KT, Woori Bank, and Korea IBM Establish 'AI Lab' to Advance AI in the Financial Sector

KT Collaborates with Woori Bank and Korea IBM on NLP and AI Modeling for Financial AI Services
Advancing AI Services Alongside Joint Product Development and Promotion Planning

[Asia Economy Reporter Eunmo Koo] KT announced on the 6th that it has signed a Memorandum of Understanding (MOU) with Woori Bank and Korea IBM to establish an ‘AI Lab’ aimed at advancing Woori Bank’s artificial intelligence (AI) financial services.

The three companies will develop and implement various AI transformation solutions through the AI Lab to provide customers with more convenient financial services, including ▲advancement of financial language models ▲enhancement of incomplete sales prevention ▲and establishment of a comprehensive asset management system through AI modeling. Through this, they plan to join forces in driving Woori Bank’s financial digital innovation.

The advancement of financial language models aims to create language models optimized for finance by deep learning algorithms based on new natural language processing (NLP) technologies applied to financial acoustic and language models, with continuous learning.

Additionally, in accordance with the recently enforced Financial Consumer Protection Act, they will jointly research natural language processing technology in the financial sector using AI to prevent incomplete sales when recommending investment products. Woori Bank will engage in practical cooperation with KT to devise solutions to address the issue of incomplete sales.

The comprehensive asset management system is expected to deliver fast and accurate results by utilizing KT AI modeling to provide asset management services based on market forecasts. Woori Bank will also collaborate with KT on financial product development and promotional planning.

Through the newly established ‘AI Lab,’ KT plans to continuously contribute to strengthening Woori Bank’s digital financial competitiveness by accelerating its digital transformation (DX).

Kim Jun-geun, Head of C-Level Consulting at KT Enterprise Division, emphasized, “Based on joint research and business development through the AI Lab, we will continuously develop services that allow customers to experience innovation using AI. KT will also strive to contribute to the digital transformation of the financial sector.”

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