Woori Bank and KT Join Forces to Develop AI Mis-selling Prevention Process

Establishing a Collaborative Foundation Between Both Companies for AI-Based Process Innovation and Complete Sales Solution Development

Woori Bank signed a business agreement on the development of an 'AI Incomplete Sales Prevention Process' on the 27th via an ontact method in video conference rooms prepared by each company with KT Group. Sim Sang-hyung (right), Vice President of Woori Bank's Investment Product Strategy Division, and Kim Jun-geun (left), Executive Director of KT Group's Enterprise Division, are posing for a commemorative photo.

[Asia Economy Reporter Wondara] Woori Bank announced on the 28th that it has signed a strategic business agreement (MOU) with KT Group to introduce an artificial intelligence (AI)-based process to prevent the incomplete sale of investment products.

The agreement ceremony held the previous day was conducted in an ontact manner using electronic signatures in video conference rooms prepared by each company, due to the novel coronavirus infection (COVID-19). Shim Sang-hyung, Vice President of Woori Bank's Investment Product Strategy Division, and Kim Jun-geun, Executive Director and Head of C-Level Consulting at KT Group's Enterprise Division, participated.

Through this agreement, the two companies will solidify a collaborative system in three areas: ▲ innovation of AI-based financial product sales processes ▲ introduction of AI-based complete sales solutions for financial products ▲ AI learning and consulting to prevent incomplete sales.

They will share their respective financial, digital, AI, and ICT capabilities to introduce a process that can block incomplete sales at the new investment product stage, and plan to jointly develop a business model to prevent incomplete sales and pursue joint patent applications for the business model.

To this end, Woori Bank will share its accumulated experience from the fund sales process with KT for AI learning purposes, and KT will begin consulting on Woori Bank's investment product sales process. They will continue practical cooperation by fully utilizing KT's ICT technology to develop an AI process that can completely eliminate incomplete sales issues at the product introduction stage.

A Woori Bank official stated, “This agreement between KT Group and Woori Bank represents a new normal where ICT technology and finance converge. This agreement will serve as an opportunity to start a new business model where AI technology expands to the complete sale of financial investment products.”

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