AI Provides Loans Too... Hana Bank Introduces 'AI Loan' for the First Time
[Asia Economy Reporter Kiho Sung] The era of artificial intelligence (AI) granting loans has begun.
Hana Bank launched 'AI Loans' on the 6th, which calculates loan limits using AI. This is the first of its kind in the financial sector.
AI Loans calculate loan limits by applying machine learning that autonomously learns data to the loan limit model jointly developed by Hana Bank and Hana Financial Convergence Technology Institute. The AI analyzes customers' transaction patterns and assesses risk by combining over 200 variables and multiple algorithms to assign an appropriate limit.
Customers can borrow up to 50 million KRW without submitting income documents, as long as they have a mobile phone registered under their name and a transaction history with Hana Bank. Additionally, loan limit and interest rate can be confirmed within one minute of application.
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A product development manager at Hana Bank stated, "By calculating loan limits using AI, we have realized the 3S (Speed, Smart, Simple) process," and added, "In the future, we will develop products and systems that can be used not only by Hana Bank customers but by the entire nation by applying big data."
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