accelerates AI-Based B2B Business

[Asia Economy Reporter Bu Aeri] From now on, Shinhan Bank will be able to automatically read and extract data from various documents within the bank without having to manually input them into the system one by one.

On the 20th, Naver announced that it had established the 'AI Vision·OCR Platform,' an automated document reading solution based on its AI optical character recognition (OCR) technology 'Clova OCR,' in collaboration with Shinhan Bank. This is their second cooperation following the 'AI Voice Consultation Service' launched in May.

The two companies decided to first apply this technology to automate the inspection of foreign exchange trade documents for anti-money laundering purposes. This task requires high accuracy because verification errors can result in sanctions amounting to hundreds of millions of won from trade partner countries.

Using Clova OCR technology, necessary inspection targets such as bills of lading and commercial invoices among foreign exchange trade documents are classified. Even when trade document formats differ depending on the issuing institution, the system automatically learns inspection items through machine learning, enabling accurate recognition and detection of text data.

Combined with Shinhan Bank’s internal robotic process automation, the trade transaction inspections, which were previously manually verified by multiple personnel at an average of 50 to 60 cases per day, have been expanded to about 200 cases per day. Approximately 5,000 trade documents can now be automatically read and verified, minimizing errors.

Additionally, by moving away from the on-premise (software installation type) environment, it is expected that a foreign exchange big data platform will be built based on data extracted by Clova OCR, which will be utilized to provide financial services in the future.

Naver stated that the service can be expanded as a diverse business-to-business (B2B) model combining Naver Clova and Naver Cloud to commercial banks, institutions with heavy import-export operations, companies, and small business owners.

Besides Shinhan Bank, Naver Clova has collaborated with various clients including ▲applying OCR technology to Woori Bank’s banking operations ▲applying OCR technology to Hyundai Motor Company ▲using Clova Care Call for COVID-19 monitoring at Seongnam City Health Center ▲applying Clova customer center solutions to medical chatbot startup Wezard ▲SBS video voice recognition ▲introducing AI facial recognition system to YBM TOEIC Speaking, among others.

Jung Seok-geun, CEO of Naver Clova CIC, said, "This collaboration with Shinhan Bank is a good example of Naver Clova’s excellent AI technology being applied in the financial sector. Going forward, together with Naver Cloud, which has the largest scale of data and infrastructure in Korea, we will strive to apply Naver Clova’s AI technology across various industries and play a foundational role in the national AI field."

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