Kookmin Bank Establishes Algorithm-Based Collateral Evaluation and Screening System: "Processing Within 5 Minutes"

‘KB SeudamSeudam’ Construction
Handling Real Estate Item Classification, Evaluation Methods, and Value Assessment All at Once

[Asia Economy Reporter Park Sun-mi] KB Kookmin Bank announced on the 31st that it has established the next-generation collateral evaluation and screening system, ‘KB Seudamsdam’.

The newly introduced KB Seudamsdam is an algorithm-based collateral evaluation and screening system newly developed by Kookmin Bank. By utilizing KB Seudamsdam, bank employees can process the classification of the property, evaluation methods, and value estimation of real estate at once through algorithm technology by simply electronically viewing official documents such as the real estate registration certificate and real estate ledger.

With the introduction of KB Seudamsdam, the process has been simplified into two steps: ▲viewing official real estate documents ▲value estimation and completion. This improvement has reduced the processing time for collateral evaluation of multi-family and row houses, which previously took up to 4 business days, to within 5 minutes. The automation of tasks through the introduction of KB Seudamsdam shortens the processing time for branch employees compared to before, enabling faster financial support.

A KB Kookmin Bank official stated, “Through the establishment of the collateral evaluation and screening system KB Seudamsdam, we will strive to provide swift and smooth financial support to small and medium-sized enterprises and small business owners who are experiencing many difficulties due to COVID-19.”

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